Mortgage broker - ask me anything

sanaubair

Hello, 

i am waiting for my mortgage response. I applied with the mortgage broker. My application is with underwriter. I have been told its been partial looked at but nothing has been ticked. 

Is something wrong or is a good sign?

my lender is natwest

Grf4ul3

How common is it for a remortgage to be declined on completion day? And whst other possibly reasons are there for one not completing on the expected date? And do solicitors routinely say a remortgage hasn't completed as an excuse to delay things (given their workload)?

I was due to exchange contracts yesterday and according to my buyers solicitor, it couldn't happen as her remortgage didn't complete that day as planned... But they were hopeful it would be done on Monday.

I am extremely anxious that the remortgage got declined and the sale will fall through, even though there's no actual evidence to suggest that.... I know I'm just assuming the worst, but I'm hoping you can advise further based on your experience...

jonnym1985

Hi K_S

We have a mortgage offer from Barclays offer valid till 29th January 2023, with the new build expected to complete in February 2023. I have already discussed the extension process with both yourself and my broker and have a further question as I read an earlier post relating to Barclays extension.

My broker stated that the current rates have been locked at 3.57% but having read this forum I’ve seen conflicting information, that the extension will offered on a new product rate which is current 6.62%

Can you advise which rates would apply, the original or the newer rate?

many thanks 

jonnym1985

In relation to the above query, does the 60 month period start from date of offer or from date of completion?

thanks

Martisha

We applied for mortgage this past Friday, however I heard that cheaper rates are coming into the market next week.
if this happens, can we cancel the existing application and reapply for lower product?
its Nationwide

silvercar

jonnym1985 said:

In relation to the above query, does the 60 month period start from date of offer or from date of completion?

thanks

Date of offer with Barclays. When we managed to get a 2 week extension to the mortgage offer, it was at the rate agreed in the offer though the term decreased from 5 years to 4.5 years to allow that the mortgage offer had already been made 6 months previous. 

jonnym1985

silvercar said:

jonnym1985 said:

In relation to the above query, does the 60 month period start from date of offer or from date of completion?

thanks

Date of offer with Barclays. When we managed to get a 2 week extension to the mortgage offer, it was at the rate agreed in the offer though the term decreased from 5 years to 4.5 years to allow that the mortgage offer had already been made 6 months previous. 

Makes perfect sense. Thank you for the reply 👍🏻

Sam3007

Hi, my 2.06 fixed mortgage ends in Jan 24. I have read that remortgage rates could hit 6 or 7 % next year. It is a good idea to get a personal loan at 4.3 now to overpay before the end of this year (get the 10% overpayment limit) and then overpay as much as I can next year to reduce the balance? I have got mixed opinions about this. 

silvercar

Sam3007 said:

Hi, my 2.06 fixed mortgage ends in Jan 24. I have read that remortgage rates could hit 6 or 7 % next year. It is a good idea to get a personal loan at 4.3 now to overpay before the end of this year (get the 10% overpayment limit) and then overpay as much as I can next year to reduce the balance? I have got mixed opinions about this. 

Why would you borrow at 4.3% to reduce payments on a 2.06% loan? It makes sense to put money aside to reduce the 2.06, but not to borrow at a higher rate to do so.

K_S

@jonnym1985 With a Barclays new build extension you can keep the older lower rate. It's an established process so nothing to worry about.

End date of fix - With Barclays it's a fixed end date for the specific product which you can see on page 3 of your offer. For example if you applied for a 5yr fix around April-May the date would probably be 31/08/2027.

jonnym1985 said:

Hi K_S

We have a mortgage offer from Barclays offer valid till 29th January 2023, with the new build expected to complete in February 2023. I have already discussed the extension process with both yourself and my broker and have a further question as I read an earlier post relating to Barclays extension.

My broker stated that the current rates have been locked at 3.57% but having read this forum I’ve seen conflicting information, that the extension will offered on a new product rate which is current 6.62%

Can you advise which rates would apply, the original or the newer rate?

many thanks 

jonnym1985 said:

In relation to the above query, does the 60 month period start from date of offer or from date of completion?

thanks