Mortgage broker - ask me anything

kingstreet

jonnym1985 said:

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 

Your broker will need to complete and submit this and a six month extension at current rate will be granted. If product available at time is better, you will be able to change;-

https://intermediaries.uk.barclays/content/dam/intermediaries-uk-barclays/pdf/useful-documents/residential/BAR-9916234-Hi-Crop.PDF

summerb64

Hello, random question. Is it okay to ask a mortgage broker to avoid a certain bank because you have defaulted in the past with that bank. And then get them to avoid applying to lenders who may as ‘have you ever defaulted’ rather than ‘within the last 6 years’. 

The default in question was over six years ago and is no longer showing on any of the credit reference agencies. 

Any help would be appreciated. 😄

silvercar

summerb64 said:

Hello, random question. Is it okay to ask a mortgage broker to avoid a certain bank because you have defaulted in the past with that bank. And then get them to avoid applying to lenders who may as ‘have you ever defaulted’ rather than ‘within the last 6 years’. 

The default in question was over six years ago and is no longer showing on any of the credit reference agencies. 

Any help would be appreciated. 😄

Yes of course you can. It may be best to give full information to the broker so he knows all the information to get the best deal for you.

People avoid a particular lender for all sorts of reasons, it isn’t that unusual. The most obvious one is where you may have a lot of savings/ a business loan/ a mortgage on a another property with one bank and don’t want to borrow from the same one, just in case you get into difficult with one and the bank could use the charge for other debts. 

eriny2605

Applied for mortgage 3 weeks ago with NatWest. 58%ltv. 

Excellent credit score currently with the underwriter. 

Separation from ex prompting the house move. The underwriter has asked what account utilities came out of and who’s name was on the utilities. All in joint names but bills came out of his account. Is this going to cause concerns?
im employed nhs no defaults or skeletons in closet.
very worried it won’t get approved. Done through broker who is confident I’ve nothing to worry about. 

summerb64

Hello 😃

Quick question, if I tell my mortgage broker that I had a default with a bank over 7 years ago, so I don’t want to apply with said bank for the mortgage. Even if the default was settled, Would the broker ask for proof of the Debt being settled even though it’s no longer on my credit report, or would it even matter?

I ask as I have an appointment this week and I don’t have any of the letters anymore so would need to contact the bank and arrange for this and want to avoid that if possible. 

Many thanks 

Nikki25

Hi,

I wanted to ask how long banks want you to have been in your current job for and whether you have to have completed the probation period to be accepted for a mortgage?
My partner is waiting to start a new job, I'm guessing he will start around February depending on pre employment checks etc.  

Thank you 🙂

SeanG79

summerb64 said:

Hello 😃

Quick question, if I tell my mortgage broker that I had a default with a bank over 7 years ago, so I don’t want to apply with said bank for the mortgage. Even if the default was settled, Would the broker ask for proof of the Debt being settled even though it’s no longer on my credit report, or would it even matter?

I ask as I have an appointment this week and I don’t have any of the letters anymore so would need to contact the bank and arrange for this and want to avoid that if possible. 

Many thanks 

Are you making any payments towards this - those payments would show in your bank statements and so may create a question.

Best to be honest with the broker and then they can assist accordingly.

Sukh86

Hello,

Looking for some advice. We are near completion in few weeks. Everything is ready on our side but we just checked my husbands credit score and it has gone down! There has been a late or missed payment on account. What has happened is he has paid the wrong amount to our credit card bill. Honest mistake as he has mixed up payments! He has spoken to Amex and explained the situation and they have said if we can prove he was paying for something else the be able to take it off. Obviously this can take weeks to sort. As a genuine mistake we are now so worried. Will lenders do another credit check on completion? As they did hard check initially on application? We are so close to competing I just don’t want lenders to back out on an honest mistake! Will they do another check? Thanks

summerb64

SeanG79 said:

summerb64 said:

Hello 😃

Quick question, if I tell my mortgage broker that I had a default with a bank over 7 years ago, so I don’t want to apply with said bank for the mortgage. Even if the default was settled, Would the broker ask for proof of the Debt being settled even though it’s no longer on my credit report, or would it even matter?

I ask as I have an appointment this week and I don’t have any of the letters anymore so would need to contact the bank and arrange for this and want to avoid that if possible. 

Many thanks 

Are you making any payments towards this - those payments would show in your bank statements and so may create a question.

Best to be honest with the broker and then they can assist accordingly.

Hello 😀 thanks for your reply! No more payments being made for to this it was settled just over a year ago. 

silvercar

summerb64 said:

Hello 😃

Quick question, if I tell my mortgage broker that I had a default with a bank over 7 years ago, so I don’t want to apply with said bank for the mortgage. Even if the default was settled, Would the broker ask for proof of the Debt being settled even though it’s no longer on my credit report, or would it even matter?

I ask as I have an appointment this week and I don’t have any of the letters anymore so would need to contact the bank and arrange for this and want to avoid that if possible. 

Many thanks 

You don’t really need to give a reason, you can say that you find their customer service team rude, their adverts annoying, their logo in a colour you find unlucky - anything you like.