Mortgage broker - ask me anything

K_S

4littleone said:

Hi,
I'm a company director applying for my first mortgage, the lender is Kent Reliance. My broker put in a full application on 22nd September over a week after he told me it had been done (so I ended up with a much higher rate), he told me that all my documents had been viewed by his pre-underwriting team and it was a straight forward application with an offer expected in 4-6 weeks. He has now been sacked. I only found out because I chased for an update and got an automatic email from his outbox.
Each tine I chase the new case worker for an update I get a request for documents that have already been sent and a new expected offer date. The latest request is for my last 3 years full accounts (which I have already submitted) and a new expected offer date of about another 10 days. Other requests have been things like i.d etc which again, the broker already had from me
The vendor is getting very fed up with the delays, he accepted my offer at the beginning of August and is questioning whether or not I am likely to get a mortgage offer. 
Kent Reliance have done a mortgage valuation but haven't done a credit check on me.

Is all of this fairly normal and to be expected or am I looking at a likely rejection? Having never done this before I am starting to have a bit of a panic.

@4littleone I know nothing about the case, the specific reason for going with KR or how your broker packaged the case so can't  really comment usefully. Perhaps if you post in the main forum others might have some.

Sounds like one of the volume brokers? All you can do is provide what is asked. Hope it's sorted out soon, good luck!

Big_Rock

Hi 

I am going with NatWest ie waiting for offer any-day now.  

However I been talking to vendor and looks like I can agree a new price 25K less that originally agreed. I see NatWest has pulled their all tracker deals and fixed are pretty steep. 

I don’t want fixed for now so my question is when I go to them and request purchase price changed as that is legally required anyways … what is usual doesn’t that means I won’t get tracker product anymore or it will be just values change 

Thanks 

K_S

Big_Rock said:

Hi 

I am going with NatWest ie waiting for offer any-day now.  

However I been talking to vendor and looks like I can agree a new price 25K less that originally agreed. I see NatWest has pulled their all tracker deals and fixed are pretty steep. 

I don’t want fixed for now so my question is when I go to them and request purchase price changed as that is legally required anyways … what is usual doesn’t that means I won’t get tracker product anymore or it will be just values change 

Thanks 

@big_rock Can't comment on your specific case (as there might be other relevant details in the background) but generally speaking and limited to the aspect about qualifying for the same product - a change in PP with no material change in loan size or LTV band should mean that the applicant is able to retain the same product.

qwerty43

Could I please ask regarding Nationwide mortgage?
we are porting the existing mortgage and borrowing additional funds as moving home.
We received a mortgage offer recently but the rates dropped last week. 

I will be phoning Nationwide tomorrow but wanted to check if we will be able to switch to the lower rate? Will this be a straightforward process or not, as we are porting?
 

wasif_786

FTB 85%

10/11 DIP (soft search Equifax) 

11/11 App submitted ( only asked payslip) Hard search Experian

11/11 Text: Application received

14/11 more documents requested (Bank statements)

Do Nationwide normally instruct valuation upon application? 

No valuation texts yet but more documents requested , does this mean initial underwriting has started? 

Ermancinolo

ajbrowc said:

Are there any mortgage lenders currently providing mortgages on flats under 18m without an EWS1?

Have you found one?

FTBLondonHelp2022

Hello, I applied for a Natwest mortgage of £382,500.
This is 90 LTV as I have a 10% deposit of £42500 (the flat I bought costs £425,000).
I applied for a mortgage length of 30 years.
I earn 80k annually with a 10k bonus written into my contract.
I have been at my current company for 2 years and have received 2 annual bonus payments.
My first annual bonus payment was pro-rated for the 2 months I had been there and I received £1908.
My second annual bonus payment was £14,158.

Natwest have taken the average of my two bonus payments, which amounts to £8k, and are using this as reason for my unaffordability, since it's not the £10k figure I provided on my mortgage application and is not guaranteed.

I am due to speak to the underwriter tomorrow to gather more details. As I called Natwest and was given the above info by one of their customer service reps. Is there anything I can do or say or provide that will help me get this mortgage??? I'm at a loss!

If Natwest do not budge does anyone know if asking to change my mortgage length from 30 years to 35 years would work? Or asking to add more to my deposit?

I'm keen to keep my rate of 3.9% and do not want to apply for a new mortgage with approx 6% rates!

celly5460

Good Morning! I was wondering if there are any brokers who have experience with joint applications where one applicant is on a spouse visa. I would appreciate guidance as to which lenders are happy to consider such applicants with a 5-10% . I am aware that Nationwide have recently changed their requirements to allow applicants without indefinite leave so I will go into a branch to find out more. If there are any others, I'd be grateful if you could share and would be happy to receive a message from brokers on this. 

K_S

celly5460 said:

Good Morning! I was wondering if there are any brokers who have experience with joint applications where one applicant is on a spouse visa. I would appreciate guidance as to which lenders are happy to consider such applicants with a 5-10% . I am aware that Nationwide have recently changed their requirements to allow applicants without indefinite leave so I will go into a branch to find out more. If there are any others, I'd be grateful if you could share and would be happy to receive a message from brokers on this. 

@celly5460 Assuming that one half has a UK/Irish passport or ILR/settled status, and the other is on a spouse visa, the options available at 90/95% LTV will vary depending on the income level, length of UK residence, how thin their credit report is, whether their income needs to be factored in, the expiry date on the BRP, whether you need to maximise borrowing, kind of property, whether you own any other properties anywhere in the world, etc.

Unless there's a reason you want to do the legwork yourself, this is definitely one for a broker. If it's a fee that's putting you off there are plenty of fee-free brokers listed in the MSE guide here https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

Alzum

Good morning all, my 5 year fix is ending in February. Thinking of moving next year, so I'm wondering what's best, get a discounted rate with no ERC then fix when we move, or fix in February and figure the rest out when we need a bigger mortgage?
I'm not sure what the deal is when you have a fixed and then want to increase the mortgage. Do you just pay off the existing one with the ERC and get a new mortgage?
Thanks in advance.