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 - In Chronological Order ( Show Newest Messages First)
penners28
4:05 Tue Oct 25
Re: Mortgages
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just match any outgoings to your bank stats. So if you pay £33.67 per mth for gas then put that.
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ludo21
4:23 Tue Oct 25
Re: Mortgages
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I've just moved and wanted to keep my Woolwich (Barclays) mortgage as on very good rate.
Whole thing was a nightmare, initially the underwriter turned us down but went back with a lower application and eventually got there, but it took ages... they are much stricter now than they have ever been. Our Barclays adviser said that once you have received a text saying that the valuation has been instructed you are home and dry, still took forever from that point though.
Worth it in the end though as we have a rate at 0.19% above base which we have for another 20 years!
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RichyP
5:21 Tue Oct 25
Re: Mortgages
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I don't know if this has any effect on mortgage applications, but I know that for stamp duty if you're married then you count as a single entity in terms of property holdings so it doesn't matter if the other property is only in one of your names it counts as both of you so the second property you will have to pay the higher rate of stamp duty as it will be classed as a second home even if it is in just one of your names.
This is based on new rules that came into effect April this year.
Fuck knows how they find out if you try doing it on the sly but in my experience they (the tax man) always find out.
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andyd12345
5:26 Tue Oct 25
Re: Mortgages
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Didn't know that RichyP... Fortunately we are engaged but not married!
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Ricky
5:36 Tue Oct 25
Re: Mortgages
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The best advice in the world is get a good independent broker and leave them too it.
We spent about 30min in total with the broker, gave them our bank account statements and wage slips and she got back to us once it was offered.
It was completely stress free whilst people we know were spending 3 hours in the bank justifying every single penny on their statements.
A proper broker will have personal contacts in all the major lenders to make problems and issues go away. Priceless.
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TC
5:38 Tue Oct 25
Re: Mortgages
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I've just applied through Santander and it took approx. 3 weeks from application to offer stage. They requested 3 months of bank statements and did come back with a few specific queries which made me think they did more than just match payslips to credits.
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Northern Sold
5:52 Tue Oct 25
Re: Mortgages
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WHERE THE FUCK IS WONKY TITTED KLASH WHEN YOU NEED HER??
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matty moo
7:06 Tue Oct 25
Re: Mortgages
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Just sent you a message.
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matty moo
9:22 Tue Oct 25
Re: Mortgages
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Hi,just sent you a 2 message. One by mistake
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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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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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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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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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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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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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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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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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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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