Mortgage broker - ask me anything

FTB_crossed

Can someone tell me if a lender can offer you below to what you had asked for without consulting beforehand. 

We applied directly to HSBC and just over 2 weeks after we had an offer approved but for less than we agreed at DIP & Full Application stage.
It is really weird that even our mortgage advisor at HSBC couldn’t give a clear and concise reason and said it could be down to affordability issue as Boris Johnson has announced 95% mortgages for FTB. Absolutely nonsense argument and problem is that you can’t speak to underwriter or anyone else in the team.
I’m stuck now with 16k below offer with 85% LTV and with extra difference LTV will reach 81.4%.
No explanation and no consultation before sending this offer and it’s useless as it’s next to impossible to bring £16k into mic within 2-3 weeks.

haras_n0sirrah

FTB_crossed said:

Can someone tell me if a lender can offer you below to what you had asked for without consulting beforehand. 

We applied directly to HSBC and just over 2 weeks after we had an offer approved but for less than we agreed at DIP & Full Application stage.
It is really weird that even our mortgage advisor at HSBC couldn’t give a clear and concise reason and said it could be down to affordability issue as Boris Johnson has announced 95% mortgages for FTB. Absolutely nonsense argument and problem is that you can’t speak to underwriter or anyone else in the team.
I’m stuck now with 16k below offer with 85% LTV and with extra difference LTV will reach 81.4%.
No explanation and no consultation before sending this offer and it’s useless as it’s next to impossible to bring £16k into mic within 2-3 weeks.

They shouldn't do no. Have they given an explanation? Other lenders are more generous at 85% than hsbc if you need more but obviously timescales are important 

Carl2510

Random question, but what was the interest rates pre Covid for someone putting only 10% down as post Covid it’s around the 3/3.5% mark. Just curious.

haras_n0sirrah

Carl2510 said:

Random question, but what was the interest rates pre Covid for someone putting only 10% down as post Covid it’s around the 3/3.5% mark. Just curious.

It was around 2.5. Currently 15% are higher than 10% pre covid. 

Natztastic2

Just some advice if you don't mind please.

Our application with Leeds building society has been ongoing for 7.5 weeks. We have received the initial assessment letter and when we called them they said the next update should be by the 20th of October. Is this about the standard timeline at the moment with them or do you think we may have an issue?

We don't know whether to carry in and try and be patient or pull the plug and apply for a HTB mortgage where I know the turnaround times are much quicker.

Thanks in advance

haras_n0sirrah

Natztastic2 said:

Just some advice if you don't mind please.

Our application with Leeds building society has been ongoing for 7.5 weeks. We have received the initial assessment letter and when we called them they said the next update should be by the 20th of October. Is this about the standard timeline at the moment with them or do you think we may have an issue?

We don't know whether to carry in and try and be patient or pull the plug and apply for a HTB mortgage where I know the turnaround times are much quicker.

Thanks in advance

Leeds are about 13 working days. How come it has taken 7.5 weeks so far? Lots of questions?

birdofafeather

How long do I need to have been in a job before I even think about phoning a mortgage company after a long period of unemployment? 

Natztastic2

haras_n0sirrah said:

Natztastic2 said:

Just some advice if you don't mind please.

Our application with Leeds building society has been ongoing for 7.5 weeks. We have received the initial assessment letter and when we called them they said the next update should be by the 20th of October. Is this about the standard timeline at the moment with them or do you think we may have an issue?

We don't know whether to carry in and try and be patient or pull the plug and apply for a HTB mortgage where I know the turnaround times are much quicker.

Thanks in advance

Leeds are about 13 working days. How come it has taken 7.5 weeks so far? Lots of questions?

We've only been asked 1 set of questions so far.

3/8 DIP agreed
5/8 Applied for plot
13/8 Accepted for plot
19/8 Full application with Leeds
23/9 Valuation completed and OK
25/9 First questions and soft credit search
29/9 Confirmed answers to LBS direct as my MA couldn't get through 😏 were told it would join 12 day underwriting queue again
01/10 Received letter about initial search through the post dated 25/9

Since then we have chased twice, once we were told we should hear more by the 15th and then when we called yesterday to make sure no other questions had come up they said the 20th

FTB_crossed

haras_n0sirrah said:

FTB_crossed said:

Can someone tell me if a lender can offer you below to what you had asked for without consulting beforehand. 

We applied directly to HSBC and just over 2 weeks after we had an offer approved but for less than we agreed at DIP & Full Application stage.
It is really weird that even our mortgage advisor at HSBC couldn’t give a clear and concise reason and said it could be down to affordability issue as Boris Johnson has announced 95% mortgages for FTB. Absolutely nonsense argument and problem is that you can’t speak to underwriter or anyone else in the team.
I’m stuck now with 16k below offer with 85% LTV and with extra difference LTV will reach 81.4%.
No explanation and no consultation before sending this offer and it’s useless as it’s next to impossible to bring £16k into mic within 2-3 weeks.

They shouldn't do no. Have they given an explanation? Other lenders are more generous at 85% than hsbc if you need more but obviously timescales are important 

MA has no explanation apart from saying that they declined it and he pushed them to give a counter offer. I have never heard of counter offer before. It’s either approved or declined. At least he should have consulted with us and asked if we were going to be ok with counter or reduced offer which I seems to think he’s making it all up. He should have at least informed us of anything that could have cast a doubt in underwriters decision and may be we would have been able to answer that. 

Finally can this be amended again by underwriters? What course of action are we entitled at this stage? Any help would be highly appreciated. Only point of contact for us is this MA at HSBC who’s unresponsive and I think very incompetent. 

happyapples

HI, My partner and I are splitting up and im trying to get an idea about the mortgage situation.
We have a mortgage on our home which I would probably stay in with children  (30 LTV and should have affordability. we have a deed of trust so think this should be straightforward.) 
We also have a Buy To Let which is currently empty. Easy solution is for ex to move in to his and change it to a standard residential mortgage in his name only and take his name off the family home. 
Any advise on what we need to consider. Thanks very much.