Mortgage broker - ask me anything

michelle27xx

haras_n0sirrah said:

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 

Thank you - is there a better place to get one of these? 

kev_lpool

Hi Haras, do HSBC typically do valuations after the application is approved? I know the valuation has taken place (not via HSBC) but haven’t heard anything regarding application since it got passed to the underwriters.

haras_n0sirrah

michelle27xx said:

haras_n0sirrah said:

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 

Thank you - is there a better place to get one of these? 

Speak to a broker. If you don't have a broker then some of us who post here are independent brokers and are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help 

haras_n0sirrah

kev_lpool said:

Hi Haras, do HSBC typically do valuations after the application is approved? I know the valuation has taken place (not via HSBC) but haven’t heard anything regarding application since it got passed to the underwriters.

I have one in with hsbc. Valuation is done but not due to be underwritten until tue/wed (been in since 14th sept)

saliarka

haras_n0sirrah said:

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 

If you do mortgage porting, are they do hard check of employment?

haras_n0sirrah

saliarka said:

haras_n0sirrah said:

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 

If you do mortgage porting, are they do hard check of employment?

Yes - porting is treated the same as a normal application but if you qualify for the new mortgage you can avoid the erc.

datlex

Apologies if already asked.  Does match betting effect re-mortgaging?

haras_n0sirrah

datlex said:

Apologies if already asked.  Does match betting effect re-mortgaging?

Used to do match betting myself
Be prepared for some questions but as long as you aren't going over overdraft limits it isn't too much of an issue

Carl2510

If you’ve received your offer at the interest rate you put the application in. If it was to go lower would they amend or not. Also vice versa if it was to go higher 

harsxx

Hi there, just wanting some advice on if we would be accepted for a mortgage.
We are hoping to apply in January when my partner would of been employed for 6 months by then in same employment previous employment he was there for 9 months before his employer had to do cut backs due to covid. Luckily he found a new job straight away so no employment gaps. Anyway I have a ccj from 2016 for 3408. For a credit card. I settled this in July so by the time we apply it would of been settled for 6 months . However even with this ccj my credit score is on fair with experian and Equifax . So is my partners. My partner earns 20800 per year and I'm a carer for my disabled child. We have 5 children . We get 400 per week in tax credits- and I also get carers allowance. Please no judging. I did have a job last year but I was made redundant. So now only partner working .We pay full rent and council tax . Rent 140 per week council tax 165 per month.. we manage these payments. We have a 15% deposit . Since the ccj there is nothing else on credit report. No missed payments etc just the ccj. We have a few credit cards between us owing 3k but paying this off before we apply in Jan. So when we apply we will be debt free. We was hoping to buy a house for 120k putting 15% down. So borrowing 102k.We are first time buyers. I'm 36 partners 44. My question is will we have to go to a bad credit mortgage lender ? I have heard halifax accept people with ccjs. Is this true? Or is my ccj too high? Also do you think we could lend that much or not? Thanks