Mortgage broker - ask me anything

shannon27

haras_n0sirrah said:

Unless your broker is going off the current job rather than the new job then she will need a minimum of 2 months in her new job before virgin will consider. If your partner has 2 years track record in the same industry they can ignore the probationary period. 

Ok, thank you for your help. Is that something he can do, just go off the job she’s currently got while we are applying?

haras_n0sirrah

shannon27 said:

haras_n0sirrah said:

Unless your broker is going off the current job rather than the new job then she will need a minimum of 2 months in her new job before virgin will consider. If your partner has 2 years track record in the same industry they can ignore the probationary period. 

Ok, thank you for your help. Is that something he can do, just go off the job she’s currently got while we are applying?

They shouldn't do no as that wont be the job being done at completion 

littlehol

Hi, wondering if you could perhaps help me look at which option would be best. 

Currently have a Help to Buy mortgage (finishes Jan 21), current mortgage balance is £199k, house value approx £305- £310k (purchased in 2018 for £285k). We were looking to pay the HTB off when we remortgage in Jan,  we would like to move in 3 years and unless we start paying more won’t have enough equity, affordability not an issue. 

My question is, are we better off overpaying the mortgage for 2 years and leaving the HTB as it is because its interest free, or, getting it paid off now and adding it too the mortgage ( happy to top up to make sure we are not over the 85% LTV range) because the concern is as the house increases in value, our 20% we have to pay back increases. Thank you in advance ☺️

Monik2510a

We have submitted our application on the 22nd September (shared ownership with Leeds BS) and we're still waiting to hear. Does Leeds always take so long to review applications ? Or is this the standard time? 

FTBMish

Mortgage soft search.... 22nd September. 
Pulled my credit files, all scores good however an Argos card added on 22nd September. 
This was an account from 2008, defaulted in 2011, went to a debt collectors and I paid a partial settlement to finish it. It wasn't on my file as the default was so long ago. Should they have added this now? The final settlement was paid last year (although the record states it was this year). 
I understood files fall off either 6 years after default or settlement, whichever was the soonest. 
Just annoyed at the poor timing of the record on my file. 
Does it seem right it should have been added now? I have raised a dispute.
Should we pull out of our mortgage application now because of this? I was stressing about having a payday loan from 4 years ago but now this I am more stressed!
If its not meant to be right now I will have to accept it but I'm annoyed at the random timing of an account that defaulted 9 years ago showing up on my report!

sallybeans

Hi haras,
Thank you so much for doing this thread. Just wondering if you have any info about the timescale or process for Nationwide? Application submitted this morning and had a text this afternoon that the valuation is booked for Friday. Are they likely to look at anything this week or will everything be on hold until the valuation is back? (and how long does the valuation usually take?). I’m FTB applying for 60% LTV and borrowing just over 4 times salary. Expecting a few questions as I’ve only recently changed jobs but hopefully nothing else too scary to deal with

penguineater

Hi

If a sole trader was to take out a bounce back loan, would this affect their mortgage in any way?

Second question, are you aware of any clients using the First Homes scheme?

If so, what % discounts are they able to receive?

haras_n0sirrah

penguineater said:

Hi

If a sole trader was to take out a bounce back loan, would this affect their mortgage in any way?

Second question, are you aware of any clients using the First Homes scheme?

If so, what % discounts are they able to receive?

Reading what you have linked to it is a 30% discount for key workers ftb buying in certain higher priced areas and the discount is passed on to the next buyers in the future. It hasn't been launched yet. Key workers are usually nhs, police etc etc.
With the bbl yes it will impact as lenders ask how businesses have been affected by covid and whether any Grant's or loans have been taken. A bbl is a declaration you have been adversely affected so lenders will look very closely at bank statements to see if your income has returned. Bbl cannot be used for deposit 

haras_n0sirrah

sallybeans said:

Hi haras,
Thank you so much for doing this thread. Just wondering if you have any info about the timescale or process for Nationwide? Application submitted this morning and had a text this afternoon that the valuation is booked for Friday. Are they likely to look at anything this week or will everything be on hold until the valuation is back? (and how long does the valuation usually take?). I’m FTB applying for 60% LTV and borrowing just over 4 times salary. Expecting a few questions as I’ve only recently changed jobs but hopefully nothing else too scary to deal with

10 working days if the aip was a straight accept, 19 working days if the original aip was a refer to underwriter 

haras_n0sirrah

FTBMish said:

Mortgage soft search.... 22nd September. 
Pulled my credit files, all scores good however an Argos card added on 22nd September. 
This was an account from 2008, defaulted in 2011, went to a debt collectors and I paid a partial settlement to finish it. It wasn't on my file as the default was so long ago. Should they have added this now? The final settlement was paid last year (although the record states it was this year). 
I understood files fall off either 6 years after default or settlement, whichever was the soonest. 
Just annoyed at the poor timing of the record on my file. 
Does it seem right it should have been added now? I have raised a dispute.
Should we pull out of our mortgage application now because of this? I was stressing about having a payday loan from 4 years ago but now this I am more stressed!
If its not meant to be right now I will have to accept it but I'm annoyed at the random timing of an account that defaulted 9 years ago showing up on my report!

I would wait and see before pulling out. No point in pulling out just incase when it may still be ok.