Mortgage broker - ask me anything

K_S

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! 

@catlady11 Generally speaking, with mainstream lenders it's usually the client that's expected to pay off the debt. With smaller building societies and specialist lender, the offer can often require that this needs to be done by the solicitor.  

Mildreds_Earrings

kingstreet said:

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.

I will get the reference number from our mortgage broker.
Much appreciated @kingstreet

Kayleighwhiteley

Hi, 
We have a mortgage offer in place. 3.5%...we are FTB using help to buy. I've just come across something that has worried me. Apparently banks pulling mortgage offers then giving a higher interest rate. We exchanged contracts a week ago and are due to complete next month. Can they still pull our offer? We can't manage on a higher interest rate. We have given notice to move from the house we are in. I'm very worried. 

K_S

@Kayleighwhiteley I haven't heard of any mainstream lender offers being withdrawn. If that was happening, I'd certainly have heard of it in industry forums as it would have a huge impact on brokers.

Kayleighwhiteley said:

Hi, 
We have a mortgage offer in place. 3.5%...we are FTB using help to buy. I've just come across something that has worried me. Apparently banks pulling mortgage offers then giving a higher interest rate. We exchanged contracts a week ago and are due to complete next month. Can they still pull our offer? We can't manage on a higher interest rate. We have given notice to move from the house we are in. I'm very worried. 

Maximus5

julicorn said:

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)

They did with ours, the first property we had an offer in and our mortgage offer we lost due to our buyer pulling out. They did a change of address, although it went back through underwriting but got the same rate on the offer for the new house. 

Just hoping it all goes through ok this time with all the carnage around at the moment 

julicorn

Maximus5 said:

julicorn said:

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)

They did with ours, the first property we had an offer in and our mortgage offer we lost due to our buyer pulling out. They did a change of address, although it went back through underwriting but got the same rate on the offer for the new house. 

Just hoping it all goes through ok this time with all the carnage around at the moment 

Thank you, that's really encouraging to hear. Fingers crossed all goes well with your purchase & sale this time round! 

pinewood12

K_S said:

pinewood12 said:

pinewood12 said:

Hi all, I am purely asking these questions to try as best I can to manage to increasing anxiety on gaining a mortgage offer. Hopefully the below summaries my circumstances clearly:

• AIP confirmed with Nationwide 
• Purchasing a shared ownership property on a 5 year fix 75% LTV mortgage - application submitted 8th September @ 3.99%
• Income fits affordability, however is split 3 ways - 60% permanent contract / 20% ZHC with the same employer + 20% with another employer somewhere between ZHC/Self Employed as fall under IR35 and on PAYE. 
• Near perfect credit score, no loans/credit cards etc. 

As you can imagine with a range of income, the lender has come back twice asking for further documentation to justify my income, and the share agreed with the broker is pretty tight on the shared ownership affordability calculator; but obviously like everyone you want to try and purchase the highest share possible. 

Obviously I am just very worried the lender will eventually come back and reject my application despite sizable costs already paid for arrangement fees, solicitor fees, property reservations etc. 

Looking forward to hearing peoples thoughts. Thanks 

Just bumping this - I wonder if anyone has any thoughts/insight to try and reduce my anxiety as it's been 3 weeks since application now. 

Thanks a lot 

@pinewood12 Nationwide is extremely slow at the moment so don't be too worried by how long it's taking. And you've used a broker so you've done all you can. I hope the offer comes through in the next few weeks, good luck!

The crusade continues. My timeline to date:

August - AIP Confirmed 
08/09 - Application Submitted
15/09 - Further Documents Requested
21/09 - Further Documents Requested 
28/09 - Case moved to senior underwriter - "no more documents required"
30/09 - Further Documents Requested 

Not sure my mental health can take another couple of weeks waiting - would you expect the lender hours go into this application it would have been declined by now if it was going to be? 

Thoughts very welcome welcomed. 

waingels

I have a mortgage offer@2.75% (expires Feb 2023) with Natwest.
My current mortgage fixed period ends Nov 30th 2022, I planned to re-mortgage in December to avoid the early repayment charge. 
I understand offers can be withdrawn at any time, is this something banks may look at doing if we see a sharp BOE hike in early November (expected 1-1.5%)?

Camboudica

The crusade continues. My timeline to date:

August - AIP Confirmed 
08/09 - Application Submitted
15/09 - Further Documents Requested
21/09 - Further Documents Requested 
28/09 - Case moved to senior underwriter - "no more documents required"
30/09 - Further Documents Requested 

Not sure my mental health can take another couple of weeks waiting - would you expect the lender hours go into this application it would have been declined by now if it was going to be? 

Thoughts very welcome welcomed. 

I feel you. My partner is self-employed and our timeline is very similar to yours -

 August - AIP confirmed

05/09 - Full application submitted (or so we thought)

05/09 - Hard search appears on our credit files

12/09 - Further document submitted that our broker didn't initially tell us we needed! (had to scramble to ask Accountant for it)

16/09 - Further documents requested from my partner re his business (submitted 20th Sep)

We don't have access to the NatWest timeline, but somewhere between the Application being submitted and the 'further document request' (5-16th Sep) they did a desktop valuation which apparently came back fine.

Now the broker has said it's with the underwriters and we won't hear back for 15 working days from the date we submitted the last docs (20th) and i'm slowly going out of my tiny little mind.

I'm annoyed about the additional documents we had to provide too, as some of them were provided to the broker months ago and I assumed he'd taken copies at the time, but apparently not. I've also since spoken to someone in the industry who told me the information we were later asked to provide are standard documents for self-employed applicants, that our broker SHOULD have known would be needed from the outset and therefore told us to have prepared to submit along with the initial application. So, I feel he’s wasted precious time by not ensuring we had all the correct information to begin with.

This whole process is stressful enough without it being dragged out because your broker ‘forgot’ to ask you for certain documents.

Camboudica

Sorry @pinewood12 , I somehow cut your name out of my post - doh.