Mortgage broker - ask me anything

kingstreet

Thaisparrow said:

Quick question for mortgage brokers, do you give options of say the best 3 deals interest and costs wise for a client and then they pick?  I am looking for a mortgage broker but want them to avoid nationwide as they may use an old version of a credit file for the DIP and want to avoid Barclays as they were the bank the default was with, the default isn’t on the credit file anymore dropped off 2 months ago. I will tell the mortgage broker this anyway but if nationwide is the best deal am I okay to say no I don’t want to risk and and to with say Halifax instead even if the price is worse?

No. We recommend what we believe is the best deal and give reasons. If there is a reason you don't want it, we would go to the next best and so on...

Just tell your broker who you don't want and why.

Thaisparrow

kingstreet said:

Thaisparrow said:

Quick question for mortgage brokers, do you give options of say the best 3 deals interest and costs wise for a client and then they pick?  I am looking for a mortgage broker but want them to avoid nationwide as they may use an old version of a credit file for the DIP and want to avoid Barclays as they were the bank the default was with, the default isn’t on the credit file anymore dropped off 2 months ago. I will tell the mortgage broker this anyway but if nationwide is the best deal am I okay to say no I don’t want to risk and and to with say Halifax instead even if the price is worse?

No. We recommend what we believe is the best deal and give reasons. If there is a reason you don't want it, we would go to the next best and so on...

Just tell your broker who you don't want and why.

Thank you Kingstreet, very helpful! Have a good day 😀

K_S

@Thaisparrow Given the limited info in your post I don't see any reason to avoid a Nationwide soft-check DIP but to answer your question if you insist on giving Nationwide a pass the broker should be fine with going with a slightly more expensive lender.

For the benefit of others who come across this post - for regulated residential mortgages, most brokers have to provide an advised service so even if the client comes to them saying they want a 5 year fixed interest-only offset with a certain lender, the broker has a duty to ascertain that this is indeed suitable for the clients circumstances. If it isn't then most brokers will either recommend an alternate solution or if the client continues to insist on their preference, say that they can't help.

Thaisparrow said:

Quick question for mortgage brokers, do you give options of say the best 3 deals interest and costs wise for a client and then they pick?  I am looking for a mortgage broker but want them to avoid nationwide as they may use an old version of a credit file for the DIP and want to avoid Barclays as they were the bank the default was with, the default isn’t on the credit file anymore dropped off 2 months ago. I will tell the mortgage broker this anyway but if nationwide is the best deal am I okay to say no I don’t want to risk and and to with say Halifax instead even if the price is worse?

Hannie83

Hello, is there a list of mortgage lenders who would lend on a property that has been bought less than 6 months ago? I can’t get a straight answer on whether the property needs to have been officially registered for 6 months or when land & property received the application (has ref number etc). 

K_S

@hannie83 There are quite a few mainstream lenders (Nationwide, Virgin for example) that don't apply a blanket 6-month rule subject to criteria. These two threads might help flesh out the details.
https://forums.moneysavingexpert.com/discussion/6387174/6-month-rule
https://forums.moneysavingexpert.com/discussion/comment/79498877

Hannie83 said:

Hello, is there a list of mortgage lenders who would lend on a property that has been bought less than 6 months ago? I can’t get a straight answer on whether the property needs to have been officially registered for 6 months or when land & property received the application (has ref number etc). 

Hannie83

K_S said:

@hannie83 There are quite a few mainstream lenders (Nationwide, Virgin for example) that don't apply a blanket 6-month rule subject to criteria. These two threads might help flesh out the details.
https://forums.moneysavingexpert.com/discussion/6387174/6-month-rule
https://forums.moneysavingexpert.com/discussion/comment/79498877

Hannie83 said:

Hello, is there a list of mortgage lenders who would lend on a property that has been bought less than 6 months ago? I can’t get a straight answer on whether the property needs to have been officially registered for 6 months or when land & property received the application (has ref number etc). 

Thanks so much 😊

Thaisparrow

Hello, can I check if anyone knows, I’ve been with my employer full time permanent, but I am currently 6 months into a 12 month secondment; so my wage is £5000 higher until the end of the secondment; at which point they will be keeping me on, but there is no guarantee, for my mortgage application should I put my standard salary, without the £5000 secondment payment, it shouldn’t impact affordability too much but wouldn’t want them to notice this later and it cause an issue. 

K_S

Thaisparrow said:

Hello, can I check if anyone knows, I’ve been with my employer full time permanent, but I am currently 6 months into a 12 month secondment; so my wage is £5000 higher until the end of the secondment; at which point they will be keeping me on, but there is no guarantee, for my mortgage application should I put my standard salary, without the £5000 secondment payment, it shouldn’t impact affordability too much but wouldn’t want them to notice this later and it cause an issue. 

@thaisparrow Based on the limited info in your post, the lender will consider the original (pre-secondment) salary. Once you have some form of confirmation from the employer that your secondment will be made permanent, then some lenders will consider the future income subject to the details.

needadvicehere

I’m applying to Santander directly via telephone call. If they have decided to progress my application to underwriting, does it mean they are confident that my application is likely (not guaranteed of course) to succeed?

ndi149

we have a 5 year fixed expiring with Santander in August, if we are just going to do a product transfer, how do Santander work out what our new LTV is?