Mortgage broker - ask me anything

JJG1984

Hi; Great thread and advice,

 I have recieved this today from my solicitor, should I be worried. Other plots have been sold on mortgages and have moved in 

In the meantime, I have now heard from the sellers solicitor who have advised there is no section 38 or section 104 agreements in place. The section 38 is in relation to the adoption of the roads by the Local Authority and the 104 is for the adoption for the drains/sewers by the Water Authority.

 

As these are not yet in place, should the builder go bankrupt/into liquidation then the responsibility to make the roads/drains/sewers to an adoptable standard would then fall with the homeowners of the estate and the cost would be divided between you. I cannot guarantee, after this, that the Water and Local Authority will take over maintenance.

 

Please advise if you are happy to proceed in consideration of the above and if so, please confirm this in writing. I will also need to report this to your lender (as I also act on behalf of them and their interest) and require your authority to do so. Therefore, again please confirm you are happy for me to report the same to them.



Very worried now

haras_n0sirrah

xx26xx10xx95 said:

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)

Most lenders will work with NQT's  - teachers are geared up to it most but they aren't the only ones who will lend to nqt's

haras_n0sirrah

leahhall2002 said:

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 

I would have expected you to have heard something by now - kent are on about 7 working days

haras_n0sirrah

LEC22 said:

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. 

If you are going to refinance then do it at least 6 months before applying for a mortgage to make sure that there is no cross over on your credit report

haras_n0sirrah

sacvwgolf said:

Morning!
I am currently applying through Nationwide on a FTB 90% LTV with a 16k deposit. I am not overly confident of it being successful (going on by other people's rejection) and I am thinking of selling my car downgrading to a cheaper car to raise funds for a 15% deposit to give me more choice on the market.
My question is what will this look like to a lender as a large sum will go into my account which I'll put in my savings account but technically it's not gifted? How will I prove where it's come from?

As long as you can evidence where it has come from there should be no issue (deed of sale signed by both you and buyer for example)

haras_n0sirrah

JJG1984 said:

Hi; Great thread and advice,

 I have recieved this today from my solicitor, should I be worried. Other plots have been sold on mortgages and have moved in 

In the meantime, I have now heard from the sellers solicitor who have advised there is no section 38 or section 104 agreements in place. The section 38 is in relation to the adoption of the roads by the Local Authority and the 104 is for the adoption for the drains/sewers by the Water Authority.

 

As these are not yet in place, should the builder go bankrupt/into liquidation then the responsibility to make the roads/drains/sewers to an adoptable standard would then fall with the homeowners of the estate and the cost would be divided between you. I cannot guarantee, after this, that the Water and Local Authority will take over maintenance.

 

Please advise if you are happy to proceed in consideration of the above and if so, please confirm this in writing. I will also need to report this to your lender (as I also act on behalf of them and their interest) and require your authority to do so. Therefore, again please confirm you are happy for me to report the same to them.



Very worried now

Be guided by your solicitor - you are paying them to act in your interests.

mowgliisaG

Random question - the buyer of our our house has had their buyer pull out. They are back in the market. If I bought their house through an SPV as a future investment (theres is a lot cheaper then my current home) would this affect my residential mortgage application? I.e the lender for the BTL would credit check me and this would show up to lender for residential. 

Chimcess93

Went to NatWest directly, they’ve got all the paperwork, etc but now they’re asking for our survey before they continue and give us an offer. Is this normal? They’re going their own valuation.

Thanks! 

haras_n0sirrah

Chimcess93 said:

Went to NatWest directly, they’ve got all the paperwork, etc but now they’re asking for our survey before they continue and give us an offer. Is this normal? They’re going their own valuation.

Thanks! 

Are you in scotland and they mean a home report? Usually the lender would do a survey so I am not sure if they mean they need to book one in?

haras_n0sirrah

mowgliisaG said:

Random question - the buyer of our our house has had their buyer pull out. They are back in the market. If I bought their house through an SPV as a future investment (theres is a lot cheaper then my current home) would this affect my residential mortgage application? I.e the lender for the BTL would credit check me and this would show up to lender for residential. 

Where it would mainly affect you is you would need a 25% deposit to buy it. Would that mean you couldn't afford the deposit for both houses?