Mortgage broker - ask me anything

K_S

jonnypb said:

If you do a product switch with your existing lender (no extra borrowing) does that create a hard search on your credit report?  Reason I ask is that I'm within the 6 months of my fixed rate ending and I've switched to a new deal that won't kick in until April 2023, but they said if better offers appear I can transfer to one of them so could end up changing mortgage deals multiple times (unlikely but you never know) if a better one appears with my existing lender.

@jonnypb Generally speaking, a PT usually does not leave a hard-footprint.

K_S

kazzyb123 said:

K_S said:

kazzyb123 said:

Hi,

Do you know if Nationwide accept tax credits and child benefit as income if it is a 5 yr deal and they will stop in September 2025 because my daughter is 15.

thanks

@kazzyb123 I'd have to run it past the BDM to be sure as off of the top of my head they (unlike some lenders) don't have a specific max age for child related benefits but the underwriter needs to be happy that it's sustainable and only a small portion of total income. I'm pretty sure my clients have been ok with 12-13 year olds using CB.

Thanks for the reply, what is the BDM?? 
if we have a DIP from nationwide does it lock in that rate for 90 days? I think it does.
Also if we stay with NatWest and do a product transfer is that immediate so can’t wait 6 months to take up the offer like we could with a new lender? 

Thanks again 

@kazzyb123      

Nationwide - A broker will have a specific person at each lender that answers any criteria queries, complex case requirements, ongoing application queries, etc. They are called a BDM (Business Development Manager).

When doing a broker DIP with Nationwide I can do it with reserving a product/rate (for a specific property address) or without product/rate. If a product reservation is done, it's valid for 90 days by which time the full offer must be issued. Apologies, I've no idea how it works direct.

NatWest - As long there isn't an ERC involved, you should be able to book a PT to kick in in 6 months.

kgal86

Hi, does anyone have current timescales for HSBC mortgages? It’s to by a residential property and not self employed. TIA! 

K_S

@kgal86 Please see here 
https://intermediaries.hsbc.co.uk/our-latest-service-levels/

kgal86 said:

Hi, does anyone have current timescales for HSBC mortgages? It’s to by a residential property and not self employed. TIA! 

FashionHeart

Hi All

We're thinking of remortgaging next year when our FR contract ends, however, I am currently [slightly] struggling with my finances and considering getting a DMP.

Can anyone please give me any advice - is this a good idea?

The current mortgage is £115k. I earn £21,399 per annum and am circa 12k in debt.

matt1983

K_S said:

matt1983 said:

Hello- my current fix (1.09%) ends 30th April 2023.  I want to stick with Nationwide and have been told i can reserve a product transfer from January (I assume 1st). 

I am also in a very fortunate position whereby i will be able to pay off about half of my mortgage balance (currently £190’000) when I receive some money at some point over the next few months. 

My question is at what point would be best to pay a lump sum? Could this be done when i sort out the product transfer? Or am i better off just waiting until my fix ends and then paying it? 

I hope my question makes sense, thanks in advance. 

@matt1983 There are a few different ways to do this. I want to be clear that all the below is related to the intermediary PT process, so please do confirm with Nationwide Direct if that's the route you are taking. Their policies may be different for direct business.

1. The last month of the Nationwide fix should (please confirm with Nationwide that this is applicable for whatever product you are on) allow you to make unlimited ERC-free overpayments. So you could wait to 01 March, make the overpayment, wait for it to reflect on your account and then process the PT based on new LTV - 95k loan / value of property. Obviously, not ideal as you'll depend on the rates then.

2. Book a PT now which will be based on the current LTV (190k / value of property) and make the overpayment after 01 March. The LTV for a PT will always be based for what it is at the time of application (without the future lump sum overpayment taken into consideration).

In practice, currently, most Nationwide PTs rates are the same all the way up to 85% LTV, so it doesn't make much of a difference whether you're at 20% LTV or 84%. So if the change in LTV (before/after overpayment) isn't material, then you could consider option 2 above.

Thanks so much for that, really helpful 👍 

JMA74

FashionHeart said:

Hi All

We're thinking of remortgaging next year when our FR contract ends, however, I am currently [slightly] struggling with my finances and considering getting a DMP.

Can anyone please give me any advice - is this a good idea?

The current mortgage is £115k. I earn £21,399 per annum and am circa 12k in debt.

I cant say if going on to a DMP is a good idea,  thats probably a question for the DFW part of the forums.   However from a mortgage point of view once you are on there you will find it near impossible to remortgage to a new lender. 

If you are with a good lender at the moment and you dont need to change any terms then a Product Transfer might be a good option.  This is usually a non-underwritten process offering you a new rate so being on a DMP shouldnt impact your ability to do that

MrBounce

Hi I was in the process of buying a house but the house fell through. I had the Halifax Mortgage extended until end of March, and have agreed an offer on a different property. The LTV was 25% on the one that fell through, and would be 28% on the new property. 

Would Halifax allow the mortgage offer to be transferred to a different property, subject to valuation?

K_S

MrBounce said:

Hi I was in the process of buying a house but the house fell through. I had the Halifax Mortgage extended until end of March, and have agreed an offer on a different property. The LTV was 25% on the one that fell through, and would be 28% on the new property. 

Would Halifax allow the mortgage offer to be transferred to a different property, subject to valuation?

@mrbouncePlease see this thread

https://forums.moneysavingexpert.com/discussion/6390500/halifax-transfer-mortgage-offer-to-different-property

jenni_fer

Calling on the years of experience, though not strictly mortgage related...
What is the latest date sensible for completion before Christmas? If we were to work to Monday 19th Dec would that be do-able or too close to Christmas?