Mortgage broker - ask me anything

Arrad14

Hello - just wondered if anyone had experience recently with Principlaity on extending/grace period of a mortgage offer? Our broker suggests 30 days should be possible but as that's likely the difference between having time to complete and not (and therefore looking at a 2% higher mortgage) want to understand if anyone has recent knowledge? 

K_S

Arrad14 said:

Hello - just wondered if anyone had experience recently with Principlaity on extending/grace period of a mortgage offer? Our broker suggests 30 days should be possible but as that's likely the difference between having time to complete and not (and therefore looking at a 2% higher mortgage) want to understand if anyone has recent knowledge? 

@arrad14 I wasn't aware that Principality allows non new-build purchase/remo offers to be extended beyond the initial 6 months.

But if your broker is saying that, it may be a possibility. Hopefully they've checked with their BDM before giving you this info. I would still probe a bit, ask them to confirm what the extension entails, how many days it will be for and whether or not you will get to keep the same product.

Toto_Schillachi

Hello,

We have a house valued at about £425,000, existing mortgage balance is £260,000 with Halifax. Would like to borrow another £60,000 to repay some debts acrued via home improvements (£30k extension) and then to renovate a bathroom and pay for a few other bits (other £30k). Have done the online Halifax borrow more AIP but they are saying no luck. Joint income is £115k. 

Is there likely to be a different answer if I speak in person to a Halifax advisor? Extra borrowing would take us up to just over 75% LTV.

Alternatively will a broker be able to source an alternative mortgage with the additional borrowing? No missed payments etc on either credit record, just some fairly hefty credit card & loan balances that would be repaid using the additional borrowing.

Any thoughts appreciated.

K_S

@Toto_Schillachi With Halifax, debt consolidation further advances can be a bit tricky, especially when the current report is showing large background debt, even if it's going to be paid off.

Whether it's a broker or Halifax direct, whether they'll be able to lend what you need or not will not change.

If you've filled in the DIP accurately then it's unlikely that speaking to an adviser will make a difference. However, it's easy to make a mistake with a Further Advance, so I would recommend making an appointment and speaking to the Halifax mortgage adviser.

Toto_Schillachi said:

Hello,

We have a house valued at about £425,000, existing mortgage balance is £260,000 with Halifax. Would like to borrow another £60,000 to repay some debts acrued via home improvements (£30k extension) and then to renovate a bathroom and pay for a few other bits (other £30k). Have done the online Halifax borrow more AIP but they are saying no luck. Joint income is £115k. 

Is there likely to be a different answer if I speak in person to a Halifax advisor? Extra borrowing would take us up to just over 75% LTV.

Alternatively will a broker be able to source an alternative mortgage with the additional borrowing? No missed payments etc on either credit record, just some fairly hefty credit card & loan balances that would be repaid using the additional borrowing.

Any thoughts appreciated.

Littleminx66

Hi 

We really want to move house but not sure about the situation with our mortgage. We fixed in 2021 for 5 years thankfully, but my question is , can we still keep this if we move house? I know this sounds so silly to a lot of people , but we have no experience of moving/mortgages.

Many thanks in advance x

K_S

@Littleminx66 With most mainstream lenders (you'd have to check your mortgage offer to be sure), they allow the borrower to apply to port the existing mortgage over to the new property (no change in rate or fixed term) and take out additional borrowing (at whatever rate is available at the time).

You will need to meet the criteria and affordability for the lender at the time when you apply to port, so basically like a new mortgage application and everything that that involves.

If you do not need to borrow more money, then usually lenders have more flexibility with criteria and affordability.

To summarise, yes most mainstream lender mortgages will allow you to apply to keep the same rate and take the mortgage with you when you're moving home.

Littleminx66 said:

Hi 

We really want to move house but not sure about the situation with our mortgage. We fixed in 2021 for 5 years thankfully, but my question is , can we still keep this if we move house? I know this sounds so silly to a lot of people , but we have no experience of moving/mortgages.

Many thanks in advance x

Khaderbhai

Called up First Direct last month to change my Standing Order date for the mortgage and they have changed it but also changed the amount I pay too, is this right? They are saying they have adjusted it down due to overpayments, but my mortgage documents suggest the usual minimum repayment mortgage amount should stay fixed whilst I am in a fix. Not complaining as can put the money into a savings account but just seems odd? Thanks 

Toto_Schillachi

K_S said:

@Toto_Schillachi With Halifax, debt consolidation further advances can be a bit tricky, especially when the current report is showing large background debt, even if it's going to be paid off.

Whether it's a broker or Halifax direct, whether they'll be able to lend what you need or not will not change.

If you've filled in the DIP accurately then it's unlikely that speaking to an adviser will make a difference. However, it's easy to make a mistake with a Further Advance, so I would recommend making an appointment and speaking to the Halifax mortgage adviser.

Toto_Schillachi said:

Hello,

We have a house valued at about £425,000, existing mortgage balance is £260,000 with Halifax. Would like to borrow another £60,000 to repay some debts acrued via home improvements (£30k extension) and then to renovate a bathroom and pay for a few other bits (other £30k). Have done the online Halifax borrow more AIP but they are saying no luck. Joint income is £115k. 

Is there likely to be a different answer if I speak in person to a Halifax advisor? Extra borrowing would take us up to just over 75% LTV.

Alternatively will a broker be able to source an alternative mortgage with the additional borrowing? No missed payments etc on either credit record, just some fairly hefty credit card & loan balances that would be repaid using the additional borrowing.

Any thoughts appreciated.

Many thanks for your feedback.

Littleminx66

Many many thanks for your advise K_S much appreciated 

RODNEYKK

haras_n0sirrah said:

Thought I would start a thread where people can ask the brokers opinion on things @ACG @LRmortgage @kingstreet @Deleted_User (any other brokers want to chip in - these were the main other brokers who came to mind.
It is definately an interesting market - probably the busiest I have ever been but at the same time lenders are sooo slow. 
Anyone got a question? Ask away

Hello! This is a great thread- I am looking for some help please- I am looking to take the interest only 6 month break with Natwest, however my 2 year fixed term ends in 4 months- at that time will I continue paying the same interest (currently 2 something %) or will it change to the SVR as the fixed term ends even if I am in the interest only period?

I have done lots of googling but cannot find an answer to this one anywhere. The Natwest website offers me the opportunity to choose my deal for the end of the fixed term deal, before taking the interest only option but it does not say what will happen if I don't? Do I change my deal (to more like 6/7%) first or just go ahead now and it will keep me at the lower rate? That seems too good to be true!