Mortgage broker - ask me anything

FTB_crossed

steven4567 said:

Hi all 

new to the form. Looking for bit of info formation regarding being sent back to underwriters.

My mortgage offer got sent out start of august, if it’s been sent back to underwriters would they ask for updated bank statements and wagesslips 

Why/when has it gone back to underwriters? Was that because it there was a delay in draw down of the mortgage amount due to wait in getting mortgage completion by solicitor or any other reason. Which lender was it with? Normally they do a soft credit check if there's a delay of more than 30 days I think.
Any further wait and specially over 90 days, they look at your affordability again and if you haven't taken out any new credit, you should still be fine.

FTB_crossed

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.

HSBC will normally do valuation as soon as the full applications has been put in. Mine was done the same day and it came back the same day as they did a Desktop Valuation. I think it's down to the MA, if he thinks that application meets all the basic affordability numbers, he will authorise the valuation and send the case to underwriters who will then take unto 7 working days to make a decision. Right now I think HSBC are the quickest but I'm talking about if you had gone direct. If you have used an independent mortgage broker then its totally different set of processes that you have to go through and you need to check with your MA.

Smollen

Hi, we are switching mortgage provider at the end of our 5yr fixed term mortgage which began on 09/12/2015. All our mortgage statements up to November 2017 state: “early repayment charges on your mortgage will apply until 09/12/2020” and the stated “Remaining Term” in each statement reflects that. In Dec 2017 our lender changed the way in which monthly interest was calculated - from advance to arrears. The statements from Dec 2017 then show the “Remaining Term” as randomly having increased by one or two months with no specific ERC date given. The lender is now claiming that the ERC date is now 31/12/2020. Back in 2015 when our mortgage completed on 9/12/2015 we paid an initial interest payment then our first full monthly payment on 1/1/2016 - the first of the 60 monthly payments as specified in our 5yr fixed term. This means we will have fulfilled the 60 payments of our term after our 1st December payment. The lender has said over the phone that they will ‘honour’ the original date but now won’t confirm this in writing and we keep going round in circles with them insisting the ERC date is now 31/12/2020. Are they allowed to change the ERC date? Would appreciate some facts around this. Thanks.

robert9876

FTB_crossed said:

steven4567 said:

Hi all 

new to the form. Looking for bit of info formation regarding being sent back to underwriters.

My mortgage offer got sent out start of august, if it’s been sent back to underwriters would they ask for updated bank statements and wagesslips 

Why/when has it gone back to underwriters? Was that because it there was a delay in draw down of the mortgage amount due to wait in getting mortgage completion by solicitor or any other reason. Which lender was it with? Normally they do a soft credit check if there's a delay of more than 30 days I think.
Any further wait and specially over 90 days, they look at your affordability again and if you haven't taken out any new credit, you should still be fine.

It’s a new build house, been waiting on house builders completing. It is with Halifax. 

We have taken out a loan after paperwork concluded. 

First time buyers so we both didn’t really know, now we are being told it’s an 8 day wait for it being referred.

Anxious times ahead.

ZKA28

Hello,
Complex one... I have a Lloyds Overdraft default, 7-8 years old but fully paid off/account closed. We are looking to port my partners old Lloyds Mortgage and stay with them so we are refunded our ERC. Will this default affect us? 

We’ve had our AIP and three hour mortgage interview and a detailed AIP with the Lloyds Advisor and nothing was noted. Since the default my surname has changed via deed poll and I have been married. Lloyds advisor was told this. 

Help?? Please x

haras_n0sirrah

robert9876 said:

FTB_crossed said:

steven4567 said:

Hi all 

new to the form. Looking for bit of info formation regarding being sent back to underwriters.

My mortgage offer got sent out start of august, if it’s been sent back to underwriters would they ask for updated bank statements and wagesslips 

Why/when has it gone back to underwriters? Was that because it there was a delay in draw down of the mortgage amount due to wait in getting mortgage completion by solicitor or any other reason. Which lender was it with? Normally they do a soft credit check if there's a delay of more than 30 days I think.
Any further wait and specially over 90 days, they look at your affordability again and if you haven't taken out any new credit, you should still be fine.

It’s a new build house, been waiting on house builders completing. It is with Halifax. 

We have taken out a loan after paperwork concluded. 

First time buyers so we both didn’t really know, now we are being told it’s an 8 day wait for it being referred.

Anxious times ahead.

Lenders can credit check up until completion. How were missives concluded if the purchase price was incorrect?

haras_n0sirrah

Smollington said:

Hi, we are switching mortgage provider at the end of our 5yr fixed term mortgage which began on 09/12/2015. All our mortgage statements up to November 2017 state: “early repayment charges on your mortgage will apply until 09/12/2020” and the stated “Remaining Term” in each statement reflects that. In Dec 2017 our lender changed the way in which monthly interest was calculated - from advance to arrears. The statements from Dec 2017 then show the “Remaining Term” as randomly having increased by one or two months with no specific ERC date given. The lender is now claiming that the ERC date is now 31/12/2020. Back in 2015 when our mortgage completed on 9/12/2015 we paid an initial interest payment then our first full monthly payment on 1/1/2016 - the first of the 60 monthly payments as specified in our 5yr fixed term. This means we will have fulfilled the 60 payments of our term after our 1st December payment. The lender has said over the phone that they will ‘honour’ the original date but now won’t confirm this in writing and we keep going round in circles with them insisting the ERC date is now 31/12/2020. Are they allowed to change the ERC date? Would appreciate some facts around this. Thanks.

How does this affect things. Are you moving and looking to complete before 31st dec?

haras_n0sirrah

steven4567 said:

Hi all 

new to the form. Looking for bit of info formation regarding being sent back to underwriters.

My mortgage offer got sent out start of august, if it’s been sent back to underwriters would they ask for updated bank statements and wagesslips 

They reserve the right to request any documents up until completion 

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

Do you think it would be better (i.e quicker) to change brokers and mortgage company? I know choices are very limited for shared ownership at 95%, but time is of the essence and we seem to be getting nowhere?

Should I stay put or start again?

haras_n0sirrah

Natztastic2 said:

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

Do you think it would be better (i.e quicker) to change brokers and mortgage company? I know choices are very limited for shared ownership at 95%, but time is of the essence and we seem to be getting nowhere?

Should I stay put or start again?

If they have now asked the initial questions then you are proceeding and I would stick. I am just surprised at the time line when there seems to be a month extra delay from submitting the application to getting your first questions.