Mortgage broker - ask me anything

rc28

K_S said:

rc28 said:

@K_S

Some info suggests Natwest may lend on newbuilds, maybe only through brokers, link here:

New-Build-Hub (natwest.com)

Do you think i need to speak to Natwest about changing the application to advisory, do they offer this service? not a broker?

@rc28 NatWest does do new-build purchase mortgages, both direct and through brokers.

But your's is unlikely to fall in that bucket as it's a self-build and you already have a mortgage, making it a remortgage.

I trawled through NatWest's criteria and it indicates what the BDM told me, that they don't cater to your scenario.


Again, do confirm the same with NatWest direct as perhaps they can do it direct though I would think it unlikely.

If the NatWest app you've submitted is a no go, I'm sure you can do it yourself direct as well but I would strongly recommend speaking to a whole of market broker once completion is up close to make the process much smoother and to get the assurance that you are getting the best deal available to you. If it's a broker fee that's stopping you from using a broker, the MSE guidance here has plenty of fee-free brokers that you can speak to.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Thanks very much for taking the time to look into the criteria @K_S. It does look as though we can't use that mortgage in our situation, will confirm with Natwest to se sure. Thanks again.

summerb64

I have probably an impossible question but was just wondering what people’s opinions were on a mortgage in the current climate. As a First time buyer, would you purchase now and lock in on the rates that are on offer, or wait a little longer as the rates will probably increase but the same house may be up to 10% cheaper in the next 12-18 months, it’s so confusing feel like purchasing now may be the worst time price wise - but the rates are only going higher. Just fear the dreaded negative equity 🥲. Thanks, Debb 

silvercar

summerb64 said:

I have probably an impossible question but was just wondering what people’s opinions were on a mortgage in the current climate. As a First time buyer, would you purchase now and lock in on the rates that are on offer, or wait a little longer as the rates will probably increase but the same house may be up to 10% cheaper in the next 12-18 months, it’s so confusing feel like purchasing now may be the worst time price wise - but the rates are only going higher. Just fear the dreaded negative equity 🥲. Thanks, Debb 

It's a difficult one. Don't forget to add to the mix the recent changes in stamp duty that work in your favour.

K_S

summerb64 said:

I have probably an impossible question but was just wondering what people’s opinions were on a mortgage in the current climate. As a First time buyer, would you purchase now and lock in on the rates that are on offer, or wait a little longer as the rates will probably increase but the same house may be up to 10% cheaper in the next 12-18 months, it’s so confusing feel like purchasing now may be the worst time price wise - but the rates are only going higher. Just fear the dreaded negative equity 🥲. Thanks, Debb 

@summerb64 It's a hard question to answer as it depends on your priorities, financial situation, living situation, future market movements and how good a deal it is that you got.

If it helps I've got FTB clients who've decided to pause their house hunting, others who've not changed their plans and yet others who've reduced their budget.

summerb64

K_S said:

summerb64 said:

I have probably an impossible question but was just wondering what people’s opinions were on a mortgage in the current climate. As a First time buyer, would you purchase now and lock in on the rates that are on offer, or wait a little longer as the rates will probably increase but the same house may be up to 10% cheaper in the next 12-18 months, it’s so confusing feel like purchasing now may be the worst time price wise - but the rates are only going higher. Just fear the dreaded negative equity 🥲. Thanks, Debb 

@summerb64 It's a hard question to answer as it depends on your priorities, financial situation, living situation, future market movements and how good a deal it is that you got.

If it helps I've got FTB clients who've decided to pause their house hunting, others who've not changed their plans and yet others who've reduced their budget.

Thank you for your insight - appreciate it! My situation is that I am currently renting, and I am going to be purchasing the house I live in in Bolton, as me and my husband know the landlord. The rent is currently about £300 less than what the mortgage will be, which is making me hesitant at the moment, the price of the house is currently £180k and we have 10% deposit, could actually do 20% if needed but would rather the cash to help with home improvements. Leaning more towards waiting to see how the next few months go to get a clearer picture, and can save the extra money in cheaper rent until becomes a bit clearer I suppose - but then the wasted money in rent could already go towards paying down the mortgage. It’s sooooo confusing and difficult 😞  thank you!

Martisha

Hello, got an offer accepted for a house, when should I apply for a mortgage? Is it better go for 30 or 32 years?

K_S

Martisha said:

Hello, got an offer accepted for a house, when should I apply for a mortgage? Is it better go for 30 or 32 years?

@martisha Most applicants will apply for a mortgage once their offer is accepted. Some will delay it if expected completion is more than 6 months away. Can't really comment on the term as that depends on your personal circumstances.

Martisha

K_S said:

Martisha said:

Hello, got an offer accepted for a house, when should I apply for a mortgage? Is it better go for 30 or 32 years?

@martisha Most applicants will apply for a mortgage once their offer is accepted. Some will delay it if expected completion is more than 6 months away. Can't really comment on the term as that depends on your personal circumstances.

Thanks.
is the offer valid for 6months from application or the actual offer issued?

Panda126

Hi all.

I’m wondering if anyone had any experience with Halifax recently and if there is a delay in mortgage applications?

Our buyer applied for their mortgage beginning of September, we had the valuation two weeks ago and they still haven’t received their offer. Is that normal?

We had our house down valued and we had to reduce the price but we’ve been told that once we accept the lower price they shouldn’t have any issues.

When we applied for our mortgage, we had offer 1day after the valuation.

We are under pressure as we also must exchange contracts for our new built asap, is there anything they can do to push the lender’s decision?

All the searches are done we’re just waiting for their offer.

K_S

Martisha said:

K_S said:

Martisha said:

Hello, got an offer accepted for a house, when should I apply for a mortgage? Is it better go for 30 or 32 years?

@martisha Most applicants will apply for a mortgage once their offer is accepted. Some will delay it if expected completion is more than 6 months away. Can't really comment on the term as that depends on your personal circumstances.

Thanks.
is the offer valid for 6months from application or the actual offer issued?

@martisha Depends on the lender. For example with Barclays it's 6 months from date of application while with HSBC it's 6 months from date of offer. Others like Halifax have a set 'complete-by' date which is currently 31/03/2023, so giving you less than 6 months.