Mortgage broker - ask me anything

Filo25

Thanks Haras, yes I was starting to think that might be the direction I needed to go, thanks for confirming.

Fortunately not looking for any additional borrowing, on the term I would have possibly have been looking to reduce but not an issue to leave it be.

Just annoying that the rates from my lender aren't massively competitive but still a lot better than their horrible SVR!  In that instance probably just better to transfer on a 2 year fix and hopefully get a better rate when the market is bit more normal then rather than go for the 5 year fix I had previously considered.

 How long in advance can you normally start looking at product transfers, not sure if its still too early given existing deal doesn't expire until 31st March '21.

haras_n0sirrah

Filo25 said:

Thanks Haras, yes I was starting to think that might be the direction I needed to go, thanks for confirming.

Fortunately not looking for any additional borrowing, on the term I would have possibly have been looking to reduce but not an issue to leave it be.

Just annoying that the rates from my lender aren't massively competitive but still a lot better than their horrible SVR!  In that instance probably just better to transfer on a 2 year fix and hopefully get a better rate when the market is bit more normal then rather than go for the 5 year fix I had previously considered.

 How long in advance can you normally start looking at product transfers, not sure if its still too early given existing deal doesn't expire until 31st March '21.

Who is your lender? I am currently doing product transfers for people up to feb with some lenders (lenders range from 3-5 months in advance 

Filo25

Nottingham Building Society

saliarka

Hi, we sold our house (waiting for exchange day), our offer was accepted for new, the plan was porting mortgage with nationwide, but find out that my wifes casual contract will not be accept with nationwide  at all, if you porting your mortgage is nationwide doing full checks on employer? Or is it time to try another lender, or its over at all? 
She works for 15 years for same company, its says casual permanent on contract.
My pay is about 45 000  hers 15 000, we looking to borrow 250 000 with 390 00 cost of house.
Thanks for any advice

haras_n0sirrah

saliarka said:

Hi, we sold our house (waiting for exchange day), our offer was accepted for new, the plan was porting mortgage with nationwide, but find out that my wifes casual contract will not be accept with nationwide  at all, if you porting your mortgage is nationwide doing full checks on employer? Or is it time to try another lender, or its over at all? 
She works for 15 years for same company, its says casual permanent on contract.
My pay is about 45 000  hers 15 000, we looking to borrow 250 000 with 390 00 cost of house.
Thanks for any advice

Some lenders do accept 0 hour contracts as long as there is a minimum of 12 months 

Natztastic2

Natztastic2 said:

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

@haras_n0sirrah Whats your professional opinion?

michelle27xx

haras_n0sirrah said:

michelle27xx said:

My house is currently up for sale (has been for 12 months) and my fixed rate mortgage has now ended. I will automatically switch to a variable rate am I best to stay on this or tie myself into a fixed 2 year deal at a lower interest rate and if I sell within that time transfer my mortgage to a new property? Thank you

Which lender are you with?

I am with nationwide - thank you 

haras_n0sirrah

Natztastic2 said:

Natztastic2 said:

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

@haras_n0sirrah Whats your professional opinion?

Seems like a big delay between the application being submitted and the first questions. Was your application really submitted on 19/08? I had first questions for a case yesterday but that was submitted 17/09

Natztastic2

haras_n0sirrah said:

Natztastic2 said:

Natztastic2 said:

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

@haras_n0sirrah Whats your professional opinion?

Seems like a big delay between the application being submitted and the first questions. Was your application really submitted on 19/08? I had first questions for a case yesterday but that was submitted 17/09

Yeah it really was submitted 19th August. It took them over a month to do the valuation.

haras_n0sirrah

michelle27xx said:

haras_n0sirrah said:

michelle27xx said:

My house is currently up for sale (has been for 12 months) and my fixed rate mortgage has now ended. I will automatically switch to a variable rate am I best to stay on this or tie myself into a fixed 2 year deal at a lower interest rate and if I sell within that time transfer my mortgage to a new property? Thank you

Which lender are you with?

I am with nationwide - thank you 

Then there is a much better option for you. The risk of tying in is that if circumstances change you may not be able to move the mortgage and end up with a penalty. A no tie in tracker avoids that. Product transfers have no underwriting. You can do this yourself or many brokers (myself included) dobt charge for product transfers