Mortgage broker - ask me anything

haras_n0sirrah

becky8690 said:

Pre and Post Offer Correspondence

Excludes day of receipt and scanning of post.

12 working days

Is this meant to mean after leeds have requested additional info/documents

It means it the 12 working days starts the following day

haras_n0sirrah

Skuk said:

Hi all, hoping to get some suggestions. 

I have sold my current property SSTC (wasn’t expecting it to sell so quick so I am going to port my mortgage to the next property to avoid ERC). I have just had an offer accepted on a new property and also a new job offer subject to vetting. Although I have a job offer I believe I require a start date to use this job with a higher salary for my affordability  when applying for my new mortgage. My issue is this vetting process can apparently take around 12 weeks and I am in week 6. 

I have had suggestions to start the mortgage application on my current salary and front up the extra in cash (which I would struggle to do) and then change my salary mid process. 

Seller is aware but still seem in quite a hurry- any other suggestions on any other options? I’m also concerned the mortgage process could be done before I receive my start date.

Thanks!

There are some lenders who just require a confirmed start date within the next 3 months. You don't have to have actually started

Bonniepurple

haras_n0sirrah said:

Skuk said:

Hi all, hoping to get some suggestions. 

I have sold my current property SSTC (wasn’t expecting it to sell so quick so I am going to port my mortgage to the next property to avoid ERC). I have just had an offer accepted on a new property and also a new job offer subject to vetting. Although I have a job offer I believe I require a start date to use this job with a higher salary for my affordability  when applying for my new mortgage. My issue is this vetting process can apparently take around 12 weeks and I am in week 6. 

I have had suggestions to start the mortgage application on my current salary and front up the extra in cash (which I would struggle to do) and then change my salary mid process. 

Seller is aware but still seem in quite a hurry- any other suggestions on any other options? I’m also concerned the mortgage process could be done before I receive my start date.

Thanks!

There are some lenders who just require a confirmed start date within the next 3 months. You don't have to have actually started

@Skuk, be careful with this.  I used to work in on boarding for a large government department where we could not even indicate a provisional start date until all the pre employment checks - including vetting clearances - were complete.

davetherave85

Hi, Do you know what the Santander underwriting process is?

I am at the "Your documents and application are being reviewed" stage and received a text Tuesday saying that they will be in touch in 3 working days. Does this mean that it is at the underwriters now and if they are happy they will confirm the offer? Or does it go for further underwriting?

adrianmark

I have a GBP189,000 mortgage which I plan to pay off over the next 10 years through renting out my flat.
I also have GBP 100,000 in the bank that I could either pay towards my mortgage or invest it into a brand new build project which will take 12 months to build.
Should I pump the money into the mortgage or the brand new build?
Really hope you can help.
Many thanks

FTB90

Hi,

what are the current time scales for Halifax?
my application went in Tuesday for a shared equity property, I have a default from 2015 which is satisfied. since then my credit history has been great until recently I was advised to use 1% usage of my credit card which is £13 and paid off on time, but my credit score has now dropped saying my historic balances are more than they were 3 months ago will this effect me?
I had two hard credit checks and a soft affordability check on submission then the £200 valuation fee was taken does that mean it’s okay if it has passed the initial checks?
Thank you 

haras_n0sirrah

davetherave85 said:

Hi, Do you know what the Santander underwriting process is?

I am at the "Your documents and application are being reviewed" stage and received a text Tuesday saying that they will be in touch in 3 working days. Does this mean that it is at the underwriters now and if they are happy they will confirm the offer? Or does it go for further underwriting?

The underwriter queue is pretty long at the moment - If they are saying they will be in touch in 3 working days I assume it is with the doc checker team who will then pass to the underwriter

haras_n0sirrah

adrianmark said:

I have a GBP189,000 mortgage which I plan to pay off over the next 10 years through renting out my flat.
I also have GBP 100,000 in the bank that I could either pay towards my mortgage or invest it into a brand new build project which will take 12 months to build.
Should I pump the money into the mortgage or the brand new build?
Really hope you can help.
Many thanks

I would say it depends on your attitude to risk - may be better speaking to an investment advisor on this one

haras_n0sirrah

FTB90 said:

Hi,

what are the current time scales for Halifax?
my application went in Tuesday for a shared equity property, I have a default from 2015 which is satisfied. since then my credit history has been great until recently I was advised to use 1% usage of my credit card which is £13 and paid off on time, but my credit score has now dropped saying my historic balances are more than they were 3 months ago will this effect me?
I had two hard credit checks and a soft affordability check on submission then the £200 valuation fee was taken does that mean it’s okay if it has passed the initial checks?
Thank you 

Halifax can be pretty quick. The £200 is taken on application so I wouldn't read too much into that.
Halifax are usually around 3 working days so maybe fri/mon you may hear

Chimcess93

Hello, 
First of all thank you for this thread, it’s been really useful! 

We’ve done a mortgage application directly with NatWest, we’ve passed the credit check and are waiting for them to review the documents we’ve sent (payslips, etc). This was received by them Friday evening, and they’ve said 2-4 working days.  Do you know if this is the case for NatWest at the moment, or are they too suffering long delays? 

Thanks!