Mortgage broker - ask me anything

K_S

@gionnetto Generally speaking, with ILR/settled status and 5+ years of UK residence, you'll have access to the same products as a UK national with 6 years credit history. So from a mortgage access point of view there's nothing to be gained by waiting another year.

gionnetto said:

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

PMcG86

Could of questions if someone could shed any light on them.

1. Have just read on Reddit that Barclays offered a remortgage product to an existing customer at a reduced rate (3.24 for 5 years) and wondered if anyone has had the same experience with NatWest?

2. My current fixed rate ends at the end of June 2023. Are there any lenders out there that you can get a product that allows an extension? I don't want to pay the ERC fee of £3500

3. Is the ERC fee only applicable when the product has more than 6 months to run until expiry? 

4. Is everything at the minute a massive overreaction from the lenders and will it settle down in the next few weeks/months?

5. My current LTV is 75% if that helps any of the above.

silvercar

1. Never heard of this, doubt you could get a discount, though you lose nothing by asking.

2. max mortgage offer is generally 6 months so you are probably too early to avoid the ERC.

3. depends on the small print. 

4. Don’t know

EvelynNew

Hi, I applied for an online mortgage with NatWest on 30 September, and managed to get the application in before the additional rate increases. I am waiting for my mortgage application number so I can upload my documents; my question is about consent to let. Myself and my husband are both in the Army and are currently posted away from our home. We find out our next jobs in December, so will need an immediate consent to let with NatWest. They are signed up to the Armed Forces Covenant from what I can see and also refer to being posted to army barracks as a reason related to consent given, but I just wanted to ask when would I discuss this during the mortgage application? It looks like when it has all gone through I can apply through the app, but will that be seen as an issue if I wait until then? Any help very appreciated, I don’t want to risk losing this mortgage due to the rate increase and as it is an online application I can’t see at what stage I need to discuss it.

K_S

PMcG86 said:

Could of questions if someone could shed any light on them.

1. Have just read on Reddit that Barclays offered a remortgage product to an existing customer at a reduced rate (3.24 for 5 years) and wondered if anyone has had the same experience with NatWest?

2. My current fixed rate ends at the end of June 2023. Are there any lenders out there that you can get a product that allows an extension? I don't want to pay the ERC fee of £3500

3. Is the ERC fee only applicable when the product has more than 6 months to run until expiry? 

4. Is everything at the minute a massive overreaction from the lenders and will it settle down in the next few weeks/months?

5. My current LTV is 75% if that helps any of the above.

@pmcg86

1. If you are talking about a product-transfer/product-switch/rate-switch (staying with the current lender) then lenders do offer preferential rates but it's not personalised if that makes sense. For NatWest, you can see their current PT rates here under "Product Transfer rates and range guide" https://www.intermediary.natwest.com/intermediary-solutions/products.html

2. There are a couple of mainstream lenders, but after the budget, those lenders withdrew their whole product range and are currently not offering any fixed-rate products temporarily. Once you get to early November, Nationwide will come into the picture as they allow reserving a product at the DIP stage for 90 days during which it needs to go to offer.  

firsttimebuyer912

Hi, I am a first time buyer, have had a mortgage offer through from Halifax and thought all was good. We are about to move out of our current rental property and in with my parents until completion, but did not realise that informing the lender of change of address could impact out offer as they have to re-run checks. Is there any potential here for the offer to be withdrawn? Nothing else has changed apart from our current address. In your experience is this a problem? I (maybe naively) thought people moved in with family/temporary accommodation before buying all the time! Me and my partner are now very stressed about this - any thoughts?

K_S

@firsttimebuyer912 I don't know anything about your case so don't want to speculate. If you have a broker I would recommend discussing this with them.

Please rest assured that this isn't uncommon and shouldn't necessarily be a problem. With clients in this situation imminently looking to move to a new address, I usually recommend that they change their accounts to the new address and then apply with the new address to avoid this kind of issue post-offer.

firsttimebuyer912 said:

Hi, I am a first time buyer, have had a mortgage offer through from Halifax and thought all was good. We are about to move out of our current rental property and in with my parents until completion, but did not realise that informing the lender of change of address could impact out offer as they have to re-run checks. Is there any potential here for the offer to be withdrawn? Nothing else has changed apart from our current address. In your experience is this a problem? I (maybe naively) thought people moved in with family/temporary accommodation before buying all the time! Me and my partner are now very stressed about this - any thoughts?

snowqueen555

Hi

Two questions

1) I have a mortgage granted that lasts until 29th January that I can use with another property, is this enough time to purchase?

2) Do any brokers are estate agents anyone have any inside info on how the market has been in the last week?

Giggidy

Our broker resubmitted our mortgage offer to Natwest to reflect the £5k reduction we agreed with the vendor, last Friday. We were told we should hear back by latest today, I chased it up late afternoon and was told it will now take 12 working days. This is really concerning for what we though is just a simple case of updating the paperwork after a few simple checks. The call agent said that particular underwriting team was taking 12 days, which again raised alarm bells because it seems to have been passed to another team. I am more worried than ever now Natwest is going to decide to withdraw the offer. If we knew it would take this long and potentially affect our ability to get the mortgage we would have just swallowed the £5k repairs. Is it too late to withdraw it, are we over thinking things, which can't help doing with how volatile the market is daily 

K_S

snowqueen555 said:

Hi

Two questions

1) I have a mortgage granted that lasts until 29th January that I can use with another property, is this enough time to purchase?

2) Do any brokers are estate agents anyone have any inside info on how the market has been in the last week?

@snowqueen555          

1) There are so many factors involved, it's impossible to say. The ideal situation would be a freehold property, vacant, chain-free, motivated seller and a good proactive conveyancer. The further you move from those, the longer conveyancing is likely to take.

2) Very generally speaking it's dampened a bit but definitely not cratered in most parts of the country - fewer buyers, fewer viewings, sellers prioritising proceedability. Needless to say this may or may not apply to the local market that you are looking to buy in.