Mortgage broker - ask me anything

K_S

fullofcold said:

More of a moan than any advice required (unless you have any guidance as to get a poker up them).  Santander.  Have had to do a further advance with them.  Told to do it online as the process is quicker.  Queried the valuation (which I knew would delay somewhat) and now the MATs system has had a dicky fit.  Received an email last Friday advising me that I was being offered the lower amount.  After we accepted the lower borrowing were told we would receive the mortgage offer shortly.  Called when I didn't receive the offer on Wednesday and was told that the offer had not been issued due to a technical problem and now we are back stuck at 'valuation reviewed' stage.  How do I expedite this?  Getting really frustrated now and it reminds me why I moved to insurance instead of broking mortgages still.

@fullofcold In your place I’d just put in a formal written (online form, email address or if none of that is an option then Resolver) complaint so it gets to someone who can actually do something.

fullofcold

K_S said:

fullofcold said:

More of a moan than any advice required (unless you have any guidance as to get a poker up them).  Santander.  Have had to do a further advance with them.  Told to do it online as the process is quicker.  Queried the valuation (which I knew would delay somewhat) and now the MATs system has had a dicky fit.  Received an email last Friday advising me that I was being offered the lower amount.  After we accepted the lower borrowing were told we would receive the mortgage offer shortly.  Called when I didn't receive the offer on Wednesday and was told that the offer had not been issued due to a technical problem and now we are back stuck at 'valuation reviewed' stage.  How do I expedite this?  Getting really frustrated now and it reminds me why I moved to insurance instead of broking mortgages still.

@fullofcold In your place I’d just put in a formal written (online form, email address or if none of that is an option then Resolver) complaint so it gets to someone who can actually do something.

Finally offered yesterday.  Thank you

Lifeslikethat

Hi
I have a BTL mortgage.  Original mortgage was for 5 years on a fix.  Then got a new 5 year fix BTL mortgage.  After 2 years of the new deal, my circumstances changed and I moved in to the property.  I didn't realise this might be against the terms and conditions so did not tell the mortgage provider, and still haven't.  I have now discovered it is.  I want to clear the mortgage, but am not keen to tell the mortgage provider I have been living there.  I will stay in the property after I clear the mortgage.  Is it possible for the mortgage provider to discover that I have been in the property.  If they discover and I have not told them what are the consequences?  What would be the consequences if I just come clean and tell the mortgage provider?  It was an error, but was not malicious.  I have paid the mortgage throughout.  
TY

K_S

Lifeslikethat said:

Hi
I have a BTL mortgage.  Original mortgage was for 5 years on a fix.  Then got a new 5 year fix BTL mortgage.  After 2 years of the new deal, my circumstances changed and I moved in to the property.  I didn't realise this might be against the terms and conditions so did not tell the mortgage provider, and still haven't.  I have now discovered it is.  I want to clear the mortgage, but am not keen to tell the mortgage provider I have been living there.  I will stay in the property after I clear the mortgage.  Is it possible for the mortgage provider to discover that I have been in the property.  If they discover and I have not told them what are the consequences?  What would be the consequences if I just come clean and tell the mortgage provider?  It was an error, but was not malicious.  I have paid the mortgage throughout.  
TY

@lifeslikethat If you’re in a position to redeem the mortgage (either by paying it off in cash or remortgaging away to a resi mortgage), I’d just go ahead and do that. 

I doubt that there’d be any further consequences from this though in theory if the lenders has sufficient grounds to believe that you committed mortgage related fraud, they could in theory register an entry on a fraud database.

mumsta77

Hi,
I'll try and keep this as concise as I can and not waffle on!
I'm trying to go from a house I own with a mortgage normally to a bigger, detached shared ownership house with Taylor Wimpey Home Stepper.
TW pressured me into using their recommended fa, so I did and 3 days after the valuation was done I got my mortgage declined (porting existing mortgage from Santander). The fa told me the reason was shared ownership and that there wasn't any more he could do.
I then contacted my FA who I've used before and is very good. He put in a new application to Santander on 04/03 (last Mon) after I got an immediate aip with automatic income verification (by putting an extra £10k of my money into the mortgage).
As everything happened within the 2 weeks last time I was expecting it to be the same this time, I'm so anxious and stressed about it.
I've only asked my fa for an update 3 times but each time he has said, 'its in a queue with the underwriters, we should hear back by Mon...then it was Weds/Thurs'...and today when I emailed he said should hear back early next week! He won't answer my questions about whether they've asked for more documents (he has all my docs so wouldn't need to ask me), whether they've picked up the fact I've been recently declined, if they're doing another valuation (non booked) or if he's had to take it to appeal.
Am I being unreasonable asking these questions? I don't do well not knowing and would rather know all the details no matter how small, just so I know something is happening. Today I left a voicemail but he didn't return my call. I know he is busy but in the past he's always been happy to talk things through. I've maybe upset him for going with the TW broker but I have apologised and said I'll never stray again lol! 
Could it be he hasn't heard a word from them in the last two weeks? I need to calm down I know! Thanks for reading 😬

K_S

@mumsta77 I haven’t ever done a Santander port from a standard mortgage to an SO property so I have no idea if it’s possible or not.

I can’t remember off of the top of my head what Santander’s porting process is but often it will be manual when there’s anything non standard involved so it is quite possible that it takes a few weeks to process.

Given that you already had a full application decline from Santander, the crux of the matter is what your broker did before submitting the application again. Hopefully they spoke to you to understand the reason for the decline and to their Santander BDM and confirmed that it is indeed possible to port.

If you’re not borrowing any extra money along with the port and the LTV isn’t any worse, the lender has an obligation to consider the porting application in a certain way that is different from how they would consider a porting app with additional borrowing.

Hopefully all this results in an offer, fingers crossed.

Myci85

Me and my partner are buying our first house together, and we both have LISA savings accounts. I've maxed out the amount I can add each financial year for the government £1000 bonus for the last 2 years and have £10000 sat in mine. My partner opened his but never used it yet. The rest of our deposit is in my personal savings account. We're just about to put through our mortgage application, and will be showing my LISA statement and my personal savings statement to evidence deposit, however its occurred to me that we will have time to benefit from the next tax year's bonus by transferring more across to the LISA in April. 
I'm just wondering, if we've shown the deposit where it is now on application, will it cause issues down the line if we transfer another £4k to both mine and my partner's LISA to benefit from another £2k bonus? We're putting down a £20k deposit in total, so that would mean all deposit monies would come from the LISAs when it goes through, and the extra £2k we can put towards solicitors fees etc.

K_S

Myci85 said:

Me and my partner are buying our first house together, and we both have LISA savings accounts. I've maxed out the amount I can add each financial year for the government £1000 bonus for the last 2 years and have £10000 sat in mine. My partner opened his but never used it yet. The rest of our deposit is in my personal savings account. We're just about to put through our mortgage application, and will be showing my LISA statement and my personal savings statement to evidence deposit, however its occurred to me that we will have time to benefit from the next tax year's bonus by transferring more across to the LISA in April. 
I'm just wondering, if we've shown the deposit where it is now on application, will it cause issues down the line if we transfer another £4k to both mine and my partner's LISA to benefit from another £2k bonus? We're putting down a £20k deposit in total, so that would mean all deposit monies would come from the LISAs when it goes through, and the extra £2k we can put towards solicitors fees etc.

@myci85 As far as the mortgage is concerned, the source of deposit is savings and whether it’s sat fully/partly in savings/cash-ISA/LISA/Premium-bonds should not make any difference.

With respect to your partner’s LISA, do check whether the highlighted condition below applies or not

Myci85

K_S said:

Myci85 said:

Me and my partner are buying our first house together, and we both have LISA savings accounts. I've maxed out the amount I can add each financial year for the government £1000 bonus for the last 2 years and have £10000 sat in mine. My partner opened his but never used it yet. The rest of our deposit is in my personal savings account. We're just about to put through our mortgage application, and will be showing my LISA statement and my personal savings statement to evidence deposit, however its occurred to me that we will have time to benefit from the next tax year's bonus by transferring more across to the LISA in April. 
I'm just wondering, if we've shown the deposit where it is now on application, will it cause issues down the line if we transfer another £4k to both mine and my partner's LISA to benefit from another £2k bonus? We're putting down a £20k deposit in total, so that would mean all deposit monies would come from the LISAs when it goes through, and the extra £2k we can put towards solicitors fees etc.

@myci85 As far as the mortgage is concerned, the source of deposit is savings and whether it’s sat fully/partly in savings/cash-ISA/LISA/Premium-bonds should not make any difference.

With respect to your partner’s LISA, do check whether the highlighted condition below applies or not

Thank you. He opened it with £1 a few years ago as he was almost 40, so all conditions should be met. I just didn't want to muddy the waters by moving some of the savings from my personal account to his LISA.

Needmoreinfo101

Hi,

Looking for some advise.

I am currently on a fixed 1.69% rate until feb 2025 to which im porting to the new property with an additional top up mortgage.

I need advise on whether to fix the top up mortgage for 2 years or 5 years.

The 2 years is an extra £25 a month which isnt the issue i need advice with whether if labour do win the election are rates likely to go alot lower as a simple google search says rates will go up in the long run if labour get in. So am i best fixing for 5 years on top up mortgage to protect the 4.59% rate ive got for 5 years??

Any advise is greatly appreciated.

Thanks