Mortgage broker - ask me anything

smallblueplanet

K_S said:

@smallblueplanet Unless I've misunderstood your question, mortgage debt that is being paid off (replaced with a new mortgage) as part of the move is disregarded for affordability purposes.

It is indeed the total amount that you're looking to borrow as part of the move that will be used to assess your affordability.

Thanks, I guess I'm getting confused with something like applying for a loan/credit card and outstanding debt.

Egeorge0121

https://forums.moneysavingexpert.com/discussion/6190962/mortgage-broker-ask-me-anything

Do you have brokers who approach:

Hinckley & Rugby BS

Saffron BS

Leek United BS

Bath BS

Market Harborough BS

Tipton & Coseley BS

Mansfield BS

Buckinghamshire BS

Melton Mowbray BS

K_S

@egeorge0121 If it's a 'whole of market' (not an officially used term anymore) broker then you should be able to arrange mortgages from smaller BSs like the ones you've listed.

In practice, most brokers will use them for specific requirements - for example Leek used to be good for regulated BTL, Vernon for non-standard interest-only, Bucks for some adverse-ish product lines, etc.

https://forums.moneysavingexpert.com/discussion/comment/81875811#Comment_81875811

snowqueen555

I've just been told that the 2 bed flat I was about to buy (both bedrooms formed from a loft conversion pre 90's), does not have the building control sign off certificate, which is a common issue. The problem is the property was marketed as a 2 bed flat, so I'm wondering if I ever come to sell it, what it would be classed, or if this is worth steering away from. It is at a discount, but with so many unknowns I'm not sure what is a good price, or if it's worth the risk.

Thanks

K_S

https://forums.moneysavingexpert.com/discussion/comment/81879152#Comment_81879152

@snowqueen555 If you're paying a price that's appropriate for a loft conversion flat, and the mortgage goes through fine (both the application and the conveyancing) then that ticks a few boxes at least when it comes to future saleability.

Unless I'm mixing your username up with someone else who's been looking for a good while now, I'm surprised you're still in the market! :)

Looking back the last 15 years, I can't think of a better time to be in the market for a 1-2 bed used flat in/around London than the past year and a half or so. Plenty of stock, lots of motivated sellers and prices as soft as they've been for a long time. The top 10% (layout and location) will still command a premium but there's still a lot outside that on the market.

Good luck, I hope you find a suitable flat!

in_my_bumble_opinion

Can anyone advise with these 2 questions?

Since last applying for a mortgage we have a couple of new circumstances:

We receive a fixed monthly payment from our LA to self-transport our kids to school (this is via a contract between ourselves and the LA). Essentially, the payment is to cover costs (a mileage allowance). The payment is significant as the distances involved are large. Would this count as income?

The second question is about my earnings. Basically, my monthly pay is always significantly higher than my contract. This is because there is frequently an overnight element which is not part of my contracted hours. On top of this there is always some overtime. What it means is that my average take home pay is about one third higher than my contract (averaged across the last year). So, do lenders only look at the contract or do they look at the average take home pay over a period? Or does this depend on the lender?

We are expecting to move within the next year so I'm trying to plan ahead.

Thanks.

silvercar

If you want the LA transport payment to count as income, you will have to expect the costs to be included in your expenses. The other way is just to mark the expense as reimbursed.

kingstreet

https://forums.moneysavingexpert.com/discussion/comment/81890301#Comment_81890301

The inclusion of variable extra income is lender dependent. Some will take 50%, some, more. You'll need to evidence it over 3 - 6 months. If you need 100%, you'll probably need a couple of P60s. A decent broker can sort this for you.

Guna

I have a query about mortgage application process.

My broker sent off application to HSBC on the 18th of February. On the 19th I got a text from the valuation company confirming that they were instructed.

It is the 24th today and the lender still hasn't requested any supporting documents. The only document requested by my broker is a payslip. Now, I understand that the bank can do credit check internally but, surely, they would require an ID and proof of deposit asap?

I am looking to complete as quickly as possible as the previous purchase has been dragging on for 18 months and I will be looking to pull out. I am reluctant to do it before I get a mortgage on the new property. Is this to be expected? Should I worry about the timeframe?

Previous mortgage offer was issued within two weeks and it's already been nearly a week with no documents requested.

LondonBuyer

@Guna I've just got my remortgage offer from HSBC and all I needed to provide was a single payslip. Took about 8 working days from initial application