Mortgage broker - ask me anything

Allykb

Hi
Wondering if anyone can help calm my nerves!
We have a MIP with Halifax, initially agreed with a portion of interest only but on moving to agreement stage they said would only offer at repayment due to credit card debt. We have agreed to this and broker says the full application has been agreed in principal and has now been forwarded to the underwriter. 

What are the chance of underwriter declining at this stage? they have already done hard searches and had all our documents, broker is not concerned but I am obviously worried it will get declined now.

We have had an offer accepted and instructed conveyance but don't want to pay out for surveys etc if it mortgage likely to be declined

thanks in advance

K_S

Allykb said:

Hi
Wondering if anyone can help calm my nerves!
We have a MIP with Halifax, initially agreed with a portion of interest only but on moving to agreement stage they said would only offer at repayment due to credit card debt. We have agreed to this and broker says the full application has been agreed in principal and has now been forwarded to the underwriter. 

What are the chance of underwriter declining at this stage? they have already done hard searches and had all our documents, broker is not concerned but I am obviously worried it will get declined now.

We have had an offer accepted and instructed conveyance but don't want to pay out for surveys etc if it mortgage likely to be declined

thanks in advance

@allykb I don’t see anything in your post that would indicate a potential decline at this stage of the process.

Even so, it would still be advisable to hold on for the full offer before incurring any non-refundable property specific costs. Halifax is quick, so it won’t overly delay you.

ivk

Hi. Got a mortgage offer with Barclays in October and it feels like we are 2-3 weeks away from exchanging, but now the rate on the site for the same product, a 5-year fixed, is ~0.5% lower. Is there a way to revisit the rate without risking the lending?

K_S

ivk said:

Hi. Got a mortgage offer with Barclays in October and it feels like we are 2-3 weeks away from exchanging, but now the rate on the site for the same product, a 5-year fixed, is ~0.5% lower. Is there a way to revisit the rate without risking the lending?

@ivk Yes, it's a very simple process (both with Barclays and with other mainstream lenders) and once it's been requested, Barclays should reissue the offer in a couple of days. Just speak to your broker or if direct then speak to Barclays.

Depending on how long it's been since application, some lenders may refresh the 'credit-score' (the lenders internal credit scoring, nothing to do with the Equifax, Experian credit score) but long as your credit profile hasn't changed significantly, that shouldn't cause any issues.

BLN83

Hello, further questions from me.

Lender today asked about credit/store cards to be paid prior to offer - I advised my broker that I would have around £4,500 from my November commission to use for payments and I have paid down using this last week. 

But speaking with my case manager it looks like on the actual application it was noted £11,100 would be paid off. The case manager says I need to speak with the Mortgage Advisor who completed the paperwork but he said everything post application is handled by the case manager so I am going around in circles and connect get the adviser on a call today.

In your experience would my only option now be to commit to paying £11,100 or else risk decline or have to re-submit an application? 

I am losing my mind at the moment about what to do 

K_S

BLN83 said:

Hello, further questions from me.

Lender today asked about credit/store cards to be paid prior to offer - I advised my broker that I would have around £4,500 from my November commission to use for payments and I have paid down using this last week. 

But speaking with my case manager it looks like on the actual application it was noted £11,100 would be paid off. The case manager says I need to speak with the Mortgage Advisor who completed the paperwork but he said everything post application is handled by the case manager so I am going around in circles and connect get the adviser on a call today.

In your experience would my only option now be to commit to paying £11,100 or else risk decline or have to re-submit an application? 

I am losing my mind at the moment about what to do 

@bln83 I'm assuming it's one of the volume firms which uses different people (broker, case manager / admin, keyer, etc.) between advice and completion.

Nothing wrong with that, but you need to be able to communicate with the broker to understand what it is that you need to do (if anything) prior to completion. And if the firm is making this difficult/impossible, then that's rubbish and you need to push harder. As a last resort, if you're still getting no love, leaving a 1* review on TP can often get you some attention.

Good luck, I hope you get an answer soon.

dander

I'm thinking of moving next year. Currently have a mortgage of about 50k that I fixed March 21 for 5 years at 1.49%. I haven't confirmed this is portable yet, but if obviously if it is I don't want to give that up and would port it. I'm likely to borrow another 50-100 on top of that (affordability is absolutely fine for that). How does it work with getting the additional mortgage when porting - do I need to go with the same lender? And would I aim to fix for 2 years or so and then bring them both into one single mortgage product when the 1.49% rate runs out, or do you end up running two mortgage for ever onwards? Is this something that you go to a broker with or would I just go direct to Nat West (my current lender) and take the best deal they can offer?

K_S

dander said:

I'm thinking of moving next year. Currently have a mortgage of about 50k that I fixed March 21 for 5 years at 1.49%. I haven't confirmed this is portable yet, but if obviously if it is I don't want to give that up and would port it. I'm likely to borrow another 50-100 on top of that (affordability is absolutely fine for that). How does it work with getting the additional mortgage when porting - do I need to go with the same lender? And would I aim to fix for 2 years or so and then bring them both into one single mortgage product when the 1.49% rate runs out, or do you end up running two mortgage for ever onwards? Is this something that you go to a broker with or would I just go direct to Nat West (my current lender) and take the best deal they can offer?

@dander

Yes, if you port then the additional borrowing needs to be with the same lender.

I don't know about NatWest specifically but generally speaking - as long as you're with the same lender it'll stay as two parts. If/when you remortgage to another lender, you can merge it again.

Direct to lender or broker, entirely up to you. With NatWest there may be a small diff in direct/intermediary rates so might be worth checking both.

GuitarZero

Hi.

Our 5 year fixed rate mortgage expires in early February and we have been holding off on renewing it in the hope of getting the best deal possible before fixing it again.  We are unsure if there will be anymore rate cuts between now and the end of our term and wondered if it's best to fix now for a couple of years to ride out this current storm, or perhaps wait until after Christmas in the hope of something happening in early January.

Any ideas?

leanne56789

Does anyway have recent timescales for NatWest waiting for a mortgage offer ?