Mortgage broker - ask me anything

haras_n0sirrah

Newbietothisplace said:

Hi.
Bit of background before the questions.
Selling at £330k,  buying at £375k, current mortgage is £33k.  Already have a DIP agreed with Nationwide for the difference but getting a feeling it will take a bit of time for NWBS to process it and we want to move quickly as our buyers are in rented.  Wife is older than myself and NWBS asking for pensionable info as she will be retired whilst i still be at work for a further 5 years when the mortgage finally ends.

We have a few options i think:
1.  Proceed and accept a delay which looks like being 6-8 weeks
2.  Start with a new mortgage application from scratch and see if that will come through quicker
3.  We could afford to pay the @£45k difference from savings and just port the existing mortgage over which i`m hoping would be quicker than 1&2.  As savings rates are so so low, almost pointless saving any more money.
keen to hear from your experience which may be the best course to go for.

Other lenders are faster than nationwide. Are you tied into them? How old will your wife be at mortgage expiry and is her earned income required for affordability

haras_n0sirrah

Moonstar101 said:

Hi, my application was received by Santander on 11/10/20 and a couple of hours later says valuation instructed and then valuation received. Is this an automatic valuation? Does Santander conduct another valuation? Thank you x

It sounds like they have auto valued

haras_n0sirrah

Kirsty9936 said:

Good afternoon  

Could I ask if having too much available credit would be classed as a negative when applying for a mortgage? I currently have £16.5k available to me on 3 credit cards and 2 credit accounts. I have £300 outstanding on 1 card as it stands. Would you recommend reducing the limits or closing one or more of the accounts? 
I'd also like to ask, when I do eventually apply for a mortgage, I will be doing so on my own as my partner has terrible credit. How does him living with me affect things? Presumably I'd have to declare on application he would be moving in...again, would this have a negative affect? He'd obviously be paying his way.

Thanks in advance.

Some lenders will count adult occupiers against you in affordability. Others wont. It will be harder if any of the deposit is coming from him 

Newbietothisplace

haras_n0sirrah said:

Newbietothisplace said:

Hi.
Bit of background before the questions.
Selling at £330k,  buying at £375k, current mortgage is £33k.  Already have a DIP agreed with Nationwide for the difference but getting a feeling it will take a bit of time for NWBS to process it and we want to move quickly as our buyers are in rented.  Wife is older than myself and NWBS asking for pensionable info as she will be retired whilst i still be at work for a further 5 years when the mortgage finally ends.

We have a few options i think:
1.  Proceed and accept a delay which looks like being 6-8 weeks
2.  Start with a new mortgage application from scratch and see if that will come through quicker
3.  We could afford to pay the @£45k difference from savings and just port the existing mortgage over which i`m hoping would be quicker than 1&2.  As savings rates are so so low, almost pointless saving any more money.
keen to hear from your experience which may be the best course to go for.

Other lenders are faster than nationwide. Are you tied into them? How old will your wife be at mortgage expiry and is her earned income required for affordability

Have an ERC for a further 2 years.  At mortgage expiry, wife will be 71, her income wont be needed for affordability but we do want to keep any borrowing in joint names.

Kirsty9936

haras_n0sirrah said:

Kirsty9936 said:

Good afternoon  

Could I ask if having too much available credit would be classed as a negative when applying for a mortgage? I currently have £16.5k available to me on 3 credit cards and 2 credit accounts. I have £300 outstanding on 1 card as it stands. Would you recommend reducing the limits or closing one or more of the accounts? 
I'd also like to ask, when I do eventually apply for a mortgage, I will be doing so on my own as my partner has terrible credit. How does him living with me affect things? Presumably I'd have to declare on application he would be moving in...again, would this have a negative affect? He'd obviously be paying his way.

Thanks in advance.

Some lenders will count adult occupiers against you in affordability. Others wont. It will be harder if any of the deposit is coming from him 

In that case then, am I obligated to say on application that he will be living with me? No part of the deposit will come from him.

haras_n0sirrah

Kirsty9936 said:

haras_n0sirrah said:

Kirsty9936 said:

Good afternoon  

Could I ask if having too much available credit would be classed as a negative when applying for a mortgage? I currently have £16.5k available to me on 3 credit cards and 2 credit accounts. I have £300 outstanding on 1 card as it stands. Would you recommend reducing the limits or closing one or more of the accounts? 
I'd also like to ask, when I do eventually apply for a mortgage, I will be doing so on my own as my partner has terrible credit. How does him living with me affect things? Presumably I'd have to declare on application he would be moving in...again, would this have a negative affect? He'd obviously be paying his way.

Thanks in advance.

Some lenders will count adult occupiers against you in affordability. Others wont. It will be harder if any of the deposit is coming from him 

In that case then, am I obligated to say on application that he will be living with me? No part of the deposit will come from him.

Speak to a broker and choose a lender who will allow him as an authorised applicant without financially penalizing you. Many lenders are fine with it. If you don't have a broker some of us who post here are independent brokers and are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help 

Kirsty9936

haras_n0sirrah said:

Kirsty9936 said:

haras_n0sirrah said:

Kirsty9936 said:

Good afternoon  

Could I ask if having too much available credit would be classed as a negative when applying for a mortgage? I currently have £16.5k available to me on 3 credit cards and 2 credit accounts. I have £300 outstanding on 1 card as it stands. Would you recommend reducing the limits or closing one or more of the accounts? 
I'd also like to ask, when I do eventually apply for a mortgage, I will be doing so on my own as my partner has terrible credit. How does him living with me affect things? Presumably I'd have to declare on application he would be moving in...again, would this have a negative affect? He'd obviously be paying his way.

Thanks in advance.

Some lenders will count adult occupiers against you in affordability. Others wont. It will be harder if any of the deposit is coming from him 

In that case then, am I obligated to say on application that he will be living with me? No part of the deposit will come from him.

Speak to a broker and choose a lender who will allow him as an authorised applicant without financially penalizing you. Many lenders are fine with it. If you don't have a broker some of us who post here are independent brokers and are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help 

Thanks for your help

xx26xx10xx95

I’m going with teachers building society as I am an NQT and no where else were offering mortgages to NQT’s. Have you had any experience with TBS and are there any other lenders willing to work with NQTs? (Just in case)

leahhall2002

I have submitted my application with Kent on the 5th October and not heard anything yet from my broker . Should I chase it up now ? Do they usually do the valuation before looking at the documents ? 

Thanks 

LEC22

Hey. I've got a bank loan that I took the consolidate my debts. I'm making the monthly payments and paying extra to get it down as quickly as I can. I'm aiming to have it down to £5000 or less by the middle of next year and hopefully be in the position to start looking at buying. When I took this loan I chose high monthly payments to get it down as quick as I can. As I currently live at home I have minimal outgoings so I pay 30% of my monthly wage to this loan. Obviously this won't look too good for affordability checks so I'll need to change my loan so my monthly payments are less. Will taking a new loan with lower monthly payments have a negative impact as it will show as a new loan etc? How long should I wait after doing this before looking at the option of buying? Or will this completely ruin my chances? I have no other debt or car finance etc. Thanks.