Mortgage broker - ask me anything

Natztastic2

haras_n0sirrah said:

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. 

Thank you for the honest advice.

I too am surprised (and frustrated) that it has taken this long.

Smollen

haras_n0sirrah said:

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?

No, only that that we’ve planned home improvements around the date set by solicitor (10th Dec). Obviously all this can be rearranged but it just seems daft as the 1st December payment will be our last so I don’t see why the ERC should be stretched out til the 31st.

MSN2220

Hello do you know if Kent has issues with being in overdraft all the time ? It’s 0%. 

Thanks 

haras_n0sirrah

MSN2220 said:

Hello do you know if Kent has issues with being in overdraft all the time ? It’s 0%. 

Thanks 

In is usually ok. They are more likely to have an issue with over the limit 

haras_n0sirrah

FTBMish said:

After a relationship break up i fell on hard times and used Sunny. I paid it off in 2 payments. I also have one partial settlement showing on my account. No defaults at all though. 
Fast forward 4 years and all debts paid, only car lease and normal utilities etc I pay now. Credit scores good although I know this doesn't necessarily mean anything. 
My partner has a perfect history, excellent score, £1200 car finance left and no other debt. Was furloughed but went back to work in June. 
Salaries are 36680/27000 with 5% deposit already saved. (Wanting to use HTB equity loan)
Looking for mortgage of £210000.
We excitedly applied for a mortgage via a broker who has passed it to Santander on 28th Sept (they are working on 14th Sept so its not been looked at yet)
I forgot about the Elevate loan until today so have emailed the broker.
Am I right in thinking we would be delined now? Wondering if we should be trying elsewhere?

If it was 4 years ago I don't think it will be too much of an issue 

haras_n0sirrah

ZKA28 said:

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

Lloyd's is a lenders who wont deal with brokers so I am not sure if they have an internal blacklist or not (natwest for example is notorious for having a do not lend list which goes back far further than a credit report). Maybe a case of wait and see and if not successful consult a broker 

Lorenzo94

Hi, can any broker advise on how long it takes for Halifax to issue the offer once the EWS1 (A2 grade) form has been submitted through the broker to Halifax? Just sent it through this morning, so I hope it will be quick!

haras_n0sirrah

Lorenzo94 said:

Hi, can any broker advise on how long it takes for Halifax to issue the offer once the EWS1 (A2 grade) form has been submitted through the broker to Halifax? Just sent it through this morning, so I hope it will be quick!

It will now be sent to the surveyors who have to respond - it will depend largely on how quick the surveyors are

Lorenzo94

Thank you

elak6

Hi all, 

I wanted to ask advice on how to proceed with our mortgage ?

We initially had a mortgage offer approved from Halifax and the valuation was completed with no issues. As part of the mortgage, we are getting a gifted deposit from my parents in Nigeria, Halifax requested that my dad fills in a gifted deposit form, provide a copy of his passport, and 6 months bank statement showing the gifted deposit in his account and reflecting that he transferred the payment to me from that account which we promptly provided. According to our MB, this was required to ratify the overseas gifted deposit. It is now almost a month later after we provided the additional information and we have heard zilch, every time I chase up with the MB he keeps telling me that he is following up daily but no progress. Our MB previously advised us to proceed with the conveyancing and all should be fine. We are now at a stage that the conveyance process has almost concluded and the pending action is the mortgage,

Considering how long the mortgage and ratification process has taken, we are even at a stage when we have been paid two months' worth of wages and hence saved up further and we don't even need the gifted deposit.

I don't know what my options are, my MB isn't helping and I am contemplating abandoning the offer with Halifax and re-applying with someone else sans overseas gifted deposit.

I would have thought that the MB would have some form of business development contact in Halifax that he could contact for an update.

Looking at the average mortgage offer timeline inc. underwriting. it seems that we are on the extreme end of the timeline and with no end in sight, I would please appreciate any insight or advice on how to proceed?