Mortgage broker - ask me anything

SeanG79

summerb64 said:

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. 

In that case, give the details to the broker, it is ultimately in their interests to get you an approval, so they will know who best to approach based on the facts and what requirements each lender has regarding disclosure of historic adverse

jonnypb

Looking at the Yorkshire BS tracker offer that they currently have which is currently 3.49% variable (BoE Base rate + 0.49%) with no product fee, which on the face of it looks a good deal. 

It says it has a free valuation, but unlike some of their other mortgages it doesn't include the Remortgage Legal Service where it says that they'll cover the legal costs.  I'm assuming that once you add legal costs on, then the deal of BoE + 0.49% isn't as appealing?  Does anyone know the rough legal costs of remortgaging from a different provider to YBS?

kelly_mw

Shared Ownership

In September I applied for, and was offered, a shared ownership new build. Everything has been going great but now the mortgage market is all over the place I am struggling to find a lender that will lend anywhere near the original amount I was offered. I only need £70k and my salary is £20850 along with other incomings but the most my mortgage broker can seem to secure is £52k!!! Unfortunately I don’t have an extra £18k laying around. Does anyone know of any companies I could try? Or if there’s any possibility of this stabilising soon? I have just been asked for my reservation fee and really don’t want to lose the house.

IAMIAM

Any sign of Barclays withdrawing their 5 year trackers? I want to apply on 1st January but with rates continuing to drop recently on fixed rates etc, I am thinking this product may be withdrawn....can I apply earlier?

FTByuer22

Hello - If you have already had a mortgage offer accepted for a client, but a new product comes out with a better rate, would you charge another fee to do another application? How many times would you do this usually? With the rates declining week by week at the moment I am concerned we applied too soon...

kingstreet

FTByuer22 said:

Hello - If you have already had a mortgage offer accepted for a client, but a new product comes out with a better rate, would you charge another fee to do another application? How many times would you do this usually? With the rates declining week by week at the moment I am concerned we applied too soon...

New application with new lender, or change of product with lender who issued current offer?

PMcG86

Hi,

What's the lowest rates for remortgaging at 75% LTV everyone is seeing at the minute?

Everything seems to be slowly trending in the right direction. Would be ecstatic to get down to 4% by June next year. Fingers crossed!

Troy_af

Hi.

I have a mortgage offer issued 4 weeks ago at 5.4%. The same lender is now offering roughly 5.1% on the same 5 year deal.

I always had accepted that this may happen and if was just tough luck if I was stuck on the higher rate. However, after seeing another post in another thread I have heard of your rate being dropped in line with the new lower rate. I have not heard anything from the lender or my broker on this. What are my options here?

If they drop further I feel as if I will have no choice but to pull out and reapply for a new deal, as the savings could be significant on rates at 5% or lower. Will this be a problem with the hard searches? 

Thanks for any advice. 

PMcG86

Troy_af said:

Hi.

I have a mortgage offer issued 4 weeks ago at 5.4%. The same lender is now offering roughly 5.1% on the same 5 year deal.

I always had accepted that this may happen and if was just tough luck if I was stuck on the higher rate. However, after seeing another post in another thread I have heard of your rate being dropped in line with the new lower rate. I have not heard anything from the lender or my broker on this. What are my options here?

If they drop further I feel as if I will have no choice but to pull out and reapply for a new deal, as the savings could be significant on rates at 5% or lower. Will this be a problem with the hard searches? 

Thanks for any advice. 

My broker told me that they could make one amendment request after mortgage offer. Contact them and ask them. There is products under 5% at the minute out there.

Troy_af

PMcG86 said:

Troy_af said:

Hi.

I have a mortgage offer issued 4 weeks ago at 5.4%. The same lender is now offering roughly 5.1% on the same 5 year deal.

I always had accepted that this may happen and if was just tough luck if I was stuck on the higher rate. However, after seeing another post in another thread I have heard of your rate being dropped in line with the new lower rate. I have not heard anything from the lender or my broker on this. What are my options here?

If they drop further I feel as if I will have no choice but to pull out and reapply for a new deal, as the savings could be significant on rates at 5% or lower. Will this be a problem with the hard searches? 

Thanks for any advice. 

My broker told me that they could make one amendment request after mortgage offer. Contact them and ask them. There is products under 5% at the minute out there.

Hi.

Thanks I will try it. Although I would kind of be expecting to hear from the lender/broker themselves about this.. I mean unless they just keep it to themselves to keep me on a more expensive product.

Do you happen to know if this would mean having to do another application and sign another mortage deed?

Thanks again.