Mortgage broker - ask me anything

JMA74

Troy_af said:

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.

That sounds like a policy for your broker rather than specifically for the industry.   

In theory if a case has been offered and the same lender reduces the rates then we can either log in directly to amend it or send of a request. All high street lenders that I can think of allow this with no issues.  

You would have to take the risk that the lender rescores your application or applies new affordability assessments.  This doesnt happen with many lenders but does happen with some.  

I've changed the rate on my clients application last thursday and need to do the same tomorrow as rates are changing again.  In an ideal world your broker should be telling you about this but depending on how many clients they deal with at a time they may not have the capacity to do this.  

Troy_af

JMA74 said:

Troy_af said:

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.

That sounds like a policy for your broker rather than specifically for the industry.   

In theory if a case has been offered and the same lender reduces the rates then we can either log in directly to amend it or send of a request. All high street lenders that I can think of allow this with no issues.  

You would have to take the risk that the lender rescores your application or applies new affordability assessments.  This doesnt happen with many lenders but does happen with some.  

I've changed the rate on my clients application last thursday and need to do the same tomorrow as rates are changing again.  In an ideal world your broker should be telling you about this but depending on how many clients they deal with at a time they may not have the capacity to do this.  

Thanks again.

Checking affordability isn't an issue as there has been to change to finances etc.

My only issue is potentially having to re sign any documents, ie mortgage deed, as I may not be able to do this due to working away.

JMA74

Troy_af said:

Thanks again.

Checking affordability isn't an issue as there has been to change to finances etc.

My only issue is potentially having to re sign any documents, ie mortgage deed, as I may not be able to do this due to working away.

The mortgage deed remains the same as long as the account reference remains the same.  I cant think of any lender that will redo the applicaiton and get a new reference just to change product but an obscure one might.
Just make sure you arent about to exchange as solicitors will get funny about changing the mortgage so close to exchange/completion points.   

IAMIAM

I am going to do HSBC. If a product becomes cheaper over the next 6 months, can I go into the mortgage offer online, and change the product myself to generate a new offer? Is this new offer valid for 6 months again or is it 6 months offer when first offer is given regardless of product changes....

Troy_af

JMA74 said:

Troy_af said:

Thanks again.

Checking affordability isn't an issue as there has been to change to finances etc.

My only issue is potentially having to re sign any documents, ie mortgage deed, as I may not be able to do this due to working away.

The mortgage deed remains the same as long as the account reference remains the same.  I cant think of any lender that will redo the applicaiton and get a new reference just to change product but an obscure one might.
Just make sure you arent about to exchange as solicitors will get funny about changing the mortgage so close to exchange/completion points.   

How close to exchange would you say is too late? I haven't been given any dates yet so it could be in excess of 4 weeks.

Heam2005

DIP with Accord mortgages - how likely to get mortgage offer? 

Mare_hunter

Hi, 
I plan move into a bigger house, which is currently on the market for 700K.  My current house is mortgage free, which  I definitely don’t want to sell.  I have 15% deposit and need to plan for the rest.  My brother, who is outside EU, is keen on helping me to buy the bigger house and wants ti help by putting down up to 35% deposit, thus making it 15%LTV mortgage.  He is happy for me to declare it as gift.  I am not sure if this is allowed? What are its tax implications for me? Do I have to pay inheritance tax? Or do you think I should go with remortgaging my existing house?

silvercar

It’s fine, most lenders will be happy with a gift from a brother. Your solicitor will need to be happy with the source of funds, which may be harder if your brother is abroad.

15% deposit + 35% gift from brother= 50%. Plus 50% mortgage LTV? Looks fine but factor in extra 3% SDLT if you are increasing the number of properties you own

jonnym1985

We finally got our Barclays mortgage extension (new build) through last Tuesday which is now valid until 28th July 2023. What a relief. As advised on here multiple times we had little to worry about and it was a very quick and easy process, all covered by our broker. We actually thought they had applied for it too early (not within the last 30 days and we had not exchanged contracts at the time) so we’d just like to thank everyone for their guidance and answering my same question on multiple occasions!!!


Good luck to everyone else in the application process!!

creed92

Our fixed rate with Kensington is coming to an end in the summer. We had hoped to be able to switch to a mainstream lender as my adverse credit is now over 6 years old. Unfortunately, I’ve since learned from our broker that as my wife and I are both now self-employed (recently, not had first years accounts yet) then this is not an option.

Our broker reassured us that we’d get offered a product transfer a few months beforehand and we could remortgage without going through a full application. I was just hoping to hear some thoughts on from anyone else who has similar dealings with Kensington lately. We wouldn’t be changing any terms. I appreciate we’ll be looking at rates of over 6%, I just don’t want them to not offer us a transfer and then we get stranded on their variable rate!