Mortgage broker - ask me anything

jenni_fer

We've had an offer for a few weeks now and are looking to exchange in about 3 weeks, but not complete until mid Jan.

I noticed today that the rate for the product we applied has dropped by 0.25% (barclays) is there any point in asking our broker about trying to move to this lower rate or would it cause more hassle than it's worth?

Are there any special  considerations we need to be aware of based on the extended period between exchange and completion? I'm guessing this is fairly standard for new builds even though it's unusual in an older purchase?

Thanks!

ciarmc123

Hi im just wondering if anyone could advise or has been through something similar. 

We are at the final stages of buying a house due to complete on Friday. 

However our solicitor has informed us that due to the property being leasehold and the landlord being unknown ground rent hasn’t been collected, the solicitor has set up indemnity insurance to cover this , this has been sent to NatWest for approval however we have not heard back of them and contracts can not be exchanged until then. The worry is that now NatWest will reject this and the mortgage withdrawn. ?? Can anyone help 

Haychgee95

wasif_786 said:

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? 

Hey do you have an update ?

MP23

Hi I am seeking some advice – 

 

Background

 

-       Buyer put in an offer early September with AIP – lender Together 

-       Valuation set on 21st September. 

-       Lots of toing and froing later advised approved by underwriters last Tuesday and awaiting approval by lender’s solicitors. 

-       Had good news from the Estate agents on Thursday offer issued.

-       Plan was to propose completion and exchange. Instead of contacting our solicitor, the buyer’s solicitor contacted lender about time frame for release of funds (we are told this is to help him set a date).

-       We are now being told enquiry is with lender’s solicitors (again). 

 

Estate agents states this is expected – lender would check property being purchased. If they have enquiries they raise otherwise proceed to release of funds. 

 

Questions:

 

1.     Shouldn’t the lender have checked details of property being purchased before offer was issued?

2.     How long does this usually take?

3.     This feels back to front – how normal is this?

 

 

Thank you

MP23

Lastly, I would like to add to the above I do not think an offer was issued. It is likely the application was with the lenders solicitors last week and I think is still with them. There is sadly a lot of confusion.

wasif_786

Haychgee95 said:

wasif_786 said:

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? 

Hey do you have an update ?

Valuation instructed , apparently case went to audit.

user1168934

Can someone please tell me why there are hardly any tracker deals in the market at the moment?

May be it's just my perception but I was looking to find out what tracker rates are available at the moment. I was hoping there would be plenty especially because they track the BOE rate and are not quite affected by the change in the BOE rate but other than Barclays I can hardly see any.

When is the mortgage market likely to stabilise? (at whatever rate)

Parisian

I currently own a flat with a residential mortgage, and I am planning to remortgage this flat (2 year offset fixed or tracker, both with early repayment charges) when my current deal comes to an end at the end of January. 

I am due to inherit a house in the next few months, and this will be mortgage free. The plan with that is to undertake some renovations that might take around a year (maybe more or less, unclear at this point) to complete.

Would I be technically (obviously lender dependent at the time) be able to port the mortgage from my flat, to my house with a much higher value at a later date? I would then be living in the house, and hoping to rent out the flat (not sell the flat, which is the part I'm not sure is compatible with porting). I was trying to see if this is a scenario a lender might be open to instead of remortgaging the flat to a buy to let product. 

I am probably not thinking of something important here, so any wisdom gratefully received!

Andrewsmith2261

Hi, we started looking at a Remortgage to finance a mini family crisis ( Son ) and had an agreement in principal, that was September 1st, we are still waiting for this to progress further, has the market started to move yet at all. 

jonnym1985

So, we finally have an estimated completion date on our new build, w/c 20th February 2023 providing there are no unforeseen circumstances or bad weather.

The developer has asked our solicitor for the 5% non-refundable deposit, which he is not completely happy with due to the fact our Barclays mortgage offer expires on 29th January, thus needing the extension that they offer. We believe the extension cannot be requested unless contracts have been signed and exchanged.

Both @K_S and our broker have advised the extension process is straightforward and not to worry…however easier said than done as until something is in my hand there’s always a small uncertainty.

Our solicitor is going to counter that we pay half of that deposit in return for the contract as there’s less risk and we have asked our broker whether there is any possibility that Barclays could reject our offer. They have contacted Barclays for steer and are awaiting a response. 

My questions are - 

1. would there be any realistic chance of rejecting the extension based on everything being as it was at the time it was first offered?
2. is our solicitors request reasonable and likely to be accepted?

I sound like a broken record, I apologise, however £4800 is a lot of money to risk and it makes us nervous.

Thanks in advance