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Mortgage broker - ask me anything

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  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @Politebunny37 Can't speak for your specific case but generally speaking, based on the limited info in your post what I would do as a broker -

    - as it's an affordability fail, I'd tweak the borrowing downwards on the DIP to see at which point it passes. That'll give me an idea of how big the variance is. If it's a small diff it could be due to a minor issue but if it's tens of thousands then it's probably a different reason. This would the best starting point for any affordability fail as you'll get a idea of how much short it is of the amount you need.

    - I'd check your latest Experian credit report for any balances (including cc paid off in full monthly) and outgoings that haven't been declared on the application

    - if you're moving home, recheck whether the form captures that the old mortgage is marked to be paid off

    - HSBC has an affordability drop over 85% LTV so also worth looking at whether it's creeping over 85% LTV due to some reason

    It's hard to give an exhaustive list but hopefully the advisor will be able to figure it out, it's unlikely to be anything too serious or a huge reduction in borrowing. Good luck!
    I was hoping you could help me. Submitted a HSBC mortgage application and the automatic amount pulled out I could borrow was £265,500 - I was wanting to borrow £263,500 on the application. It then gets rejected due to affordability (the HSBC advisor has no idea why as I’m borrowing below the amount they could lend). The HSBC advisor then forwarded it on the underwriting for manual underwriting - the HSBC advisor said I had perfect credit history and it’s only flagging on affordability and that’s the only issue, I’m a sole applicant and putting just over 15% down so its 84.8% loan value. Any any advice or experience would be appreciated.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Willis75
    Willis75 Posts: 99 Forumite
    Third Anniversary 10 Posts Name Dropper
    Not sure if this the appropriate place to ask this but does lack of EPC on house affect Mortgage Lender! Reason I ask is offer accepted on house, no EPC done after 7 weeks..I know this is legal requirement. EA making excuse after excuse. My mortgage application is being done tomorrow and just wondering if this will affect decision?
  • Claire86
    Claire86 Posts: 21 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    Hi all,

    My OH is in the process of getting a remortgage with a Nationwide but I can foresee two problems so if anyone can help clear this up that would be great. First of all it states that they will send the funds to his solicitor to pay off the existing mortgage but I don't know how they would do this as he doesn't have a solicitor and most definitely doesn't have a mortgage as the house was originally a relatives and they paid everything off and transferred the deeds to him. Secondly the occupiers signature, as far as I can see we need this witnessed by a solicitor. The only one we know of wants paid upfront before they do anything are all like this? I only ask so I can figure out what to do in terms of paying for it. Thanks in advance for any help.
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 4 June 2023 at 10:56AM
    @claire86 Sorry, I'm not following - you've got a Nationwide re-mortgage offer without a solicitor? Not even the Nationwide remortgage free legals (which is a solicitor)?
    Claire86 said:
    Hi all,

    My OH is in the process of getting a remortgage with a Nationwide but I can foresee two problems so if anyone can help clear this up that would be great. First of all it states that they will send the funds to his solicitor to pay off the existing mortgage but I don't know how they would do this as he doesn't have a solicitor and most definitely doesn't have a mortgage as the house was originally a relatives and they paid everything off and transferred the deeds to him. Secondly the occupiers signature, as far as I can see we need this witnessed by a solicitor. The only one we know of wants paid upfront before they do anything are all like this? I only ask so I can figure out what to do in terms of paying for it. Thanks in advance for any help.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Claire86
    Claire86 Posts: 21 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    @K_S he has documents from the solicitor that Nationwide are using. They talk about sending funds to the solicitor we assumed that it wouldn't be their own as it states "we've also sent a copy to your solicitor". There's every chance we're just not reading it right and when they say that they will send the funds to your solicitor they just mean the one that is dealing with his case on their behalf but I'm not sure. 
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Claire86 said:
    @K_S he has documents from the solicitor that Nationwide are using. They talk about sending funds to the solicitor we assumed that it wouldn't be their own as it states "we've also sent a copy to your solicitor". There's every chance we're just not reading it right and when they say that they will send the funds to your solicitor they just mean the one that is dealing with his case on their behalf but I'm not sure. 
    @claire86 That is correct, the Nationwide-appointed free legals solicitor is your solicitor for this remortgage. I hope that makes sense.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • Claire86
    Claire86 Posts: 21 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    @K_S thank you so much. It was such a panic when we read over it. The way that it's written makes it seem like another solicitor would be required. Next thing on the cards is the occupiers signature, hopefully it doesn't take to long to be sent out.
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Willis75 said:
    Not sure if this the appropriate place to ask this but does lack of EPC on house affect Mortgage Lender! Reason I ask is offer accepted on house, no EPC done after 7 weeks..I know this is legal requirement. EA making excuse after excuse. My mortgage application is being done tomorrow and just wondering if this will affect decision?
    @willis75 Sorry I don't really know re TML. Best ask your broker before submitting the app, paying any val fee, etc.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • highlandlife
    highlandlife Posts: 14 Forumite
    Third Anniversary Name Dropper First Post
    Probably been covered already but we are in the first stages of looking for a mortgage, our credit scores a excellent but we do have some borrowing (2 x loans - £379 p/M and £179 p/M and 1 x credit card - £4500).

    We have an option to extend one of our loans to clear the credit card with the monthly payment remaining the same. The hope is this would increase our affordability, however just concerned that extending a product would go against us when it comes to application?
  • K_S
    K_S Posts: 6,879 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    @Highlandlife I can't speaking for your specific case, but generally speaking - if one has a personal loan for £500/month with 3 years remaining and change it to £250/month with 6 years remaining, it may have a positive impact on affordability and is unlikely to have an adverse impact on other areas of the application (eg: lender 'credit-scoring').
    Probably been covered already but we are in the first stages of looking for a mortgage, our credit scores a excellent but we do have some borrowing (2 x loans - £379 p/M and £179 p/M and 1 x credit card - £4500).

    We have an option to extend one of our loans to clear the credit card with the monthly payment remaining the same. The hope is this would increase our affordability, however just concerned that extending a product would go against us when it comes to application?

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

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