Mortgage broker - ask me anything

MasterplanC

We are finally nearing completion, just one week to go! (Thank you for all the help on the way towards that.) We have a mortgage with Barclays and our solicitor said the bank needs to know at least a week before completion. My question is: Shall we expect mail from Barclays telling us about the details of our mortgage account, and when/how to pay it (it's fixed for now). I think I did give them my bank account details when applying (which was in July), but I don't think any DD has been set up, and I guess we should be able to select a day in the month for it. Thank you

kingstreet

DD details and payment date are entered at application stage. After completion, the lender will confirm payment amounts and dates.

sanaubair

As Limited company - will also need sight of Sight of the latest up to date accounts for Applicant to validate net profit supports is supported by Turnover as seen on the tax return and to reveal a healthy capital account.

This is the further info required by my underwriter. 

Does he only want to see 2022?

my profit is 716 and turnover around 47600 and i am not sure what he means by capital accounts. If that shareholder funds that is in minus like (2220) 
with a salary of 515. 

Please if can someone help me on this

K_S

sanaubair said:

As Limited company - will also need sight of Sight of the latest up to date accounts for Applicant to validate net profit supports is supported by Turnover as seen on the tax return and to reveal a healthy capital account.

This is the further info required by my underwriter. 

Does he only want to see 2022?

my profit is 716 and turnover around 47600 and i am not sure what he means by capital accounts. If that shareholder funds that is in minus like (2220) 
with a salary of 515. 

Please if can someone help me on this

@sanaubair Capital accounts means the shareholder's equity / net assets / retained earnings of the company. It should be the last line on the balance sheet of your latest accounts.

etherealho

Hi,
I have a question that would involve looking in the crystal ball I am on a 1.38% mortgage fix expiring on 31st March 2023 with Halifax. LTV is 55% I am getting an offer from Halifax for early product transfer for 2 year fix at 4.72%

Taking into consideration the ERC and the 5 months of lower repayment I would lose, the overall amount I pay by fixing now would be lower if I wait till Jan and do a product transfer. I have assumed 2 year fix rate in Jan to be 5.5% or 6%

Are these correct assumptions or I am better of holding for now and deciding in Jan?


 

sanaubair

Hello, my mortgage application has been all ticked off and sent off to final checks. Is that something good sign? 

How much time it takes for final checks?

sanaubair

Please if someone could assure me what this means

etherealho

sanaubair said:

Hello, my mortgage application has been all ticked off and sent off to final checks. Is that something good sign? 

How much time it takes for final checks?

Pretty sure that's a good sign and offer should be next step!

sanaubair

How much time it takes for final checks?

etherealho

sanaubair said:

How much time it takes for final checks?

Have you applied directly or via a Mortgage Broker?