Mortgage broker - ask me anything

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  • K_SK_S Forumite, Ambassador
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    RoseOlu said:
    Hello,

    I am looking for some advice. First, a little history on me. I earn 40,108 and i am fully employed. 
    CCJ Registered in Dec 2021 and settled in June 2022 (I only found out in June because I tried to do a DIP and got rejected)
    I found a one bed flat under the first home scheme. I applied to the following lenders and they all declined. 
    Newcastle: Declined as i did not declare the CCJ nor was it satisfied. (This is how i found out about the CCJ)
    Leeds: Declined due to credit scoring 
    Halifax: declined due to credit scoring 
    I decided to leave that flat because it as evident all the lenders for first home scheme will decline me. 
    So I found a 2bed flat i am very interested in purchase price 217,500.
    I was declined by West Brom and TSB for HTB. Leeds said i would need to show 3month bonus to be able to get a mortgage of 163,125 and without it they will lend me 10k less. I have only been in my job for 2years so only 2 bonuses i can show. 
    I received a DIP from Precise mortgages for the amount i needed which is £163,125. Thats all great. I go to to do the help to buy calculator with the SVR as 6% which is what precise's SVR is. The debt to income ratio is over 45% it reads 48%. My only outgoings is my car for £307.74 and student loan £80.Although i was given authorisation to proceed by HTB it is evident i will not be able to use the help to buy scheme if my debt to income ratio is above 45%.
    My mortgage advisor keeps saying this is not an issue when it is clearly a big one. I will loose out on my dream flat if I cannot find a lender who will accept a satisfied CCJ under the value of £300 within 6months and who also provides HTB. 
    I have thought about Newcastle again but there cut off is £250 but i called and they said they may consider. Another option i was thinking was newbury? Please if anyone has any ideas or thoughts on what i can do it would be greatly appreciated. Thank you
    @roseolu I've only skim read and the best thing I can suggest is that you use a good experienced broker to place your case. You would have saved a lot of time and effort by going to a broker when you had your first decline.

    If you don't trust your current broker's advice then find another one, ask your friends, family and colleagues to suggest someone they've used and trust.

    If you want more opinions, it may be worth posting on the main mortgage forum. I hope it gets sorted soon, good luck!

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.

  • ladymdgladymdg Forumite
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    Hi all, 

    I have a application in with Clydesdale, applied on 13th July via a broker. 

    My situation is that I have no credit issues, I’m within their affordability range and valuation came back OK. 

    I have a current residential mortgage with Platform who I have an offer for consent to let with. I will proceed with this once I’ve exchanged on the new property. I meet the criteria for consent to let with Platform. 

    Clydesdale have asked for the ARLA letter to confirm rental amount, which has been provided and they have now asked for a consent to let letter. 

    I’ve sent the offer letter from platform and explained that I can’t get the full confirmation until I provide them with a tenancy agreement which I can’t do until I know when I’m moving, which is obviously dependent on knowing when I’ll complete/exchange. 

    Anyone know if the offer letter will be enough? 

    Broker, said I’m approved pending sight of the consent to let but unfortunately did not know if the offer letter would be enough! 

    Thanks in advance. 
  • bluesteblueste Forumite
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    K_S said:
    blueste said:
    Hi
    I spoke to a mortgage broker today. I asked about the progressive 2 year variable (advertised at 1.48%). He said it's actually 1.48%+BOE so 3.23%. But as far I can see the rate is their SVR less 4.01%, their current SVR is 5.49%-4.01%=1.48% so I thought the rate I would be paying (initially at least) is 1.48%. Where am I going wrong?
    @blueste Your understanding is correct. Progressive only lends in NI.
    Thank you for your response. Only NI isn't something my mortgage broker mentioned either, sounds like I need a new mortgage broker ;)
  • IAMIAMIAMIAM Forumite
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    Has nationwide suddenly increased the ERC fees across its fixed range? 
  • silvercarsilvercar Forumite, Ambassador
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    Barclays mortgage has expired, just as we would be ready to exchange within a few days.
    Barclays refuse to extend.

    Our broker is now going off on holiday and says he will complete the re-application on his return. Does anyone know how long Barclays would take from re-application to offer on the same property? Would it be quicker to stick with the current broker or make a new application with a different broker or go direct?
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, in my home and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • edited 16 August at 1:54PM
    K_SK_S Forumite, Ambassador
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    edited 16 August at 1:54PM
    silvercar said:
    Barclays mortgage has expired, just as we would be ready to exchange within a few days.
    Barclays refuse to extend.

    Our broker is now going off on holiday and says he will complete the re-application on his return. Does anyone know how long Barclays would take from re-application to offer on the same property? Would it be quicker to stick with the current broker or make a new application with a different broker or go direct?
    @silvercar I guess the answer depends on a few things - is there a deadline you need to work towards, are your circumstances complex, is Barclays the most cost-effective lender for you at the moment, etc.

    If you are in a hurry, waiting for the broker to come back doesn't seem like a wise choice - rates could go up further in that time. Tbh I'm a bit surprised that your broker isn't just submitting the app and then heading off.

    To answer your question, unless the broker is going away only for a couple of days, the quickest option to get an app in is likely to be using a different broker.

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.

  • silvercarsilvercar Forumite, Ambassador
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    K_S said:
    silvercar said:
    Barclays mortgage has expired, just as we would be ready to exchange within a few days.
    Barclays refuse to extend.

    Our broker is now going off on holiday and says he will complete the re-application on his return. Does anyone know how long Barclays would take from re-application to offer on the same property? Would it be quicker to stick with the current broker or make a new application with a different broker or go direct?
    @silvercar I guess the answer depends on a few things - is there a deadline you need to work towards, are your circumstances complex, is Barclays the most cost-effective lender for you at the moment, etc.

    If you are in a hurry, waiting for the broker to come back doesn't seem like a wise choice - rates could go up further in that time. Tbh I'm a bit surprised that your broker isn't just submitting the app and then heading off.

    To answer your question, unless the broker is going away only for a couple of days, the quickest option to get an app in is likely to be using a different broker.
    Thanks for the speedy response.

    The mortgage is complicated by the fact that there are 2 borrowers, 1 owner which does point to using Barclays again. (The bank of Mum and Dad never closes!)

    I was wondering whether the processing would be quicker from an existing broker, but if not then I will find out how long the current broker is away for.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, in my home and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • K_SK_S Forumite, Ambassador
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    silvercar said:
    K_S said:
    silvercar said:
    Barclays mortgage has expired, just as we would be ready to exchange within a few days.
    Barclays refuse to extend.

    Our broker is now going off on holiday and says he will complete the re-application on his return. Does anyone know how long Barclays would take from re-application to offer on the same property? Would it be quicker to stick with the current broker or make a new application with a different broker or go direct?
    @silvercar I guess the answer depends on a few things - is there a deadline you need to work towards, are your circumstances complex, is Barclays the most cost-effective lender for you at the moment, etc.

    If you are in a hurry, waiting for the broker to come back doesn't seem like a wise choice - rates could go up further in that time. Tbh I'm a bit surprised that your broker isn't just submitting the app and then heading off.

    To answer your question, unless the broker is going away only for a couple of days, the quickest option to get an app in is likely to be using a different broker.
    Thanks for the speedy response.

    The mortgage is complicated by the fact that there are 2 borrowers, 1 owner which does point to using Barclays again. (The bank of Mum and Dad never closes!)

    I was wondering whether the processing would be quicker from an existing broker, but if not then I will find out how long the current broker is away for.
    @silvercar Ok, JBSP then. From a mainstream lending pov the main lenders are indeed Barclays, Skipton, Newcastle, etc. though they are likely to be slightly more expensive than Barclays.

    I haven't had this exact scenario but as far as I can tell, the processing at Barclays' end for a new application is unlikely to be any different for your current broker vs new broker, but of course the new broker will need to get the necessary information and documentation from you before they can put in an application.

    I’m a Forum Ambassador and I support the Forum Team on the 'Mortgages & Endowments', 'House Buying, Renting & Selling' and 'Mortgage-free Wannabe' boards. If you need any help on these boards, do let me know.

    Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.

    ------------------------------------------------------------------------------

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.

  • silvercarsilvercar Forumite, Ambassador
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    K_S said:
    silvercar said:
    K_S said:
    silvercar said:
    Barclays mortgage has expired, just as we would be ready to exchange within a few days.
    Barclays refuse to extend.

    Our broker is now going off on holiday and says he will complete the re-application on his return. Does anyone know how long Barclays would take from re-application to offer on the same property? Would it be quicker to stick with the current broker or make a new application with a different broker or go direct?
    @silvercar I guess the answer depends on a few things - is there a deadline you need to work towards, are your circumstances complex, is Barclays the most cost-effective lender for you at the moment, etc.

    If you are in a hurry, waiting for the broker to come back doesn't seem like a wise choice - rates could go up further in that time. Tbh I'm a bit surprised that your broker isn't just submitting the app and then heading off.

    To answer your question, unless the broker is going away only for a couple of days, the quickest option to get an app in is likely to be using a different broker.
    Thanks for the speedy response.

    The mortgage is complicated by the fact that there are 2 borrowers, 1 owner which does point to using Barclays again. (The bank of Mum and Dad never closes!)

    I was wondering whether the processing would be quicker from an existing broker, but if not then I will find out how long the current broker is away for.
    @silvercar Ok, JBSP then. From a mainstream lending pov the main lenders are indeed Barclays, Skipton, Newcastle, etc. though they are likely to be slightly more expensive than Barclays.

    I haven't had this exact scenario but as far as I can tell, the processing at Barclays' end for a new application is unlikely to be any different for your current broker vs new broker, but of course the new broker will need to get the necessary information and documentation from you before they can put in an application.
    Thanks. They’ve now agreed to extend the offer for 2 weeks even though we haven’t exchanged, so we have some breathing space.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, in my home and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • purplelila-2007purplelila-2007 Forumite
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    Once issued with a mortgage offer how long does it generally take for a bank to send the solicitor a copy? Are there delays with Nationwide in doing this?
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