Mortgage broker - ask me anything

mowgliisaG

Question - we applied for a previous HTB Agent 2 for a property and that house ended up falling through and being sold. We found another house and re applied for the HTB again but have been told the first application is still active and needs to be cancelled by the developer of the first house, anyone had to do this? I can’t get hold of the developer and it is holding up the application. 

Thanks 

Moonstar101

Hi, my application is with Santander and was passed to underwriting this week. On the intermediaries website it says they are reviewing applications for the 25th of Sept. Does this mean they will wait until they get to my date and then complete a hard search? Do yhdh look at the valuation(ours was desktop) right at the end? If at that stage we find out it was down valued what is the process? Thank you. 

claire_n037

I don’t know if  this is the right place to post this but I have a query regarding personal loans and how they impact your application for a new mortgage.

I am in need of a new car, which I will need a personal loan for. I have another loan already with about 3 years left to pay. It would be much cheaper for me as far as monthly payments go, to combine the two and pay them over the next 4 years instead of paying them separately (about £300 per month less) but I’m concerned about the impact taking a new loan out would have on any future mortgage application as we are hoping to sell and move soon. Do lenders usually look at how much the monthly outgoing is or the total loan and term? Thank you 😊 

haras_n0sirrah

claire_n037 said:

I don’t know if  this is the right place to post this but I have a query regarding personal loans and how they impact your application for a new mortgage.

I am in need of a new car, which I will need a personal loan for. I have another loan already with about 3 years left to pay. It would be much cheaper for me as far as monthly payments go, to combine the two and pay them over the next 4 years instead of paying them separately (about £300 per month less) but I’m concerned about the impact taking a new loan out would have on any future mortgage application as we are hoping to sell and move soon. Do lenders usually look at how much the monthly outgoing is or the total loan and term? Thank you 😊 

Generally I would say any changes need to be done with enough time for the credit report to update (so the old one to show closed and the new one to be on there) - I would say 3 months minimum before application
With loans it is the monthly payment they are interested in

haras_n0sirrah

Moonstar101 said:

Hi, my application is with Santander and was passed to underwriting this week. On the intermediaries website it says they are reviewing applications for the 25th of Sept. Does this mean they will wait until they get to my date and then complete a hard search? Do yhdh look at the valuation(ours was desktop) right at the end? If at that stage we find out it was down valued what is the process? Thank you. 

Santander have a fast line and a slow line. If you are in the fast line it will be done earlier than that. The slow line is the one on the website (self employed, adverse etc etc)

haras_n0sirrah

mowgliisaG said:

Question - we applied for a previous HTB Agent 2 for a property and that house ended up falling through and being sold. We found another house and re applied for the HTB again but have been told the first application is still active and needs to be cancelled by the developer of the first house, anyone had to do this? I can’t get hold of the developer and it is holding up the application. 

Thanks 

I haven't come up against this but if that is what Help to buy say then I would keep trying the developer

WorkingHard

mowgliisaG said:

Question - we applied for a previous HTB Agent 2 for a property and that house ended up falling through and being sold. We found another house and re applied for the HTB again but have been told the first application is still active and needs to be cancelled by the developer of the first house, anyone had to do this? I can’t get hold of the developer and it is holding up the application. 

Thanks 

I had similar as we offered on a house that had a previous HTB application on it. We had to get the developer to email HTB directly, and then I sat in the phone queue for a couple of hours to get it actioned. Once that was done we had ATP through in 4 days.
It does need the developer to email them though so you will need to persist with them.

claire_n037

haras_n0sirrah said:

claire_n037 said:

I don’t know if  this is the right place to post this but I have a query regarding personal loans and how they impact your application for a new mortgage.

I am in need of a new car, which I will need a personal loan for. I have another loan already with about 3 years left to pay. It would be much cheaper for me as far as monthly payments go, to combine the two and pay them over the next 4 years instead of paying them separately (about £300 per month less) but I’m concerned about the impact taking a new loan out would have on any future mortgage application as we are hoping to sell and move soon. Do lenders usually look at how much the monthly outgoing is or the total loan and term? Thank you 😊 

Generally I would say any changes need to be done with enough time for the credit report to update (so the old one to show closed and the new one to be on there) - I would say 3 months minimum before application
With loans it is the monthly payment they are interested in

Okay, thank you very much for your reply 😊

JontyDante

Not sure if this is the place to ask, but I will ask and see what you think
Myself and my partner are looking to buy a house. We both have a property to sell. Hers has sold whereas mine is still to get sold. I, unfortunately, have a default and therefore the mortgage will be in her name. That is a different story, we have a solicitor dealing with that.
The issue is that I am looking at possibly remortgaging my home in order to release some money from it in order to put into a new property with my partner. At the same time still trying to sell my property. Is this a feasible idea, and will I need to find a new mortgage lender as I have a default, even though it was for a £12 admin fee I forgot I had to pay after moving house. Quite bitter about that. 

What are your thoughts?
 

haras_n0sirrah

A £12 default isnt going to stop you getting a mortgage as long as it is satisfied. Most lenders have a limit under which they will ignore a default (£200 is typical) provided it is satisfied prior to application.
Remortgaging and gifting money is more problematic due to lenders generally only liking giftor who are blood relatives