Mortgage broker - ask me anything

K_S

@buttonmoon Your situation is not uncommon unfortunately. Quite a few of my clients coming of fixes in 2023 were on rates around 1.5/2% and now looking at fixes that are 6%+ and not able to meet the stress test for the outstanding loan amount. Even discounts and trackers are between 4-5%.

For some the preference will be to stick to the current lender on a product transfer/switch, for some it'll be opting for tracker or discount product, for others using lenders with kinder stress tests on variable rates and for some simply falling on to SVR.

Definitely do speak to your broker sooner rather than later.

If your residential borrowing only requires 2.5x income and you don't have any major background debt I don't expect the the BTL being on a high rate will be an issue for the remortgage.

buttonmoon said:

My BTL mortgage is due for renewal in Jul 2023.  If I was remortgaging today I think I would just under 65% ltv.  Rates have shot up so much that if I remortgage today then the mortgage payment would shoot up from £180 to £650 per month with my existing lender on I/O. The rent is currently £850. 

Im worried that either a) the rent won’t be sufficiently high to remortgage (I think first time around it had to be 145% (or 125%) of the mortgage stress tested at 5.5% so goodness knows what the stress test would be now) and I cannot put it up further. b) I also need to be mindful that my fixed rate on my residential mortgage (around 60/65% ltv) is up for renewal in July 2024 so I’m worried that if my BTL mortgage payment increases significantly then it will impact my ability to remortgage my home.   Income multiple for the my residential mortgage will be around x 2.5. 

My thoughts are that I should speak to my broker early next year as depending on how the market is I will need make a decision regarding to remortgage or put my BTL on the market. 

I’m not sure what I’m asking but it’s a minefield at the moment! Do you have any advice or tips? 

sanaubair

How long does the final checks take for natwest

yellowbean

Hi, I’ve some questions about Barclays mortgages. I see they offer ‘switch and fix’ for their tracker rates. Does this apply to their No fee tracker range too?

And if it does, say, I go with a 5 year tracker, and at some point within the first 5 years I indeed would like to switch to a fix rate with Barclays:

1) will I have access to the existing customer deal?
2) will I be able to do this simply via online or app banking like you can with a normal rate switch? As opposed to having to make appointments with them, etc.
3) is this treated as a rate switch rather than a full scale remortgage including valuation and affordability check etc.?

Thanks!

IAMIAM

Natwest have said I cannot apply for a mortgage and take a term to age 75 only to age 70 if I apply direct through any channel.

Age 75 only if I go through a broker. Can I just apply through habito without advice?

Will this be the same for RBS? 

IAMIAM

Can you extend HSBC mortgage offers beyond 180 days from mortgage offer?

K_S

IAMIAM said:

Can you extend HSBC mortgage offers beyond 180 days from mortgage offer?

@iamiam Generally speaking, no.

superstylin

K_S said:

IAMIAM said:

Can you extend HSBC mortgage offers beyond 180 days from mortgage offer?

@iamiam Generally speaking, no.

Can the 180 days begin again if you change the terms of the mortgage you have on hold?

I have accepted a HSBC offer but the advisor said to keep an eye on their rates decreasing. That I could email them and rework the calculations with the lower rate and the 180 days could start again (taking me past the end date of my ERC). 

IAMIAM

superstylin said:

K_S said:

IAMIAM said:

Can you extend HSBC mortgage offers beyond 180 days from mortgage offer?

@iamiam Generally speaking, no.

Can the 180 days begin again if you change the terms of the mortgage you have on hold?

I have accepted a HSBC offer but the advisor said to keep an eye on their rates decreasing. That I could email them and rework the calculations with the lower rate and the 180 days could start again (taking me past the end date of my ERC). 

I think this is what I am going to do

summerb64

Is it possible to ask a mortgage broker to disregard a specific bank, I used to work for Santander and was let go quite acrimoniously so appealed and complained etc, and would never like to bank with them again through personal choice, would the broker mind this caveat?

silvercar

summerb64 said:

Is it possible to ask a mortgage broker to disregard a specific bank, I used to work for Santander and was let go quite acrimoniously so appealed and complained etc, and would never like to bank with them again through personal choice, would the broker mind this caveat?

It is fine. We have mentioned banks that we don't want a mortgage with.