Mortgage broker - ask me anything

kingstreet

Kayleighwhiteley said:

K_S said:

@Kayleighwhiteley I haven't heard of any mainstream lender offers being withdrawn.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. 

Thank you 😊 I saw it on tiktok and a few were commenting saying they got given an offer then the banks was withdrawing it and giving them another at a higher interest rate. Wasn't sure how true it was... And also, I'm guessing they hadn't signed any contracts etc. Thanks again. 

They meant product, not offer.

The product is the rate/fee etc and that is secured by submitting a full application which ends with the issue of a formal mortgage offer. It's the product being withdrawn pre-application, not the offer being withdrawn post-application.

waingels

Our mortgage offer with NatWest ends 17th Feb , whilst fixed period on existing mortgage ends 28th Feb.
Broker said we can apply for an extension one month prior to offer expiring :
1- with the rate rises how likely is it for NatWest to agree to the extension request (assuming our circumstances are unchanged)?
2-if extension request is made , how can I mitigate risk that existing offer doesn't expire during the waiting process ? ( Worst case scenario it expires and extension request is declined ) 

merudy

Hello
We had an offer agreed with Barclays on a property back in July but out vendors haven't found anywhere and have pulled out. Do any brokers know if we would be able to transfer the offer to another property now (same price or less same LTV) or would we have to get a new offer at current rates?

Thanks v much
M

K_S

merudy said:

Hello
We had an offer agreed with Barclays on a property back in July but out vendors haven't found anywhere and have pulled out. Do any brokers know if we would be able to transfer the offer to another property now (same price or less same LTV) or would we have to get a new offer at current rates?

Thanks v much
M

@merudy Off of the top of my head I think the answer is yes, but I haven't done any with Barclays in the recent past so best confirm with your broker or direct to check current policy.

K_S

waingels said:

Our mortgage offer with NatWest ends 17th Feb , whilst fixed period on existing mortgage ends 28th Feb.
Broker said we can apply for an extension one month prior to offer expiring :
1- with the rate rises how likely is it for NatWest to agree to the extension request (assuming our circumstances are unchanged)?
2-if extension request is made , how can I mitigate risk that existing offer doesn't expire during the waiting process ? ( Worst case scenario it expires and extension request is declined ) 

@waingels    
1. It's a routine process (refreshed credit check and automated valuation) and not had an issue with it ever, including the last year. So on that basis I'd say very likely.

snowqueen555

I have a mortgage agreed with Coventry from July through a broker but I never went through with it. The broker has stopped replying to me. He told me a few weeks ago it can be used for another property and it will have until January 2023.

Does this agreement need to go through the broker or is there a way to use this myself or get another broker, or a broker in the same company to take it over?

Thanks

K_S

snowqueen555 said:

I have a mortgage agreed with Coventry from July through a broker but I never went through with it. The broker has stopped replying to me. He told me a few weeks ago it can be used for another property and it will have until January 2023.

Does this agreement need to go through the broker or is there a way to use this myself or get another broker, or a broker in the same company to take it over?

Thanks

@snowqueen555 The individual broker as he has the responsibility for the advice. I would think it very unlikely that the firm would be able to 'transfer' the case to another broker in the same firm.

Moneysavernov

My rate ends in feb 24 at 2.19%

I can pay a fee of 2.5k to get out now on a deal for 4.8%

Should I stick or pay the fee and get that for 10 years.

it’s £180 more but I can afford that.

if rates were 7-8% at the bank I wouldn’t without having no life.

thanks and hope that makes sense 

K_S

Moneysavernov said:

My rate ends in feb 24 at 2.19%

I can pay a fee of 2.5k to get out now on a deal for 4.8%

Should I stick or pay the fee and get that for 10 years.

it’s £180 more but I can afford that.

if rates were 7-8% at the bank I wouldn’t without having no life.

thanks and hope that makes sense 

@moneysavernov Can't really tell you what to do but if you are extremely worried that rates will go up to 7-8% by the time it comes to a remortgage (early September 2023 for a fix ending in Feb 24) AND are happy with the possibility that rates might go significantly lower in the 10 year fixed period, then it's worth considering.

What will work out better financially in hindsight is of course dependent on what direction interest rates take, and there's no way to tell.

snowqueen555

K_S said:

snowqueen555 said:

I have a mortgage agreed with Coventry from July through a broker but I never went through with it. The broker has stopped replying to me. He told me a few weeks ago it can be used for another property and it will have until January 2023.

Does this agreement need to go through the broker or is there a way to use this myself or get another broker, or a broker in the same company to take it over?

Thanks

@snowqueen555 The individual broker as he has the responsibility for the advice. I would think it very unlikely that the firm would be able to 'transfer' the case to another broker in the same firm.

I'm wondering why the lack of reply. Is it possible Coventry will no longer let me use this for a other mortgage, or is there another reason?