Mortgage broker - ask me anything

silvercar

watsoa42 said:

Hello, I currently have 7 months left on my current mortgage (60% LTV £100,000 remaining balance ) with nationwide they say the early exit fee (£1000)  will remain until 5 months before would it be best to pay that and secure a new fixed rate now or wait and risk the interest rate being higher than the cost of the exit fee.
thanks

I would secure a new deal now, but not move your mortgage until 5 months before.

kazzyb123

Hi,
My NatWest mortgage fixed rate ends July next year. Have called to arrange to pay ERC and re-fix. Appointment is 6 weeks away.
i called my broker who said there’s nothing he can do without going through the whole affordability stuff with us again but I have seen someone else saying their broker sorted it today, in one day, so straight away.
Why can’t my broker do that? Should he be able to?

K_S

kazzyb123 said:

Hi,
My NatWest mortgage fixed rate ends July next year. Have called to arrange to pay ERC and re-fix. Appointment is 6 weeks away.
i called my broker who said there’s nothing he can do without going through the whole affordability stuff with us again but I have seen someone else saying their broker sorted it today, in one day, so straight away.
Why can’t my broker do that? Should he be able to?

@kazzyb123 What are you looking to do? Do a product switch (stay with NatWest) or remortgage (move to a new lender).

If it's a product switch - NatWest does not allow brokers to do the product switch if there is an ERC involved. So he can't do it for you, you'll need to do this direct.

If it's a remortgage - your broker will have to get all the details necessary to put in a fresh full application with a new lender.

Jbon88

I’m 3 days from completion and my lender has picked up on the fact one of my middle names started with a lower case letter on my mortgage offer. Everything is correct just the first initial is lower case.

 I didn’t even notice!

This couldn’t be grounds to withdraw my offer could it? They’ve had all my ID and everything with the correct information I don’t know if the mistake was with my broker or them! I’m just nervous as I’m a FTB, I’m so close to completion and I have a good rate which was agreed back in June for a 5 year fix. My credit score is actually better now than it was when I applied so I’m not worried about another check

lender is Platform by Cooperative 

MoneySavingDummy

My broker submitted the mortgage application to Barclays on 14 Sep and an online valuation was completed one week later. We have not heard anything from Barclays since.

Please can you tell me if this is in line with current Barclays timescales or should I be concerned there may be a problem holding it up?

I have a backup mortgage transfer offer with my existing lender which expires on 6 Oct, so I only have a couple of days to make a decision.

Thanks

LMB1984

Application = 2/9/22
Further Docs Requested = 22/9/22

We are still in the assessment queue following further docs submission however we were contacted by solicitors instructed by the bank on 25/9/22 is this indicative that we will be approved? So confused as as far as we are aware we have been neither accepted/declined.  Any thoughts would be greatly appreciated.

We are currently on day 8 from further docs but I’m not sure if they are keeping to these timescales given the last week.

Deeping_Dave

Hi there,

I asked you a question a while back but unfortunately I have another if I may? I've spoken to my lender as I have under 5 years left to clear 175k and it's not going to happen. I'd switched to interest only ages ago and was in the process of extending or changing product when the current problems hit. At the moment I only pay the interest but they've told me I can make overpayments. I'm thinking of doing that for a year or so then see what's left and re mortgage then if possible. What is the best way to overpay on an interest only mortgage? For example my current interest is £329 a month. Would it be advisable if I can afford it to make a payment on top of £671 to round it up to a thousand? Or is that not going to really help me? I just don't want to make the overpayments and find they don't really achieve that much? I read elsewhere that it won't really effect what you owe and will just lessen the interest a little each month? I'm confused sorry!

Thanks for your help.

silvercar

Deeping_Dave said:

Hi there,

I asked you a question a while back but unfortunately I have another if I may? I've spoken to my lender as I have under 5 years left to clear 175k and it's not going to happen. I'd switched to interest only ages ago and was in the process of extending or changing product when the current problems hit. At the moment I only pay the interest but they've told me I can make overpayments. I'm thinking of doing that for a year or so then see what's left and re mortgage then if possible. What is the best way to overpay on an interest only mortgage? For example my current interest is £329 a month. Would it be advisable if I can afford it to make a payment on top of £671 to round it up to a thousand? Or is that not going to really help me? I just don't want to make the overpayments and find they don't really achieve that much? I read elsewhere that it won't really effect what you owe and will just lessen the interest a little each month? I'm confused sorry!

Thanks for your help.

MSE has a calculator to help you with that:

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

kazzyb123

Which companies if any will consider self employed income as being the SA302 figure WITHOUT the covid grant taken off? Are there any or should I be taking it off the net income figures to do a comparison? Also which companies will include income from PIP? Thanks

gionnetto

I am a non-UK national with ILR and 5+ years of credit history. 3 bank accounts, 3 credit cards, 2 utility bills - never a late payment or default. My job is full-time permanent and I have more than enough for a deposit.

The question is, is there any difference in the type and conditions of the mortgage if I:
1. wait to have the full 6 yrs of credit history and/or
2. wait to get citizenship?

They both should happen around July next year.

Thanks