Mortgage broker - ask me anything

Moo1983

Is it possible to get a mortgage on a house where the kitchen and bathroom are in the conservatory, rather than the main house? 

silvercar

Moo1983 said:

Is it possible to get a mortgage on a house where the kitchen and bathroom are in the conservatory, rather than the main house? 

Depends whether the conservatory has been built to building regs standards to be a room of the house, rather than a temporary structure.

homeless9

I will soon be in the 4 months mortgage renewal stage (my first renewal)....

I planned to just pick another 5 year fixed term with the same lender (Santander)....

My mortgage broker has been emailing me offering their services.... but I was thinking to myself - why do I need their help...I can just renew online myself pretty easily as early as ~4 weeks time.

Can I simply say to the broker....I will see what Santander is offering me in February. I will let you know what the rate is and if you can contact Santander yourself and get me / negotiate me a better rate with Santander then I'll go through you.

Reece_

Where do I start with looking for a mortgage broker? I’m very confused as to the pros of the big companies like habito vs the independent ones. Our scenario is a RTB property, one applicant self employed, other on maternity although likely to be back in full time work before a mortgage commenced . 

silvercar

homeless9 said:

I will soon be in the 4 months mortgage renewal stage (my first renewal)....

I planned to just pick another 5 year fixed term with the same lender (Santander)....

My mortgage broker has been emailing me offering their services.... but I was thinking to myself - why do I need their help...I can just renew online myself pretty easily as early as ~4 weeks time.

Can I simply say to the broker....I will see what Santander is offering me in February. I will let you know what the rate is and if you can contact Santander yourself and get me / negotiate me a better rate with Santander then I'll go through you.

No reason why not. That’s an honest approach. But why not be open to other lenders if your broker can find a better deal elsewhere?

silvercar

Reece_ said:

Where do I start with looking for a mortgage broker? I’m very confused as to the pros of the big companies like habito vs the independent ones. Our scenario is a RTB property, one applicant self employed, other on maternity although likely to be back in full time work before a mortgage commenced . 

Ask friends and family for recommendations.

Reece_

silvercar said:

Reece_ said:

Where do I start with looking for a mortgage broker? I’m very confused as to the pros of the big companies like habito vs the independent ones. Our scenario is a RTB property, one applicant self employed, other on maternity although likely to be back in full time work before a mortgage commenced . 

Ask friends and family for recommendations.

Thanks but to clarify I’m more meaning why we should look at something like habito over an independent broker or vice versa? Are the larger companies more likely to have unique offers and more lenders available to them? 

Unfortunately we have no friends or family in the area nor anyone that has used a broker anywhere near recently. 

RedBalloon

Overpayment Faff

I deliberately got a mortgage with a 10% overpayment facility.
At the end of last year, I had a small windfall and paid some of my overpayment allowance.
I could see on my app that my usual monthly payment amount immediately decreased. Which isn't what I wanted. 
So I contacted my bank (Halifax) and requested that this was to 'shorten the term'. 
However, they proceeded to make me jump through hoops - citing it was new FCA rules from last year, to 'ensure I could afford to do so' - (er afford to make an overpayment I've already made?).

1) Is this correct?
2) Should I have been subjected to a 2 hour video call during which they tried to sell me critical illness cover, life insurance and building & contents insurance?
3) Why do other banks offer people this option without the unnecessary intrusion?
4) Am I going to have to suffer this each subsequential year when they do their 'annual review' of my account and I've overpaid an amount?

K_S

Moo1983 said:

Is it possible to get a mortgage on a house where the kitchen and bathroom are in the conservatory, rather than the main house? 

@moo1983 I guess it depends on how much the 'conservatory' differs from a normal rear extension.

If the extension is standard (brick built, tile/slate/flat roof, cavity wall) and attached properly to the house, I don't see why it would be an issue. It's not uncommon for small 2 bed terraces to have a downstairs-only bathroom and/or a small kitchen in a rear extension.

K_S

homeless9 said:

Can I simply say to the broker....I will see what Santander is offering me in February. I will let you know what the rate is and if you can contact Santander yourself and get me / negotiate me a better rate with Santander then I'll go through you.

@homeless9 Yes you could do that but it's pointless. The broker can't 'negotiate' rates with Santander (or any lender) and Santander does not offer different PT rates through brokers. You can see the Santander broker PT rates here.

Is there any reason you're sticking to a Santander PT (staying with current lender) as opposed to looking at a remortgage (changing lenders) in the whole market? Over a 5 year fix, even a small interest rate difference can mean a significant saving on an average sized mortgage. 

I would suggest having a look at the MSE remortgaging guide here https://www.moneysavingexpert.com/mortgages/remortgage-guide/

All the best!