Mortgage broker - ask me anything

K_S

@joseyjo I haven't heard of a NatWest offer being extended beyond 6+1 but I've no clue whether it's possible or not.

joseyjo72 said:

I've already posted on the buying and selling board about our mortgage expiry - it is now due to expire today. The conveyancer emailed a request to the bank yesterday as the mortgage adviser had suggested Nat West were willing to consider an extra 7 day extension if they were give an expected completion date. (We have already had the 28 day extension).  There is nothing from the bank yet - the mortgage adviser is away but his assistant suggested that if the request was received before the mortgage expiry it might still be considered even if it is not granted today. Does that sound possible? I've been banging my head against a wall all week trying to get this extension. We're putting in a new application too just in case but it is the same product which we are porting and we are well within affordability so it would really be a ridiculous situation if our mortgage expired then we had to wait for a week or so without a mortgage until exactly the same product was approved. In that time someone else in the chain is due to have their mortgage expire. I'd be grateful for any advice.

First_Time_Buyer000

Hi, I'm a first time buyer in the midst of purchasing a house. I have received the mortgage offer from the bank and now in the process of completing the conveyancing process. Expect to exchange and complete in the next 2 or 3 months.
If I apply for a zero % interest credit card now prior to exchange or completion, can that have any effect on my mortgage decision? I don't need to use the credit card at the moment but want to avail of it just prior or on completion to buy the various appliances for the home. 

K_S

First_Time_Buyer000 said:

Hi, I'm a first time buyer in the midst of purchasing a house. I have received the mortgage offer from the bank and now in the process of completing the conveyancing process. Expect to exchange and complete in the next 2 or 3 months.
If I apply for a zero % interest credit card now prior to exchange or completion, can that have any effect on my mortgage decision? I don't need to use the credit card at the moment but want to avail of it just prior or on completion to buy the various appliances for the home. 

@first_timer_buyer000 Generally speaking, it's best not to add any new debt or financial commitments between mortgage offer and completion.

First_Time_Buyer000

@K_S thank you for the quick response. Appreciate the insight provided.

First_Time_Buyer000

Hi all, FTB here so these are basic questions.
When do we need to transfer the deposit to the solicitors? Is it on the contracts exchange date? And do we as buyers get to choose the exchange date?
When do we need to transfer the stamp duty to the solicitors? On exchange or is it a day prior to completion?

Thanks in advance. 

joseyjo72

Hi - can anyone explain why some mortgage offers are only valid for three months, given than it's unusual for a purchase to be completed in that time? Is it quite rare? Is it related to affordability etc? Someone at the bottom of the chain I'm in has their offer expiring in June but I'm fairly sure it was only offered in March (chain completed in Feb) ... I'm concerned they won't get an extension if I only y given three months initially. Any thoughts?

K_S

joseyjo72 said:

Hi - can anyone explain why some mortgage offers are only valid for three months, given than it's unusual for a purchase to be completed in that time? Is it quite rare? Is it related to affordability etc? Someone at the bottom of the chain I'm in has their offer expiring in June but I'm fairly sure it was only offered in March (chain completed in Feb) ... I'm concerned they won't get an extension if I only y given three months initially. Any thoughts?

@joseyjo72

Could be a number of reasons why an offer issued in March expires in June, but essentially the validity of an offer is down to an individual lender's policy.

- some lenders will have a fixed "complete by" date for a particular product, they update this date every few months so depending on the when you applied for it, the validity could range from 4-7 months

- some lenders will offer a 6 month validity from date of application so the longer the app takes to process (valuation delays, multiple queries, swamped lender, etc.) the shorter the effective validity of the offer

- some lenders will simply offer a shorter validity period (3-4 months usually) from application or offer.

joseyjo72

Ok thanks K_S, so not necessarily an indication of whether or not it will be extended...

Listerofsmeg

Hello, I ported my mortgage about 18 months ago when I moved. It was a 5 year fix with a year left and had large exit fees. On the extra we borrowed we took a 2 year fix which is due to end around October this year. The original part we fixed for 5 years again last October.
My thinking is to do 2, two year fixes and then the whole lot will end at the same time in 4 years and then we can look at other companies for competitive rates.
In the meantime can we put the the part that is due to expire on a base rate tracker along side the part that is fixed for another 4 years. I'm assuming I can't and it's fixed rate or standard variable rate which will be very high. So 2, two year fixes will probably be my best option. I can't find any info anywhere as to whether this is possible.

kingstreet

Listerofsmeg said:

Hello, I ported my mortgage about 18 months ago when I moved. It was a 5 year fix with a year left and had large exit fees. On the extra we borrowed we took a 2 year fix which is due to end around October this year. The original part we fixed for 5 years again last October.
My thinking is to do 2, two year fixes and then the whole lot will end at the same time in 4 years and then we can look at other companies for competitive rates.
In the meantime can we put the the part that is due to expire on a base rate tracker along side the part that is fixed for another 4 years. I'm assuming I can't and it's fixed rate or standard variable rate which will be very high. So 2, two year fixes will probably be my best option. I can't find any info anywhere as to whether this is possible.

You can if your lender offers one.