Mortgage broker - ask me anything

mj_wl_22

Hi

Hope everyone is well and somebody can help me.

I've just gone onto Natwest to renew my AIP and although its passed, the amount I can borrow as severely dropped (i'm assuming due to the rate rises as the mortgage costs so much more).

If I used the natwest intermediaries affordability calculator, it says I can borrow much more. With this in mind, am I better off going via broker or is the intermediary affordability calculator that inaccurate it will likely revert to what they are offering with the AIP direct on the website?

Kind regards

K_S

mj_wl_22 said:

Hi

Hope everyone is well and somebody can help me.

I've just gone onto Natwest to renew my AIP and although its passed, the amount I can borrow as severely dropped (i'm assuming due to the rate rises as the mortgage costs so much more).

If I used the natwest intermediaries affordability calculator, it says I can borrow much more. With this in mind, am I better off going via broker or is the intermediary affordability calculator that inaccurate it will likely revert to what they are offering with the AIP direct on the website?

Kind regards

@mj_wl_22 Quick comments -

- afaik, your affordability should be no different direct or through a broker

- the intermediary calculator will give an accurate figure if you've entered the numbers correctly and as per criteria

Lawman14

Hi can you recommend  a good commercial mortgage broker please for a bed & breakfast purchase ewe have 60% deposit ?

Thankyou   

Cedartree123

Hello, 

Has anyone had any dealings with Nationwide and the dreaded spray foam loft insulation? We have had our mortgage application approved for a number of weeks now, but this issue has just come up through the Level 3 Building Survey, so I assume the Nationwide survey was done without a visit, or didn’t look at the loft space.

We are happy to try to renegotiate on price, and pay for the work, but obviously if the lenders won’t lend to us, we cannot carry on with the purchase.

Thanks in advance.  

kingstreet

Have you given a copy of the survey to your solicitor or lender? If not, do you plan to?

Daisy_Anne

What are the thoughts currently on a discounted mortgage? If I can get a 3% below SVR mortgage over 2 years, does the gamble seem with it as it would need to rise 3% to be paying the current fixed rate price? 

K_S

@daisy_anne If you can comfortably afford it even if the building society upped its SVR then a discount is worth considering. However, if affordability is an issue (ie you can afford the current discount rate but would struggle on the fixed rate) then it becomes a gamble.

Daisy_Anne said:

What are the thoughts currently on a discounted mortgage? If I can get a 3% below SVR mortgage over 2 years, does the gamble seem with it as it would need to rise 3% to be paying the current fixed rate price? 

K_S

Cedartree123 said:

Hello, 

Has anyone had any dealings with Nationwide and the dreaded spray foam loft insulation? We have had our mortgage application approved for a number of weeks now, but this issue has just come up through the Level 3 Building Survey, so I assume the Nationwide survey was done without a visit, or didn’t look at the loft space.

We are happy to try to renegotiate on price, and pay for the work, but obviously if the lenders won’t lend to us, we cannot carry on with the purchase.

Thanks in advance.  

@cedartree123 This is what the Nationwide valuer manual says about spray foam in the roof void.

If you report this to the lender or solicitor, it is likely that they will ask for a separate report/inspection and have it sent to their valuer for a review. Or perhaps they'll rely on the L3 survey report and what it says.

Cedartree123

K_S said:

Cedartree123 said:

Hello, 

Has anyone had any dealings with Nationwide and the dreaded spray foam loft insulation? We have had our mortgage application approved for a number of weeks now, but this issue has just come up through the Level 3 Building Survey, so I assume the Nationwide survey was done without a visit, or didn’t look at the loft space.

We are happy to try to renegotiate on price, and pay for the work, but obviously if the lenders won’t lend to us, we cannot carry on with the purchase.

Thanks in advance.  

@cedartree123 This is what the Nationwide valuer manual says about spray foam in the roof void.

If you report this to the lender or solicitor, it is likely that they will ask for a separate report/inspection and have it sent to their valuer for a review. Or perhaps they'll rely on the L3 survey report and what it says.

Thanks @K_Sand @kingstreet for the replies. Based on both of your replies, it seems to be optional to share the findings with the lender / solicitor? 

The L3 report is due to us by the end of the week, at the moment we only have what the surveyor told us over the phone. Based on what he said the structural timbers are fine - so it isn’t a straight decline at least!

kingstreet

It is entirely your decision with whom you share your surveyor's report. If you provide it to your solicitor (who is also acting for the lender) its contents will normally be reported to the lender despite the lender having a valuation for its own purposes.