andyd12345 3:58 Tue Oct 25
Mortgages
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Any mortgage brokers / underwriters on here?
Wondering how strict all these supposed post-crash rules are? We are keeping our current property and we only ever registered it in my other halves name, so the new house will be only in my name, effectively as a first time buyer. Got my mortgage appointment with Barclays tomorrow, but getting different reports as to how long it takes to approve. Anyone got any experience with them? Plus, what does the mortgage Underwriting actually involve? Do they go through bank statements with a fine tooth comb or are they just looking to match payslips to credits? LTV is roughly 75%, borrowing is roughly £50k less that agreement in principle indicated so hoping affordability shouldn't be an issue, but who knows. We are the last link in the chain, so once our mortgage is done then we can complete.
Any experiences would be appreciated!
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Replies - Newest Posts First ( Show In Chronological Order)
w4hammer
12:39 Wed Feb 8
Re: Mortgages
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I worked in retail banking from 1988 to 2009 and I remember when prices fell and interest rates soared. I remember us offering a fixed rate of 12.95% and it was gobbled up in a day back in the early '90's
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ha i rem natwest brought out a two years 14.25 % and it saved my life /house! Crazy days
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J.Riddle
12:34 Wed Feb 8
Re: Mortgages
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Seems churlish not to borrow a little extra for those little extras, as long as it's not blown on coke, casinos and hoes, can't take the debt with you.
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Grumpster
12:16 Wed Feb 8
Re: Mortgages
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I stuck 40k on my mortgage and drank the lot.
Basically don't do that!!!
I mean I don't regret it as I had a great couple of years and don't have kids, but it is stupid really when I think of what I could have done with the money.
I'll be dead fairly young and can't be doing with fucking worrying about spending too much, so completely understand Soldo's stance on it.
Like the 100 year old people who claim they've lived so long as they've never drank, smoked, taken drugs, taken it up the arse etc.
No point living that long basically the boring old farts!!
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Northern Sold
11:56 Wed Feb 8
Re: Mortgages
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Stick to your cacky amazon firebox.... look I've had 15 holidays to the US and completely revamped the gaff.... that's all that mattered...
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Spandex Sidney
11:52 Wed Feb 8
Re: Mortgages
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I'm with Mace here. Fucking madness. Borrowing 65 GRAND and after paying off your credit cards you just have enough for a holiday?!?
I worked in retail banking from 1988 to 2009 and I remember when prices fell and interest rates soared. I remember us offering a fixed rate of 12.95% and it was gobbled up in a day back in the early '90's
I fear that any fall back in prices and/or interest rate increases will royally fuck so many people because they have taken all their equity out to buy a BMW. Inflation is already increasing, it keeps doing that and interest rates will start to follow.
A 2% rate rise adds £4000 a year to a £200,000 mortgage, can you imagine what would happen if we saw anything like the 12.95% days again?!
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Mace66
11:27 Wed Feb 8
Re: Mortgages
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but you could have come camping in the UK with my mob instead
ag ;-)
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Northern Sold
5:54 Tue Feb 7
Re: Mortgages
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Blimey mace if I would done what you had done I would never have had 15 holidays to the US and my kitchen and bathroom would have looked like something out of the Victorian ages.... interest rates as they are it's like free money... well apart from you have got to pay it back that is... with a tiny bit added on
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Mace66
5:51 Tue Feb 7
Re: Mortgages
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you should come live in Dubai with me then, they're lovely and warm out here ;-)
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1307
5:27 Tue Feb 7
Re: Mortgages
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.but the streets are too cold for me, mace.
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Mace66
5:15 Tue Feb 7
Re: Mortgages
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Jesus, some of this stuff is eye-watering !!
Borrowing money to pay off loans, go on holiday etc etc.
Firmly old school me, if you ain't got it you don't spend it.
Maybe that's why i don't have a mortgage anymore ...
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mattyolmes
11:39 Mon Feb 6
Re: Mortgages
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This bunch sprted us out well - all by phnoe mind but seemed honest and stand up
London and Country - independent so look at all the banks/ socienties etc
https://www.landc.co.uk/
no i'm not on commission
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Charoo
9:49 Mon Feb 6
Re: Mortgages
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My house went on the market today and offered on another on Saturday. So going through this at the moment. I wanted interest only for a couple of years but unless one of you earn £100k basic none of the big lenders will touch you interest only.
A provincial lender offered £200k interest only at about 2% and any additional lending as repayment - mix and match - but they are forensic on how they go into it. I'm probably going to go repayment now and have agreement in principle with Natwest but First direct have the best deals for what I want to borrow so will see a mortgage advisor this week.
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mallard
9:11 Mon Feb 6
Re: Mortgages
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Cheers Sold and Stats - I'm going for it, fed up of having fuck all left over each month
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Northern Sold
5:57 Mon Feb 6
Re: Mortgages
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mallard... I had 6 sub accounts (remortgages) on our mortgage.... normally for home improvement with a holiday chucked in... helps when you buy your gaff for £55k mind you (worth over £300k now) ... paid off all but one of the sub accounts now (interest free loan from Mum) so just got them out of the way... but I'd deffo do it again in the same position that I was...
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stats
4:37 Mon Feb 6
Re: Mortgages
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mallard 3:04 Mon Feb 6
Have just borrowed another £65K against the equity in our house. We paid off loans and credit cards and had
enough for a holiday to New York and Florida in July and we are still £600 per month better off.
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mallard
3:04 Mon Feb 6
Re: Mortgages
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Is there some sort of stigma attached to remortgaging ?
I've got about 120k equity in my house but struggling with loan/credit card repayments that amount to nearly 20k and seriously considering it
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REALGSA
1:41 Mon Feb 6
Re: Mortgages
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Hi Brokers....
Can someone help?
Buying a house that is being bought and sold within 6 months.
When banks can I go to? Halifax don't but there are some that do....
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Northern Sold
10:42 Wed Oct 26
Re: Mortgages
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Quick question to you mortgage boys... I got a interest only with Natwest for £50k (with an offset E'ment) with 5 sub accounts (amounting to about £20k) ... my current tracker deal ends in about 5 months time which will leave me about 2 years 7 months to go until me mortgage is up... if I wanted to get a 3 year deal is there anyway I can extend my mortgage for 5 months or so?? Not heard of it before but thought I'd ask??
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SecondOpinion
8:19 Wed Oct 26
Re: Mortgages
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0208 255 8336
It's a gay porn line
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chickenrun432
12:06 Wed Oct 26
Re: Mortgages
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Hi Andy, I am a mortgage broker and will be glad to help.
Give me a call in the office tomorrow and I will happily run through everything with you.
My number is 0208 255 8336
Scott - Kingston Mortgage Services
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