Mortgage broker - ask me anything

haras_n0sirrah

flavianatill said:

When getting a mortgage, what looks worse for the lender - having debts on credit carda or loans? Or is it the same?

credit cards will be 3% of outstanding balance (as per the credit file) - loan will be monthly payment. It is treated the same

haras_n0sirrah

Petriix said:

Edit: that turned into an essay, will start a new thread... 
Nationwide additional borrowing:
We applied online on 16/10 for £25k of additional borrowing which will take us to 27%  LTV and ~ 2 x total income over 26 years. We originally borrowed £45k in 2016 and have built up ~ £10k in overpayments and overpaid in most months this year.

We are both self employed and have both received the SEISS grants. The application didn't ask about Covid impact or support. They only asked for two years' SA302s/Tax Year Overviews and three months' bank statements which we emailed in right away.

We both received texts yesterday saying it may take up to 4 weeks to process. I'm sure they will ask for more information. My question is: should we preempt this and send additional documents through now, and what are they going to ask for?

We could send through an explanation of why we took the grants, proof that business income has returned to normal, proof of tax credits, annotated bank statements explaining outgoings etc. Would there be any value in doing this, or do we just need to wait it out?

If anyone has recent experience with this sort of application with Nationwide, some insight would be greatly appreciated.
Thanks 

Nationwide are tricky at the moment - if you have 3 months business statements showing income returned to normal then you should be ok. They are not keen on people who have taken the mortgage payment holiday and overdraft usage. You may get a question on the grants but you probably need to wait to be asked.

Dinpraad

Hes has just called Natwest and apparently there is a CIFAS marker against his name 3 years ago with Metro Bank as someone paid money into his account which was investigated and eventually had the account closed. 
Question now is that are there any lenders if any who will look at his case? Would it have to be a specialist lender or there are some high street lenders who will still lend?

haras_n0sirrah

Dinpraad said:

Hes has just called Natwest and apparently there is a CIFAS marker against his name 3 years ago with Metro Bank as someone paid money into his account which was investigated and eventually had the account closed. 
Question now is that are there any lenders if any who will look at his case? Would it have to be a specialist lender or there are some high street lenders who will still lend?

The CIFAS will make it tricky - do you know what category? Did he deserve the marker (i.e. being honest with himself was the transaction dodgy) or is he contesting it?

newhome2003

Hi! 

Myself and my partner have applied for a mortgage - it is due to be reviewed on 26/10. He is being asked to do a 4day week supported by the government job support scheme from November - will this affect our mortgage? I’m petrified this will affect our application. When do lenders complete their employment checks? 

Dinpraad

haras_n0sirrah said:

Dinpraad said:

Hes has just called Natwest and apparently there is a CIFAS marker against his name 3 years ago with Metro Bank as someone paid money into his account which was investigated and eventually had the account closed. 
Question now is that are there any lenders if any who will look at his case? Would it have to be a specialist lender or there are some high street lenders who will still lend?

The CIFAS will make it tricky - do you know what category? Did he deserve the marker (i.e. being honest with himself was the transaction dodgy) or is he contesting it?

He contested it ie was advised by CIFAS to contact the banks involved to remove the record. He did but Metro bank said they were unable to remove it from my record as they are within their right to do so.

The case type recorded with CIFAS: Misuse of facility 

LDreader

Hi
Barclays have declined our application because we fail affordability. The reason given is a large part of our Universal credit was ignored due to two of our children being over 13. (Our earned income is topped up by UC) Do all mortgage providers ignore benefits for over 13s or is there anyone who might accept it? 
Thanks in advance.

de_madon

Firstly can I just say thanks for all you are doing on this thread

Our buyer has been attempting to get a mortgage offer for around 12 weeks now.
They received their proposed offer yesterday from the Halifax but for a lesser amount than they had applied for.

We have now lowered the sale price and their broker has sent in all the new details....a desktop valuation will be carried out.

In your experience should this be a quick process now or will this need to go right through the process again
Thank you

RetSol

I am 56 and have an interest-only mortgage at BoE base rate + 0.89% with an  LTV of c. 17%.  The mortgage is repayable when I'm 60.  I have sufficient funds to repay it but I will probably wish ideally to remortgage on interest-only terms when the time comes.  My income consists mainly of a civil service pension and I will receive a full state pension at age 67.  What advice do you have about the timing of the remortgage and the market for someone in my position? I am getting ahead of myself a bit but, since you are here, I would be grateful for advice about the market. 

haras_n0sirrah

newhome2003 said:

Hi! 

Myself and my partner have applied for a mortgage - it is due to be reviewed on 26/10. He is being asked to do a 4day week supported by the government job support scheme from November - will this affect our mortgage? I’m petrified this will affect our application. When do lenders complete their employment checks? 

Technically speaking you should declare as it is a material change to your application.