Mortgage broker - ask me anything

haras_n0sirrah

Madhouse2_2 said:

We have a mortgage application in progress with Natwest. 

Since the application was submitted I’ve come across two recurring monthly payments for old debts to debt collections agencies (1 to Wescot credit (£5.01 & another to Buchanan Clark & Wells £5.04)
Neither of these debts show on my credit files. (They’re over 6 years old) 

On contacting the debt collection agencies in question one of the debts has long been cleared and I’ve been paying for no reason 🤦🏼‍♀️ The other still has an amount outstanding. 

@haras_n0sirrah Could these be flagged up as reasons to refuse the mortgage application?

I dont think on there own it will be too problematic 

haras_n0sirrah

Yasmina_ahmed said:

Hi, I have applied for a residential mortgage with TSB via a broker. I already have a BTL mortgage with TSB, do you think this puts me in a good stead with them and speed up my application? 

It is unlikely to speed up the application. Tsb are currently 7 working days for document checking 

haras_n0sirrah

TheNichols2608 said:

How are things with self build mortgages at the minute? We seem to be getting bumped from every house that we put an offer in on and are wondering if it’s worth going down this road? Thanks

For self build you will need a lot of money. The lenders will typically front 75% of the value of each stage of the build 

peppapig14

haras_n0sirrah said:

peppapig14 said:

nationwide mortgage offer, due to exchange next week and complete 30th October. 
the mortgage offer days the 1st put will come out 1st of the month after competition, so would that be 2nd November? or as completiting last working day of October they would take 1st payment December? 

It wont be within a couple of days of completion. You will get a letter confirming when your first payment will be taken about 2 weeks after completion 

perfect thank you.
another question if you don't mind. when funds 'are requested by solictor to Nationwide ready for competition ( currently 5 days before I believe ), do the funds get released automatically will Nationwide perform more checks? 

TheNichols2608

haras_n0sirrah said:

TheNichols2608 said:

How are things with self build mortgages at the minute? We seem to be getting bumped from every house that we put an offer in on and are wondering if it’s worth going down this road? Thanks

For self build you will need a lot of money. The lenders will typically front 75% of the value of each stage of the build 

So 25% deposit basically at each stage? What kind of deposit for the land? Still 25%?

haras_n0sirrah

TheNichols2608 said:

haras_n0sirrah said:

TheNichols2608 said:

How are things with self build mortgages at the minute? We seem to be getting bumped from every house that we put an offer in on and are wondering if it’s worth going down this road? Thanks

For self build you will need a lot of money. The lenders will typically front 75% of the value of each stage of the build 

So 25% deposit basically at each stage? What kind of deposit for the land? Still 25%?

Last time I looked at self build it was in up to 5 tranches. Land, foundations, walls etc with 75% advanced at each stage. It was a while ago I had the last enquiry granted 

BertieN

Could you please share the current time lines for Barclays applications? Got one currently from 14th August and still pending decision. 

shawlittanne

Our broker submitted our shared ownership  application and after approx 12 weeks we eventually got our mortgage offer after overcoming some hurdles with the lender such as credit reports not updated and reflecting what we had told them so are naturally excited that we have our offer.  We have moved on to convenyancing but the solicitors are saying our mortgage is subject to conditions such as commitments we told them are payed off as detailed in our application of which they need evidence of. 

My concern is our broker made a mistake on our application form stating a credit card would be paid of on completion which wasn’t the case. I notified them over telephone the second I got a copy of the application form from them and sent an email too but wasn’t filled with confidence from  his response of ‘ I don’t know why I got that in my head’ or the fact I had no formal reply to my email which also detailed our phone conversation and the fact it would not be paid on completion. I’m worried that this is going to come back to bite me, and was wondering where I would stand if at all with the brokers or this whole process if my mortgage offer has been based off this as I have proof I informed them and would likely loose the property due to the length of time it’s been. Help is appreciated 🥺

Madhouse2_2

haras_n0sirrah said:

Madhouse2_2 said:

We have a mortgage application in progress with Natwest. 

Since the application was submitted I’ve come across two recurring monthly payments for old debts to debt collections agencies (1 to Wescot credit (£5.01 & another to Buchanan Clark & Wells £5.04)
Neither of these debts show on my credit files. (They’re over 6 years old) 

On contacting the debt collection agencies in question one of the debts has long been cleared and I’ve been paying for no reason 🤦🏼‍♀️ The other still has an amount outstanding. 

@haras_n0sirrah Could these be flagged up as reasons to refuse the mortgage application?

I dont think on there own it will be too problematic 

Thank you 😊 
@haras_n0sirrah
Any idea on NatWest’s current timescales for change of property, new property form was submitted 15/10 
Tracker says valuation has been instructed again 

jojogirly

Could you tell me which would be the better option before we apply. 
We currently have around 6k on CCs,  we have around £20k in savings.  Are we better off paying off the CCs and offering less of a deposit or keeping the money towards the deposit?  Thanks