Mortgage broker - ask me anything

haras_n0sirrah

jojogirly said:

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

It completely depends on your affordability and deposit as to which option is better. If you have good salaries and a small deposit then it would be better to put down a larger deposit, if you have small salaries and a large deposit then pay off the credit cards.

haras_n0sirrah

peppapig14 said:

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? 

lenders reserve the right to check until completion

haras_n0sirrah

BertieN said:

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

14th aug? Barclays are at about 6 working days. Have you been asked more questions or have you heard nothing?

haras_n0sirrah

shawlittanne said:

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 🥺

Does it fit the affordability with the commitment staying? That will be the crucial thing

haras_n0sirrah

Madhouse2_2 said:

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 

about 10 working days for natwest atm

MSN2220

Hi! My application with KR was submitted on the 8th Oct, however no response yet. Is this normal or should I be chasing? 

Thanks! 

sim2335

Nationwide - 2 personal loans 

3863

3919

Paying 200 a month this was my brothers debt so he pays that when he can

My main problem with this one is payment holiday now ended I don’t know what to do 

• let them rewrite the loan and just pay 200 or less a month and soon my brother could pay again and get arrears removed and use money to clear other debts, however old debt would show as settled and everyone would avoid me giving a mortgage how bad does settled look?

• Pay of the 2000 arrears slowley was 700 but because of payment hoilday they added  arrears, as this may be best way to get a morgatge, if I continue paying as normal.

Also I’ve had debts with diffent banks over 10 years that defaulted etc no way they would give me a moragte now, and if no, some bank I can’t rember so how to avoid applying with them by mistake?

thanks 

Swash

Hi all,

We recently applied for mortgage with TSB. The valuation was done within a couple of days with no issues, and our broker told us we should have our offer the following week. A couple of days later, our broker received our memorandum of sale and realised it was a leasehold house that we are buying. He said he will have to tell TSB about this. We were unaware that it would make a difference in terms of a mortgage offer so never specified it was leasehold to our broker.

We are still waiting to hear about our offer, but a credit check was carried out on 12th October by TSB (showing on Experian).

Is the fact that it is a leasehold property likely to affect our mortgage offer? Do you have any idea of how long it will take for us to receive the offer, given that originally we were told a couple of weeks? I really hope this mix up hasn't messed up our offer.

Thanks in advance!

haras_n0sirrah

Swash said:

Hi all,

We recently applied for mortgage with TSB. The valuation was done within a couple of days with no issues, and our broker told us we should have our offer the following week. A couple of days later, our broker received our memorandum of sale and realised it was a leasehold house that we are buying. He said he will have to tell TSB about this. We were unaware that it would make a difference in terms of a mortgage offer so never specified it was leasehold to our broker.

We are still waiting to hear about our offer, but a credit check was carried out on 12th October by TSB (showing on Experian).

Is the fact that it is a leasehold property likely to affect our mortgage offer? Do you have any idea of how long it will take for us to receive the offer, given that originally we were told a couple of weeks? I really hope this mix up hasn't messed up our offer.

Thanks in advance!

It will need to be sent to the surveyor to see if it affects the value. They will also want to know length of lease, whether there is a ground rent or service charge and if the ground rent has any onerous  clauses 

haras_n0sirrah

MSN2220 said:

Hi! My application with KR was submitted on the 8th Oct, however no response yet. Is this normal or should I be chasing? 

Thanks! 

Kent are on about 7 working days so I would expect something around tue