Mortgage broker - ask me anything

Myci85

Hello, 

I'm wondering if someone can answer a question for me that I've been struggling to find the answer to online. I can see that it is acceptable to get multiple AIPs from different lenders, but is it OK to get multiple AIPs from the same one? Reason being I didn't realise the AIP only gives an indication if they'll lend the amount entered, and merely says they may be able to lend more, but am now wondering if they'd lend a higher amount. There doesn't seem a way to edit this info, so I don't know if I should just do a fresh AIP with the higher amount, or if this will confuse matters. Do lenders see all the AIPs you've done if you later do full application and it will confuse matters, or will they just work off the one with the amount you need if you do a few of them? 

Similarly, is it acceptable to do 'projected' AIPs if there's a chance something may change in a months time (e.g. New job, higher salary) and you're trying to decide to wait to apply or apply now, or would different employment details on several AIPs flag up as inconsistencies come a full application? I don't want to do anything to risk a later decline, but I don't find the online calculators are as accurate as the AIP on what they might lend. 

K_S

@myci85 I can't give an opinion specific to your situation as there are too many variables in play and I might inadvertently give you wrong info.

Generally speaking, if all you want to do is know is the max lending for a specific lender, just use their intermediary calculator. 

For example, for Nationwide just Google 'nationwide for intermediaries affordability calculator' and play around to your heart's content. Substitute Nationwide for whatever lender you want.

You could keep doing multiple DIPs but the risk is that their system flags this for whatever reason. In any case, there's really no need to or benefit of doing multiple DIPs to get a max lending figure.

Myci85 said:

Hello, 

I'm wondering if someone can answer a question for me that I've been struggling to find the answer to online. I can see that it is acceptable to get multiple AIPs from different lenders, but is it OK to get multiple AIPs from the same one? Reason being I didn't realise the AIP only gives an indication if they'll lend the amount entered, and merely says they may be able to lend more, but am now wondering if they'd lend a higher amount. There doesn't seem a way to edit this info, so I don't know if I should just do a fresh AIP with the higher amount, or if this will confuse matters. Do lenders see all the AIPs you've done if you later do full application and it will confuse matters, or will they just work off the one with the amount you need if you do a few of them? 

Similarly, is it acceptable to do 'projected' AIPs if there's a chance something may change in a months time (e.g. New job, higher salary) and you're trying to decide to wait to apply or apply now, or would different employment details on several AIPs flag up as inconsistencies come a full application? I don't want to do anything to risk a later decline, but I don't find the online calculators are as accurate as the AIP on what they might lend. 

Myci85

K_S said:

@myci85 I can't give an opinion specific to your situation as there are too many variables in play and I might inadvertently give you wrong info.

Generally speaking, if all you want to do is know is the max lending for a specific lender, just use their intermediary calculator. 

For example, for Nationwide just Google 'nationwide for intermediaries affordability calculator' and play around to your heart's content. Substitute Nationwide for whatever lender you want.

You could keep doing multiple DIPs but the risk is that their system flags this for whatever reason. In any case, there's really no need to or benefit of doing multiple DIPs to get a max lending figure.

Myci85 said:

Hello, 

I'm wondering if someone can answer a question for me that I've been struggling to find the answer to online. I can see that it is acceptable to get multiple AIPs from different lenders, but is it OK to get multiple AIPs from the same one? Reason being I didn't realise the AIP only gives an indication if they'll lend the amount entered, and merely says they may be able to lend more, but am now wondering if they'd lend a higher amount. There doesn't seem a way to edit this info, so I don't know if I should just do a fresh AIP with the higher amount, or if this will confuse matters. Do lenders see all the AIPs you've done if you later do full application and it will confuse matters, or will they just work off the one with the amount you need if you do a few of them? 

Similarly, is it acceptable to do 'projected' AIPs if there's a chance something may change in a months time (e.g. New job, higher salary) and you're trying to decide to wait to apply or apply now, or would different employment details on several AIPs flag up as inconsistencies come a full application? I don't want to do anything to risk a later decline, but I don't find the online calculators are as accurate as the AIP on what they might lend. 

Amazing, I didn't know I could access those calculators. 

Thank you ☺️ 

Myci85

Next question (sorry!)

Does anyone know if Halifax will take into account child maintenance payments and child benefit for older children? (15 and 17 in full time education) I seem to recall being told most mortgages may not consider by that age, but if they reduce calculations due to having dependant children, it seems logical to me they should still account for the maintenance etc as surely the two would stop at the same time and so cancel each other out? 

MelER

hello I hope someone can help due to major back and forth with our broker our move is taking longer than expected we are now in a good position and both in secure jobs now ( I was previously on a supply contract now will be in full time permanent my husband now has a newer better job with more income too) we are waiting for our mortgage to go through nationwide now getting a valuation next week of the property and now can’t see any reason why this wouldn’t be straight forward being realistic what’s the likelihood of getting this sorted by February? It’s part ownership and is a new build already waiting for us to be moved into do you think the solicitor will move quickly for us ? It’s taken us three months already to get to this point 🙈 we have children also waiting to start at new schools  the broker hasn’t been the best to be honest ! 

K_S

MelER said:

hello I hope someone can help due to major back and forth with our broker our move is taking longer than expected we are now in a good position and both in secure jobs now ( I was previously on a supply contract now will be in full time permanent my husband now has a newer better job with more income too) we are waiting for our mortgage to go through nationwide now getting a valuation next week of the property and now can’t see any reason why this wouldn’t be straight forward being realistic what’s the likelihood of getting this sorted by February? It’s part ownership and is a new build already waiting for us to be moved into do you think the solicitor will move quickly for us ? It’s taken us three months already to get to this point 🙈 we have children also waiting to start at new schools  the broker hasn’t been the best to be honest ! 

@MelER Based on your post it's a new build shared ownership property, which is usually leasehold. Leasehold properties, SO, and new builds all usually involve more conveyancing work than a standard non-new build freehold.

If no property related conveyancing work has been done as yet, then I would think it unlikely that you'd be ready to complete by Feb, which is only a few weeks away.

If you need to move quickly, your solicitor needs to told and pushed accordingly. You don't need to wait for the mortgage offer to start conveyancing work either.

K_S

Myci85 said:

Next question (sorry!)

Does anyone know if Halifax will take into account child maintenance payments and child benefit for older children? (15 and 17 in full time education) I seem to recall being told most mortgages may not consider by that age, but if they reduce calculations due to having dependant children, it seems logical to me they should still account for the maintenance etc as surely the two would stop at the same time and so cancel each other out? 

@myci85 You can get a general idea of what is/isn't considered if you go to the Income acceptance section in their criteria here
https://www.halifax-intermediaries.co.uk/criteria.html

snowqueen555

A bit of a complicated question which I've googled and found no answer.

Buying a new build flat with a professional consultant certificate, how hard is it to sell on? The cert lasts 6 years so what happens if I try to sell from year 6-10? 

I've found a few threads saying banks won't lend on the flat as they typically expect new builds to have a 10 year structural warranty.

Thanks

kingstreet

snowqueen555 said:

A bit of a complicated question which I've googled and found no answer.

Buying a new build flat with a professional consultant certificate, how hard is it to sell on? The cert lasts 6 years so what happens if I try to sell from year 6-10? 

I've found a few threads saying banks won't lend on the flat as they typically expect new builds to have a 10 year structural warranty.

Thanks

Anyone needing a mortgage is going to find it difficult. A retrospective warranty might be a possibility but most would want the vendor to foot the bill for that.

snowqueen555

kingstreet said:

snowqueen555 said:

A bit of a complicated question which I've googled and found no answer.

Buying a new build flat with a professional consultant certificate, how hard is it to sell on? The cert lasts 6 years so what happens if I try to sell from year 6-10? 

I've found a few threads saying banks won't lend on the flat as they typically expect new builds to have a 10 year structural warranty.

Thanks

Anyone needing a mortgage is going to find it difficult. A retrospective warranty might be a possibility but most would want the vendor to foot the bill for that.

Thanks for the info. It seems like a flawed product if it is hard to sell on in future.

How common are PCCs, most info I'm finding online are showing up a lot of self builds etc so they are a bit sketchy to me. 

This is one more reason to not purchase this property.