Mortgage broker - ask me anything

summerb64

silvercar said:

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. 

Ahh brilliant, thank you for your help!

kazzyb123

Have a DIP from nationwide but we were turned down by them after a DIP 5 yrs ago.
How often do they turn people down after a DIP? 

Do they accept self employed covid grants as income?

thanks

K_S

kazzyb123 said:

Have a DIP from nationwide but we were turned down by them after a DIP 5 yrs ago.
How often do they turn people down after a DIP? 

Do they accept self employed covid grants as income?

thanks

@kazzyb123

- other than valuation related issues, in recent memory, I've only ever had one client application declined after a positive DIP but that was due to a visa criteria change between DIP and full application, so just a stroke of bad luck.

- yes, subject to full assessment 

CPFC_79

I am on a 2 year fixed rate with Clydesdale that expires in January 2024 - do you think there is any chance of them extending that to 5 years if I call them and ask?

Is there any circumstances in which they might say yes, for example if I committed to making a large lump sum overpayment?

K_S

CPFC_79 said:

I am on a 2 year fixed rate with Clydesdale that expires in January 2024 - do you think there is any chance of them extending that to 5 years if I call them and ask?

Is there any circumstances in which they might say yes, for example if I committed to making a large lump sum overpayment?

@cpfc_79 None that I could imagine I'm afraid.

etherealho

K_S said:

etherealho said:

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?

@etherealho You won't be surprised to hear that I don't really have an opinion!   My thoughts about the direction of mortgage rates is no more valid that the next person's. 10 months ago, I didn't predict that rates would be where they are now and I've no idea where they'll be in a few weeks, let alone a few months.

A 2yr fix at 4.72% sounds very competitive. Halifax was offering a sub 4% 3yr fix rate to some borrowers a week ago, did you not get offered that switch rate? 

There are very small signs of mortgage rates softening https://forums.moneysavingexpert.com/discussion/6395742/mse-news-whats-happening-to-mortgage-rates-following-the-mini-budget-reversal-mses-analysis#latest but that's just at this point in time, who knows what is going to happen over the next few weeks/months in politics, the bond market, BOE rate, swap rates, etc.

I would suggest taking a decision based on your personal circumstances, attitude and desire for certainty.

Thank you so much @k_s . Checked with my broker and halifax abt the 3 year fix. That is available only for mortgages where the remaining balance is less than 150K.

Keeping in light or recent developments and stabilisation, I am holding till Jan as paying the high ERC nullifies the lower rate I am getting currently assuming the predictions that Peak base rate would be under 5% now.

Skeptical_John

Hi

I'm a teacher and will be getting a pay rise next month as part of the government's pay review. I have not got a contract to reflect this new pay rise (just an email from finance).

Will a mortgage lender take this into account or do I need to wait for the pay rise to go through?

Many thanks

K_S

Skeptical_John said:

Hi

I'm a teacher and will be getting a pay rise next month as part of the government's pay review. I have not got a contract to reflect this new pay rise (just an email from finance).

Will a mortgage lender take this into account or do I need to wait for the pay rise to go through?

Many thanks

@skeptical_john Some lenders require a full payslip on the new pay before they will consider but plenty are ok with future pay-rises in the next 3 months as long as it can be evidenced through some form of employer confirmation.

yellowbean

Hi @K_S , 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!

Camboudica

Good evening,

We are currently in the process of buying, mortgage offer from Natwest, conveyancing progressing, we've just had a second viewing and the survey done, and although we don't have the actual report yet the surveyor called us to explain the house needs some work doing to it quite urgently, nothing that would stop the sale from our perspective, but things that definitely need attention. We also noticed a lot more things upon second viewing that need replacing /attention. 

We've decided to wait until we get the survey report, get some quotes for the work, then make a reduced offer based on the work that needs doing. My question is, (IF the seller agreed) how does this affect our mortgage offer? We'd like to borrow the same amount and use the additional funds to complete the work, but does the lower sale price change everything? Our LTV at the current level is 72% if we get the full reduction we're estimating the costs to be, it could change to 75%.

Many thanks.