Mortgage broker - ask me anything

K_S

@ndi49 For PTs, Santander (and most lenders) will use an automatic indexed valuation.

To see Santander's current valuation estimate for your property, open up the Santander online banking mobile app, go to your mortgage account and click on 'My Home Manager', that should give you the number you're looking for.

I can see it for my personal Santander BTL mortgage, so hopefully you should be able to see it too.

ndi149 said:

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?

fleetingmind

My fixed rate ends in August and my rate is 2.09% on about £125k and it's about £606 a month. 
When rates were predicted to rise dramatically at the end of the year I got a offer from Lloyds for 5 year fixed at 3.49% plus £999 fee. About £706 a month. 

Plan was to wait until now and see how things were as the offer expires end of February and then decide whether to accept or not proceed. Rates didn't really go up as high as expected and I'm just wondering if it's still worth taking this offer or waiting until August. I'll also have to pay about £750 ERC too now. 

I know it's impossible to predict but it's roughly 4.25% for something similar currently but maybe fixed for 5 years was too long and a variable option might be better in August. My LTV is very good at about 17%.

Few posts I've read people are predicting rates will rise but start to fall later in the year. Was just wondering if it's better to accept the mortgage rate or wait until August? Cheers

ndi149

K_S said:

@ndi49 For PTs, Santander (and most lenders) will use an automatic indexed valuation.

To see Santander's current valuation estimate for your property, open up the Santander online banking mobile app, go to your mortgage account and click on 'My Home Manager', that should give you the number you're looking for.

I can see it for my personal Santander BTL mortgage, so hopefully you should be able to see it too.

ndi149 said:

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?

Yes, that’s worked thank you very much for that!

K_S

@fleetingmind As you correctly say, what will work out best in hindsight is impossible to say one way or the other unfortunately as there are so many variables in play, both in the next few months and across the fixed period.

I might turn out to be wrong but personally I don't think low LTV remo fixed rates are going to fall much lower than 4% in the next 6 months. 2 year discount rates might be around that level but of course they have their set of cons compared to fixed rates. What rates will be 2-3 years out, my guess is as good as yours.

The decision probably boils down to your attitude to risk, how much you value certainty and for how long, more than anything else.

fleetingmind said:

My fixed rate ends in August and my rate is 2.09% on about £125k and it's about £606 a month. 
When rates were predicted to rise dramatically at the end of the year I got a offer from Lloyds for 5 year fixed at 3.49% plus £999 fee. About £706 a month. 

Plan was to wait until now and see how things were as the offer expires end of February and then decide whether to accept or not proceed. Rates didn't really go up as high as expected and I'm just wondering if it's still worth taking this offer or waiting until August. I'll also have to pay about £750 ERC too now. 

I know it's impossible to predict but it's roughly 4.25% for something similar currently but maybe fixed for 5 years was too long and a variable option might be better in August. My LTV is very good at about 17%.

Few posts I've read people are predicting rates will rise but start to fall later in the year. Was just wondering if it's better to accept the mortgage rate or wait until August? Cheers

fleetingmind

@K_S Thank you so much for your reply. I agree I can't see it going lower than 4% this year and who knows in the future.

I think we got spoilt with historically low rates and we might see them stay higher for the foreseeable future. 

Think I'll accept the new rate of 3.49% and hope it doesn't go lower in the next 5 years 😂

hrun

Hi all, 

I am shortly due to enter the window where Santander will offer me a new rate before my current deal expires. Having a little look on their intermerdiaries website I can saw the message that each PT rate is unique. Cant the mortgage advisors on here please share more info on this? 

Are the rates generally better/worse than their advertised remortgage rates? What sort of criteria do they look at when deciding these rates? Any intel would be super appreciated!

Thank you

Parisian

How close to completion is it okay to ask to change to a lower rate for a product (ie. new offer)? - This is my main question!

I am due to complete on an Accord offset mortgage at 5.27% next week, and I can see the equivalent YBS product has dropped from 5.87% all the way down to 4.87% last week (YBS underwrite Accord, so very similar products).
Just wondering what to do if Accord drop rates over the next week (they've had 3 rate drops since November!) - how close to completion can you ask for a new offer to be issued? I can't believe the YBS version has dropped so low - is there any easy way of switching between Accord and YBS? It's so tricky deciding what to do!

Thaisparrow

Hello 😊,

I’m taking the plunge and applying for a mortgage AIP today, after doing the comparison or 2 year fixes on MSE, I am going with Halifax. I had a default that dropped off my credit file just under 2 months ago, and is not showing on any of the credit reports or statutory reports. 

No payments have been made in over 18 months since the debt was settled. 

With it being 2 months ago, is there any worry that Halifax may spot this on the AIP, or when they do the search will it be a live check rather than looking at an old report? 

Sorry if this has been asked before just anxious! 

thecat90

Hello! 

I've asked similar on another thread but thought a broker might have a better idea. Once you've had a DIP from Nationwide, are they normally pretty good at making a full offer? I read somewhere on here that someone like Halifax, once they give you one they are something like 99% to give you the offer. Is it the same with Nationwide?

K_S

@thecat90 The automated outcome of mainstream lender DIPs are based on what you input, your credit history and the assumption the lender will get the evidence required for underwriting (either from sources of information they already have access to or things that you provide).

So assuming things that go into the DIP are accurate and the other assumptions mentioned above, a positive DIP is as much assurance as you can get at this stage. 

thecat90 said:

Hello! 

I've asked similar on another thread but thought a broker might have a better idea. Once you've had a DIP from Nationwide, are they normally pretty good at making a full offer? I read somewhere on here that someone like Halifax, once they give you one they are something like 99% to give you the offer. Is it the same with Nationwide?