Mortgage broker - ask me anything

bubby08

@k_S Thanks K_S, Ok so in lending terms the monthly repayment is the figure calculated not the total value of the finance agreement ?

and if the repayment is factored into general standard monthly outgoings, is there a ration of earnings bs expenditure that lenders look for?

rc28

Hi,

 

We're after some advice from a broker please, to see if the Natwest mortgage we’ve applied for is suitable for our situation. I appreciate we may have to phone them to get their advice.

 

As background, We’re building our own house which we plan to live in when its complete in say <6 months time. Its currently mortgaged via a specialist self build loan on a variable rate.

 

The theory is that we should be able to move onto a traditional residential mortgage once the property is complete.  As we could see the mortgage rates increasing we applied for a Natwest 5 year fixed direct (still waiting for application to arrive) to try and secure a better rate now rather than wait until our house is complete, in the hope that this Natwest mortgage can be drawn down within 6 months.

 

After a bit of googling, i'm concerned that this mortgage may not be suitable for buildings that aren’t completed yet and we may need a special new build mortgage. Does anyone have any experience with this and know if the Natwest fix is suitable for newbuilds?

matthewhine

Hi,

I need some advice.

my wife and I currently rent our home, our Lanlord has today put the house on the market. We have been in our house for 13 years and the Lanlord has told me he’d like to sell to us cheaper. The value of the house is £260k and he asked me for £220k. Pretty good but I don’t have a deposit and I’m £10k in debt with a poor credit score as I’m in a debt repayment plan. We have a family member who is willing to give us £10k towards costs etc

A friend who has spoken to her advisor said we may get somewhere because of the equity we would be gaining immediately.

Do you think there is any chance of a mortgage in our situation or is there no hope?

appreciate any advice

K_S

rc28 said:

Hi,

We're after some advice from a broker please, to see if the Natwest mortgage we’ve applied for is suitable for our situation. I appreciate we may have to phone them to get their advice.

As background, We’re building our own house which we plan to live in when its complete in say <6 months time. Its currently mortgaged via a specialist self build loan on a variable rate.

The theory is that we should be able to move onto a traditional residential mortgage once the property is complete.  As we could see the mortgage rates increasing we applied for a Natwest 5 year fixed direct (still waiting for application to arrive) to try and secure a better rate now rather than wait until our house is complete, in the hope that this Natwest mortgage can be drawn down within 6 months.

After a bit of googling, i'm concerned that this mortgage may not be suitable for buildings that aren’t completed yet and we may need a special new build mortgage. Does anyone have any experience with this and know if the Natwest fix is suitable for newbuilds?

@rc28 I simply don't know enough to say whether the NatWest product you applied for would be compatible with your circumstances/requirements or not. I'm assuming this is a non-advised execution-only direct app? If so, then it might be worth seeing if you can convert this to an advised route (while keeping the same product) so all your concerns/questions can be addressed and you can get the assurance you need.

kingstreet

Some lenders might accept a concessionary purchase from a tenant purchasing from their landlord. Suggest independent broker advice as your first step.

rc28

K_S said:

rc28 said:

Hi,

We're after some advice from a broker please, to see if the Natwest mortgage we’ve applied for is suitable for our situation. I appreciate we may have to phone them to get their advice.

As background, We’re building our own house which we plan to live in when its complete in say <6 months time. Its currently mortgaged via a specialist self build loan on a variable rate.

The theory is that we should be able to move onto a traditional residential mortgage once the property is complete.  As we could see the mortgage rates increasing we applied for a Natwest 5 year fixed direct (still waiting for application to arrive) to try and secure a better rate now rather than wait until our house is complete, in the hope that this Natwest mortgage can be drawn down within 6 months.

After a bit of googling, i'm concerned that this mortgage may not be suitable for buildings that aren’t completed yet and we may need a special new build mortgage. Does anyone have any experience with this and know if the Natwest fix is suitable for newbuilds?

@rc28 I simply don't know enough to say whether the NatWest product you applied for would be compatible with your circumstances/requirements or not. I'm assuming this is a non-advised execution-only direct app? If so, then it might be worth seeing if you can convert this to an advised route (while keeping the same product) so all your concerns/questions can be addressed and you can get the assurance you need.

Thanks K_S

Yes its a non advised execution only direct application. On a whim the day before rates increased, we managed to apply for a 4.05% 5 year fixed, purely because rates seem to be ever increasing otherwise we would have waited.

There's a couple of concerns, i.e. house not completed yet so may not be compatible with a normal valuation. we're on a staged mortgage and the current drawdown doesnt match the end amount which i put the application.

Do we approach Natwest or a broker about a advisory conversion?

K_S

@rc28 I was just now speaking to NatWest about another case and asked about this, what they said is that they don't do re-mortgages for self-build properties completed in the last 2 years. Please don't take that as the gospel truth as they can often be wrong and they might have different policies direct.

A broker won't be able to help with a direct app, you'll need to speak to NatWest.

rc28 said:

K_S said:

rc28 said:

Hi,

We're after some advice from a broker please, to see if the Natwest mortgage we’ve applied for is suitable for our situation. I appreciate we may have to phone them to get their advice.

As background, We’re building our own house which we plan to live in when its complete in say <6 months time. Its currently mortgaged via a specialist self build loan on a variable rate.

The theory is that we should be able to move onto a traditional residential mortgage once the property is complete.  As we could see the mortgage rates increasing we applied for a Natwest 5 year fixed direct (still waiting for application to arrive) to try and secure a better rate now rather than wait until our house is complete, in the hope that this Natwest mortgage can be drawn down within 6 months.

After a bit of googling, i'm concerned that this mortgage may not be suitable for buildings that aren’t completed yet and we may need a special new build mortgage. Does anyone have any experience with this and know if the Natwest fix is suitable for newbuilds?

@rc28 I simply don't know enough to say whether the NatWest product you applied for would be compatible with your circumstances/requirements or not. I'm assuming this is a non-advised execution-only direct app? If so, then it might be worth seeing if you can convert this to an advised route (while keeping the same product) so all your concerns/questions can be addressed and you can get the assurance you need.

Thanks K_S

Yes its a non advised execution only direct application. On a whim the day before rates increased, we managed to apply for a 4.05% 5 year fixed, purely because rates seem to be ever increasing otherwise we would have waited.

There's a couple of concerns, i.e. house not completed yet so may not be compatible with a normal valuation. we're on a staged mortgage and the current drawdown doesnt match the end amount which i put the application.

Do we approach Natwest or a broker about a advisory conversion?

rc28

K_S said:

@rc28 I was just now speaking to NatWest about another case and asked about this, what they said is that they don't do re-mortgages for self-build properties completed in the last 2 years. Please don't take that as the gospel truth as they can often be wrong and they might have different policies direct.

A broker won't be able to help with a direct app, you'll need to speak to NatWest.

rc28 said:

K_S said:

rc28 said:

Hi,

We're after some advice from a broker please, to see if the Natwest mortgage we’ve applied for is suitable for our situation. I appreciate we may have to phone them to get their advice.

As background, We’re building our own house which we plan to live in when its complete in say <6 months time. Its currently mortgaged via a specialist self build loan on a variable rate.

The theory is that we should be able to move onto a traditional residential mortgage once the property is complete.  As we could see the mortgage rates increasing we applied for a Natwest 5 year fixed direct (still waiting for application to arrive) to try and secure a better rate now rather than wait until our house is complete, in the hope that this Natwest mortgage can be drawn down within 6 months.

After a bit of googling, i'm concerned that this mortgage may not be suitable for buildings that aren’t completed yet and we may need a special new build mortgage. Does anyone have any experience with this and know if the Natwest fix is suitable for newbuilds?

@rc28 I simply don't know enough to say whether the NatWest product you applied for would be compatible with your circumstances/requirements or not. I'm assuming this is a non-advised execution-only direct app? If so, then it might be worth seeing if you can convert this to an advised route (while keeping the same product) so all your concerns/questions can be addressed and you can get the assurance you need.

Thanks K_S

Yes its a non advised execution only direct application. On a whim the day before rates increased, we managed to apply for a 4.05% 5 year fixed, purely because rates seem to be ever increasing otherwise we would have waited.

There's a couple of concerns, i.e. house not completed yet so may not be compatible with a normal valuation. we're on a staged mortgage and the current drawdown doesnt match the end amount which i put the application.

Do we approach Natwest or a broker about a advisory conversion?

I'd read similar on a google search. Will speak to Natwest about it. Thanks for your help.

matthewhine

kingstreet said:

Some lenders might accept a concessionary purchase from a tenant purchasing from their landlord. Suggest independent broker advice as your first step.

Would you say we have a slim chance then? I have an advisor calling me later today.

kingstreet

matthewhine said:

kingstreet said:

Some lenders might accept a concessionary purchase from a tenant purchasing from their landlord. Suggest independent broker advice as your first step.

Would you say we have a slim chance then? I have an advisor calling me later today.

Not enough information to speculate accurately, sorry.