Mortgage broker - ask me anything

becky8690

We have 2 different joint accounts, one is just a normal account that out wages get paid into, the other we then transfer a lump sum in and then all the bills go out of that account. We can manage our money better this way and whatever if left in our normal account we know is our disposable income. Leeds ha e come back to us today saying they are still trying to figure out our wages and the money moving around. I dont get how difficult it is to understand! Our broker has sent statements again explaining this AGAIN. Is it likely to take another 3 weeks to review?? 

NikNak90

Hi,
We are exchanging and completing on Monday. Our solicitors are expecting the funds from the lender today ready for Monday-when do the lenders do their final credit check? (if they decided to do one). Is it before they release the funds to the solicitors? We have to set up a new broadband package with a new company and i'm hesitant to do this in case the Lender do another credit check and see a new credit agreement etc. We could just wait until Monday to do it but we both work from home and the earlier we can get it set up the better.
Thank you

haras_n0sirrah

becky8690 said:

We have 2 different joint accounts, one is just a normal account that out wages get paid into, the other we then transfer a lump sum in and then all the bills go out of that account. We can manage our money better this way and whatever if left in our normal account we know is our disposable income. Leeds ha e come back to us today saying they are still trying to figure out our wages and the money moving around. I dont get how difficult it is to understand! Our broker has sent statements again explaining this AGAIN. Is it likely to take another 3 weeks to review?? 

I would expect them to match your payslips to the salary credits - have they got the account your salary is paid into?
It will be another 3 weeks I am afraid

haras_n0sirrah

NikNak90 said:

Hi,
We are exchanging and completing on Monday. Our solicitors are expecting the funds from the lender today ready for Monday-when do the lenders do their final credit check? (if they decided to do one). Is it before they release the funds to the solicitors? We have to set up a new broadband package with a new company and i'm hesitant to do this in case the Lender do another credit check and see a new credit agreement etc. We could just wait until Monday to do it but we both work from home and the earlier we can get it set up the better.
Thank you

They can check up until release of funds

hema123456789

Morning

Caught up with my broker today and asked if we’d hear anything back from natwest and he said nothing until the valuation is done

i thought the process was it goes to the underwriters first (checking the natwest intermediaries SLA they haven’t even got to the 13th Oct applications yet) and that they do approve subject to valuations.

I also flagged we haven’t had a hard search on our credit files yet and he said it’s because the credit reference agencies have a bit of a delay getting information on. I pay for the Experian identity service so get notification about any changes and the soft search went in immediately.

maybe the pessimist in me but I think I’m getting fobbed off bigtime?

Is it worth reaching out to natwest myself to ask for an update? 

becky8690

haras_n0sirrah said:

becky8690 said:

We have 2 different joint accounts, one is just a normal account that out wages get paid into, the other we then transfer a lump sum in and then all the bills go out of that account. We can manage our money better this way and whatever if left in our normal account we know is our disposable income. Leeds ha e come back to us today saying they are still trying to figure out our wages and the money moving around. I dont get how difficult it is to understand! Our broker has sent statements again explaining this AGAIN. Is it likely to take another 3 weeks to review?? 

I would expect them to match your payslips to the salary credits - have they got the account your salary is paid into?
It will be another 3 weeks I am afraid

Yeah the payslips match the account but they are apparently confused with the money moving, I cannot be the only person in the world that has a separate "bill account"
My broker seems to think it shouldn't take 3 weeks, he said he went through it with them

mairi61

Good afternoon....looking for some advice please? Mortgage agreement is up for renewal soon(Nov)
Have recently retired, have savings sitting in an offset account (LTV is currently 20%)equal to my outstanding mortgage. Hence, not paying interest on mortgage, but not gaining interest on savings.  In current economic circumstances, would you advise continue with same or...? Would welcome any advice, thanks.

lookstraightahead

Hello - this is so useful, thank you.  I've just read the whole of this thread! So we are 50 and 52 and looking to buy a property together. We have both had mortgages in the past but have rented for years, together. 
I have a secure part time job of £15600, my husband has a part time job now out of probation on £15500. He has income from a business, but we are not going that route due to furlough, and he also has a PAYE job which is zero hours but he has been doing it for over a year and has pay slips proving he has earned £5000 over the year. We have £100,000 deposit, no debt, no loans, no adverse credit. We can have about £20000 gifted to us.  We do have a high credit availability (clear). We have seen a property for £260000. As we are older, have part time (permanent) jobs etc will this go against us and is this doable - could do with £140000 mortgage. Husband could up his shifts if needed.

Shoppadolley

Hello!

I called Yorkshire building society last week about applying for their 5* salary mortgage after a DIP. They said that currently they are only taking applications from people with a 25% deposit. We have about 20% ish. Has this changed do you know? I can’t find any mention of it online!
thanks

Shoppadolley

Or do you know of any products from accord that offer 85% ltv on 5* income (just under)!