Mortgage broker - ask me anything

dadio77

Thank you - I have emailed them straight away to ask!

jonnydeppiwish!

K_S said:

jonnydeppiwish! said:

Hey all, for a let to buy, do you need to go through a broker or can it be done directly to lender? Do mainstream lenders undertake let to buy mortgages?
thanks in advance

@jonnydeppiwish! You can do all kinds of mortgages direct - resi, personal BTL, LTB, bridging, even ltd co BTL. To state the obvious, the breadth of lenders/products/criteria that you can access will differ based on whether you limit yourself to directly available products or not. 

Some mainstream direct lenders do offer LTB products, some don't. If you want to check for a specific lender just Google 'lender-name for intermediaries criteria' and browse to see if you can find anything on their LTB policy.

Thanks very much - I’ll look at those nown

Ian_B_B

Hi!

Quick question - is it possible to get a remortgage to cover paying back our HTB loan, and some outstanding debts totalling £50k.  In terms of affordability, we have £200k mortgage on house worth £380k.  Would need an extra £130k (ish) to cover HTB (~£80k) and debts.  Two applicants with annual salary of £90k and £56k.  Only car finance (PCP) each at £500 each per month left...

Would you recommend going through a broker for this?

Thanks!!

K_S

Ian_B_B said:

Hi!

Quick question - is it possible to get a remortgage to cover paying back our HTB loan, and some outstanding debts totalling £50k.  In terms of affordability, we have £200k mortgage on house worth £380k.  Would need an extra £130k (ish) to cover HTB (~£80k) and debts.  Two applicants with annual salary of £90k and £56k.  Only car finance (PCP) each at £500 each per month left...

Would you recommend going through a broker for this?

Thanks!!

@ian_B_B To summarise, the question you are asking is: is it possible to do a capital-raise remortgage to pay off HTB and 50k of unsecured debt at 85% LTV (your numbers add up to slightly above 85% LTV but I've rounded it down)

General answer - yes, it is possible

Can you get a mortgage for what you need - depends on the details, numbers, etc.

Would I recommend going through a broker - Yes, I would. The MSE guide here has plenty of fee-free brokers https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3

All the best.

Lilith1980

Thanks so much for providing this thread for people to ask questions 

I wondered if I could ask the following, please:

I'm currently renting, looking to relocate 200 miles and buy a house in the new area. I work in the NHS and am applying for jobs at the same pay grade, and the pay grade above, so my salary should be around the same if not a bit more.

Ideally, I'd like to buy soon after moving. What would a lender need in terms of proof of income? Would I need to be in the new job for a few months and have the relevant number of payslips? Would the lender accept a signed contract with a start date, even if I hadn't actually started the new job?

Many thanks 

K_S

Lilith1980 said:

Thanks so much for providing this thread for people to ask questions 

I wondered if I could ask the following, please:

I'm currently renting, looking to relocate 200 miles and buy a house in the new area. I work in the NHS and am applying for jobs at the same pay grade, and the pay grade above, so my salary should be around the same if not a bit more.

Ideally, I'd like to buy soon after moving. What would a lender need in terms of proof of income? Would I need to be in the new job for a few months and have the relevant number of payslips? Would the lender accept a signed contract with a start date, even if I hadn't actually started the new job?

Many thanks 

@lilith1980 It will depend on the specific lender, typically mainstream lenders will fall into one of the following buckets with respect to when they will allow an application based on a new job -
1. signed contract with a future start date (typically up to 3 months in the future)
2. day 1 of new job
3. at least one payslip in the new job 
4. at least one full payslip in the new job
5. minor tweaks and variations on the above

Once you get to bucket 2, you'll have access to most mainstream lenders, and the vast majority once you're in bucket 4 so you should be fine.

Lilith1980

K_S said:

@lilith1980 It will depend on the specific lender, typically mainstream lenders will fall into one of the following buckets with respect to when they will allow an application based on a new job -
1. signed contract with a future start date (typically up to 3 months in the future)
2. day 1 of new job
3. at least one payslip in the new job 
4. at least one full payslip in the new job
5. minor tweaks and variations on the above

Once you get to bucket 2, you'll have access to most mainstream lenders, and the vast majority once you're in bucket 4 so you should be fine.

@K_S thank you so much, that makes perfect sense. I'd rather have access to more lenders so I'll wait until I have at least one full payslip in the new job

gallow18

Hello, 

I was wondering if someone could help point us in the right direction. Me and my husband have been planning to buy our first house and move from England to Scotland. He graduated with a first class masters earlier this year, but has been working as an electricians mate (not exactly his degree field) for his step father over each summer term and as the money is good, he loves it and he has loads of opportunities for overtime he has stayed with it so we can rack up a good deposit for buying our first house. I'm also in full time employment and sitting on a reasonable wage. The original plan was for him to get on a graduate scheme up there roughly September 2024, I can do some of my current job remotely and would drop to part time, and find a part time job up there in due course to go with it. We were open to one of us moving up before and getting roots down or renting something if needed. However, life has thrown us a curveball and I'm now pregnant, due June. 😬

I am hopeful that I can negotiate with my employers to let me work from Scotland on less hours (thinking 15/week) after a short maternity leave (no maternity benefits).
Anyways I'm wondering how mortgage providers deal with moves where job will need to change?

Do we /can we apply for a mortgage now based on what we get now? Before we add a dependant to the mix too? Or will maybe my husband have to be enrolled on his graduate scheme in Scotland for three months before we can buy a house? 

We're confident in our incomes covering the mortgage repayments but not sure how they will see it.

I hope I've explained this well enough... Any advice greatly appreciated. 

Fkhan95

Hi,

Wondering if accord accept child DLA - their website says they accept DLA/Child disability payment (Scotland) so not 100% sure 

Jjmbrown1

Hi there

I am about to buy a house and been asked for 3 month bank statements. My bank statements wouldn’t show anything out the ordinary typically (all everyday spending is done on credit card which is paid off in full every month). However there was one day last month where me and some friends went gambling at a service station and withdrew £1100 in a day (and lost..) on my debit card. 5 seperate transactions. Paid the £1.99 ATM fee on 4 of the 5 transactions too. I’m conscious this probably doesn’t look good (wasnt thinking at the time), can I realistically still apply for a mortgage in the short term or will this cause problems? (For reference have generally minimal cash withdrawals on statements apart from this and no online gambling transactions). How likely is this to be queried/any sensible response to this or do I need to wait?