Mortgage broker - ask me anything

littlemissam

Thanks so much for replying, we are using a Broker so maybe we need to see if there is some other reason like you say x

pennypincher64

Hey haras_n0sirrah, 

I hope you are well. 

I've a feeling something isn't quite right with my life insurance.

It was set up through my mortgage broker (which felt like a positive experience to be honest in regards to buying the house but I'm just uncertain about life insurance through them(). 

The mortgage has 24 years remaining and £67k left.

 The life insurance finishes in 2035 which is obviously less than 11 years away, and covers £74k, which decreases over the minus 11 years left of the life insurance policy. (Supposedly we wou

The life insurance is £27.25 a month ( last year I asked if we could get a better deal and it actually went up £1 a month which didn't sit right with me). 

Clearly the timing doesn't match up, neither does the amount and the monthly price feels a bit steep? (Supposedly we would get a new deal at that stage - which to me feels a bit risky, especially if circumstances change?). 

Please let me know your thoughts I would appreciate it. 

Thank you very much. 

Penguin_

HI all

Just a quick one (hopefully).

When entering figures etc to get a DIP, do I have to include any credit cards that currently have a balance but wouldn't have a balance when we looked to get a mortgage? So say I have £5k worth but these would be paid off in full by the time we get a mortgage, should they be included?

kingstreet

Penguin_ said:

HI all

Just a quick one (hopefully).

When entering figures etc to get a DIP, do I have to include any credit cards that currently have a balance but wouldn't have a balance when we looked to get a mortgage? So say I have £5k worth but these would be paid off in full by the time we get a mortgage, should they be included?

Yes. Include them and mark them as "to be repaid on/before completion." Some lenders still include such credit in affordability (Platform/Santander) as do others if the LTV is high (Halifax/Nationwide), so be careful.

Penguin_

kingstreet said:

Penguin_ said:

HI all

Just a quick one (hopefully).

When entering figures etc to get a DIP, do I have to include any credit cards that currently have a balance but wouldn't have a balance when we looked to get a mortgage? So say I have £5k worth but these would be paid off in full by the time we get a mortgage, should they be included?

Yes. Include them and mark them as "to be repaid on/before completion." Some lenders still include such credit in affordability (Platform/Santander) as do others if the LTV is high (Halifax/Nationwide), so be careful.

Ok thanks, do you know any lenders that have the ability to mark them as to be repaid on/before completion on thier online DIPs?

kingstreet

I have no knowledge of lender direct DIP facilities but avoid the ones mentioned. See what is requested when you get to the existing credit section.

Fkhan95

Hi,

Just wanted to know if Santander accept sole trader income with a late self assessment filing, and therefore late tax payment. I think I read somewhere in their documentation that ‘overdue tax is not accepted’. Does this mean a) they won’t accept income where tax is still outstanding or b) wont accept income self employed for a year where tax was paid late.

Thanks

annetheman

Hi K_S

You probably have answered this before so sorry for the repeat...!

I may have a job offer within the same company, different department and job title. Slight pay increase. Is this something I need to tell me lender (Santander) as I have the offer but not yet drawn down (in the queries stage)? Or should I ask my employer to wait on changing anything like pay (my job title isn't on my payslips).

Thank you so much, you are so helpful!!!

K_S

Fkhan95 said:

Hi,

Just wanted to know if Santander accept sole trader income with a late self assessment filing, and therefore late tax payment. I think I read somewhere in their documentation that ‘overdue tax is not accepted’. Does this mean a) they won’t accept income where tax is still outstanding or b) wont accept income self employed for a year where tax was paid late.

Thanks

@fkhan95 I can’t speak for your specific case or Santander off of the top of my head, but generally speaking I can’t recall a lender declining to consider sole-trader income because they paid their taxes late.

K_S

annetheman said:

Hi K_S

You probably have answered this before so sorry for the repeat...!

I may have a job offer within the same company, different department and job title. Slight pay increase. Is this something I need to tell me lender (Santander) as I have the offer but not yet drawn down (in the queries stage)? Or should I ask my employer to wait on changing anything like pay (my job title isn't on my payslips).

@annetheman Can’t speak for your specific case, but generally speaking - as long as there’s no adverse change in hours, terms or remuneration (salary and any other monetary benefits), it is unlikely that a move within the same employer counts as a material change to the lender.