Mortgage broker - ask me anything

Mildreds_Earrings

@kingstreet I don't even know if the valuations have been carried out yet. Every time I ask for an update, the response is, the underwriters are still dealing with it.... 

Camboudica

@K_S - thank you so much for that explanation, you've explained more in that post than our broker has in months (guess who we won't be using again!) and it's calmed my mind somewhat to have a better understanding of the process.

It's just a case of waiting now and hoping it all goes to plan. 

Camboudica

@K_S, just to add, my partner is self employed and it was business information they came back and requested (twice), but we're hoping they have everything now. Our broker said it would be 15 days from the day the second query was answered /submitted (20th September) before we get a response now. 

julicorn

Does Coventry allow for the property to be changed on a mortgage application after it's been submitted, but keeping the product the same? 
Our broker submitted an application last Wednesday at a rate of around £3.75%, but now it looks like our seller might be getting cold feet and pulling out. We're looking at a different property on the weekend, for the same sale price - I presume it's wishful thinking we could move the application over to that one instead? (Valuation hasn't been booked yet)

kingstreet

Mildreds_Earrings said:

@kingstreet I don't even know if the valuations have been carried out yet. Every time I ask for an update, the response is, the underwriters are still dealing with it.... 

This isn't brilliant but it's better than nothing.

https://status.buk.mls.hometrack.com/

Enter your application number starting 23889... surname and the postcode for the property.

CatLady11

Hi there, not sure what the process is, but when you are remortgaging with debt consolidation included (so credit cars and loan being paid off also) is it usual for the solicitor to pay these off on your behalf? Does the lender generally request that this happens? Or are we expected/trusted to do this ourselves? Just wondering if I should pre-empt and gather all the relevant information for this. Thanks! 

sammyjammy

CatLady11 said:

Hi there, not sure what the process is, but when you are remortgaging with debt consolidation included (so credit cars and loan being paid off also) is it usual for the solicitor to pay these off on your behalf? Does the lender generally request that this happens? Or are we expected/trusted to do this ourselves? Just wondering if I should pre-empt and gather all the relevant information for this. Thanks! 

It will differ from lender to lender, no harm gathering the information.

CatLady11

Thanks, It’s Natwest we are applying with. 

Fed

I had a chat with my broker today, in the end I just switched directly to a new deal with our current provider but the broker did make one comment which I was wondering about.  She mentioned it's better to have highstreet current account for transactions than on online account like Monzo as it shows up favourably on your credit report.  Is there any truth to this?   I'm in the process of streamlining my finances and really like Monzo so was looking at getting rid of my Nationwide current account 

I just looked and it seems from October last year they now report to all the main credit agencies

K_S

Fed said:

I had a chat with my broker today, in the end I just switched directly to a new deal with our current provider but the broker did make one comment which I was wondering about.  She mentioned it's better to have highstreet current account for transactions than on online account like Monzo as it shows up favourably on your credit report.  Is there any truth to this?   I'm in the process of streamlining my finances and really like Monzo so was looking at getting rid of my Nationwide current account 

I just looked and it seems from October last year they now report to all the main credit agencies

@fed I don't know the context of the comment but I personally wouldn't expect any material difference for a prime mainstream client. That said, I personally would always want to have a current account showing on my credit report, purely because I've heard that it makes auto id much easier.