Mortgage broker - ask me anything

silvercar

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?

K_S

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.

silvercar

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.

K_S

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.

silvercar

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.

purplelila-2007

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?

K_S

purplelila-2007 said:

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?

@purplelila-2007 Much quicker than it takes for the customer to get a copy in the post.

Nationwide (like a lot of other large lenders) uses an online system called Lender exchange for this kind of to and fro. I'm not aware of any significant issues on this front.

redefinr

This thread is ace! so many gems...

I'm relatively new to mortgages (bought my first property almost 2 years ago) with Variable Rate.

Due to the current situation and with news that keep saying interest rate's about to skyrocket I'm pondering if I should switch to a Fixed. I called my lender (HSBC) and they offered me a  Fixed Rate of 3.44% for 5 years followed by the Standard Variable Rate (currently 4.54%) for the remaining of the loan. Obviously, 4.54% is a total ripoff for me and I was wondering if I can re-negotiate my mortgage after the 5 years fixed ends?

Is it risky for me to stay on a variable?

Thanks!!

TJJones123

Hello! We’ve just applied for a mortgage with Halifax. We used a broker, and provided 3 payslips and 3 matching bank statements. Just wondering what the chances are of them requesting an employment reference. We’re both in full time, permanent employment. My work is especially slow at responding to these sort of requests, so just wondering what the chances are of there being a hold up! Thanks for the advice  

Also interested to know roughly how long it’s taking at the moment from application date to mortgage offer.

GoonerByron

Hi, have a query on Fixed vs Variable mortgages. I have always stuck to 2 year fix deals previously but am now tempted to take the risk on a discounted variable. Furness have offered me a starting 1.64% after the BoE 0.5 rise (They only applied a 0.2 increase on their own rate).. The best fix I can get is 3.15% and means an extra £200 a month on the fixed so it's a considerable difference and as far as I understand it the BoE rate would likely need to rise by at least another 1.5% in the next 2 years before I am worse off monthly, if not more...

Am I looking at this in the right way and is there anything obvious I'm missing?