Mortgage broker - ask me anything

K_S

https://forums.moneysavingexpert.com/discussion/comment/81897502#Comment_81897502

@Guna I don't see anything to worry about.

9/10 times, the identity checks will be done fully online, no documents are needed. HSBC doesn't usually ask for proof of deposit either.

For normal PAYE applications relying on basic pay, all HSBC needs as standard packaging is 1 payslip.

Timelines for offer on purchase apps - for straightforward applications, it primarily depends on two things, how busy they are (you can see average service levels on their website) and how long a physical valuation (if needed) takes. You could get the offer through in a couple of days if it's a desktop valuation and they aren't busy, it could take a couple of weeks if they are busy and/or the valuation appointment is delayed.

Good luck, hope your offer comes through quickly!

Guna

Thanks @LondonBuyer and @K_S

I got a call from the valuation company that it's been completed and sent off to HSBC on Friday. They wouldn't disclose the results bus assured me that I should hear from the bank shortly with a decision.

I would have thought they'd have more questions about my ID since I am a EU national and previously I was asked to provide evidence of residential status. But maybe it was the previous broker being extra cautious and Halifax didn't ask for any documents either. Who knows - I never thought to ask!

But it sounds like a single payslip is all they want so fingers crossed. Thanks again

london21

Mortgage expiring soon 1st April and due for remortgage.

What do you reckon, 2,3 or 5 years thought rates would have dropped further but now the Iran war.

Thinking 2 years fixed no product fee or 5 years with £999 product fee or 3 years with product fee of £999.

Virgin money

2 Year Everyday Fixed

No product fee 4.04%

£999 product fee 3.72%

3 Year Everyday Fixed

4.15% no product fee

3.8% £999 product fees

5 years fixed

4.02% no product fee

3.89% £999 product fee

theonenonly

Bit of a personal question: since the gilt markets have been going since the start of the war has been really busy for you/other brokers, or is it business as usual?

K_S

https://forums.moneysavingexpert.com/discussion/comment/81922959#Comment_81922959

@theonenonly I'm only a one-person band with all my clients coming from referrals, so not particularly representative of the larger industry.

With that caveat, I haven't seen any noticeable difference. People who need to remortgage still need to remortgage and for most of my remo clients I try and secure a mainstream rate 8-9 months in advance to try and mitigate against sudden changes in the market.

From experience, 1 in 10 of my purchase clients might be rate-watchers but most (especially FTBs) are largely insensitive to the kind of rate movements we've seen.

The only thing I did different was accelerate a couple of pending mortgage applications when the lender or BDM sent out warning of impending product rate hikes a day or two before it happened.

Carfixer93

Morning,

Do you think the current spike and removal of products are because the banks are waiting to see what/if there is any changes to the upcoming rate announcement and if so will things ultimately settle when they confirm what/if there is any change?

feynman33

Hello,

Is there any value in seeing a broker, vs say mse best buy, if you dont have any unusual circumstances and aren't borrowing too close to your limit?

Cheers