Mortgage broker - ask me anything

haras_n0sirrah

Shoppadolley said:

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

if your income is high enough some lenders do still do 5x

haras_n0sirrah

Shoppadolley said:

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

This is on Accords website - maybe this has something to do with it? Accord have 85% products
We’re standardising Loan-to-Income caps for all incomes
21/10/2020

LTI is temporarily updated to 4.49x for all income levels.

haras_n0sirrah

lookstraightahead said:

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.

Most lenders will go to age 70 without too many issues. Doing a very basic affordability check if using the 0 hour as well (need 1 year track record) I am getting around 162k borrowing

haras_n0sirrah

mairi61 said:

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.

If you are 100% offsetting I would just carry on - usefull to have access to money in a crisis

haras_n0sirrah

hema123456789 said:

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? 

Natwest instruct the valuation upfront as far as I am aware

improving47

Hi, 
We have just been declined a mortgage with platform, they will not give us the reason, other than third party reason but nothing else. 

We’re both on a decent income and our mortgage broker was so confident we would get an offer so we are in shock. 

What would you recommend my next steps are before considering another application? 

Thank you in advance 

Nile_E_Coyote

Applied for a mortgage with RBS. Uploaded pay slips etc and few days later it said they received them. Said it would take 2-4 days to review and update status. We are coming towards the end of the 4th working day. Is it normal for things to drag on?

haras_n0sirrah

improving47 said:

Hi, 
We have just been declined a mortgage with platform, they will not give us the reason, other than third party reason but nothing else. 

We’re both on a decent income and our mortgage broker was so confident we would get an offer so we are in shock. 

What would you recommend my next steps are before considering another application? 

Thank you in advance 

The broker needs to call the BDM and see if they can get any more information as to what 'third party reason' means - is it something like a cifas?

princeofpounds

Apologies if you've been asked this before - any thoughts on offset mortgages? I am looking to remortgage and raise a significant amount of capital to buy another property with cash, but the timeline for doing that is quite uncertain and may be a year or so. As a higher rate taxpayer, it's not easy to find places where I can cover most of the interest in a low risk manner for such a large sum, so I was wondering if an offset account would be a sensible and flexible way to deal with this.

haras_n0sirrah

princeofpounds said:

Apologies if you've been asked this before - any thoughts on offset mortgages? I am looking to remortgage and raise a significant amount of capital to buy another property with cash, but the timeline for doing that is quite uncertain and may be a year or so. As a higher rate taxpayer, it's not easy to find places where I can cover most of the interest in a low risk manner for such a large sum, so I was wondering if an offset account would be a sensible and flexible way to deal with this.

Your situation is what they are invented for so sounds like a very good option for you