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Mortgage Extension Application Advice Please

June 4, 2014, 7:32 am
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Hi,

We have a mortgage extension agreed in principle from Nationwide, but still have to go through the gruelling new two-hour interview to get it approved. The application for our current mortgage last year was so easy because we didn't max out, so the affordability shouldn't be an issue...

I was wondering if anyone has any tips for getting approved? I'm slightly worried because I occasionally dip into my overdraft by max £100 - will that count against us?!

Thanks guys!
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Decreasing income post MMR?

June 4, 2014, 7:58 am
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Currently I work 3 jobs and I am considering giving up one to have more time at home.

I have run our figures through various of the big lenders and without that income the estimate loan available is well over what we need.

More than likely when our fixed rate is up we will look to stay with our current lender on a retention product. We have been through a pre MMR process (last mortgage was May 2013). When our fixed term is up would we have to go through a new application with our existing lender or would they simply offer us a new deal? i.e. if you have had a mortgage under the old system will you have to go through a new post MMR application with the new rules etc?

Thanks in anticipation.
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How to pay this in order not to cause issue with mortgage offer?

June 4, 2014, 8:09 am
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We are buying a new build.



We have quite a lot of equity in our current house. We plan on using some to put a 20% deposit onour new house, some is being used to clear debts and some to pay the builderfor the carpets and extras.



Due to an issue with the first lender down valuing the housewe were asked to make our choices whilst the second lender was going throughtheir process. As this was an issue thatwasn’t our fault and there was a possibility it could happen a second time wewere not asked to pay a deposit on the extras we chose.



Luckily the second survey has been fine and at the amount weneeded it to be, we have been advised the offer will be out in a couple ofdays.



We do not have the money yet to pay for these extras as itis due to come from equity but I am concerned they will ask for payment beforethis date – I think they said a deposit is paid before and the remainder paidon completion. I don’t want to pay thison a credit card as I fear it will change our credit profile and don’t want anyissues with a lender retracting an offer.



Does anyone have any experience with this?
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Mortgage with old(ish) defaults

June 4, 2014, 8:18 am
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I'm looking to apply for mortgages at some point next year. By then my defaults (of which there were quite a few) should be roughly 4 years old or more. Since then I have an unblemished credit record, and have built it up as you would with small payments on a credit card.

I spoke to London & Country early this year about how likely I would be to get offered a mortgage by a bank and how much they could potentially offer me, but they said they couldn't do this without doing a credit search. I didn't want to do this as I thought it was a needless search on my credit file.

I want to know how likely I am to be offered a mortgage next year, and by LTV I can expect, as this will affect how I live my life for the next year. (no chance or very low LTV - I'll just start renting and give up on a mortgage until the defaults clear; anything more positive then I'll do what I can to get more of a deposit).

So the question is - will I be able to accurately get this information from someone or a broker? Are there specific brokers that will know the 'default history' market well? I'm happy to get all my credit files printed off from the respective agencies and send these to anyone who has the time to look them over.

To give you some idea of where I'm at - if I need to be saving over 20-25% of the value of the home, then it's simply impossible as I live in London. The rate of home prices increasing is above what I can save already so adding time and cash to my deposit is almost fruitless at the moment (I can save about £1k a month, but with house prices rising over 8% on an average of well over £200k for the homes I'm looking at -the longer I leave it, the worse I'm doing somehow).
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Is there a mortgage that does the following....

June 4, 2014, 8:39 am
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Hi

I'm after a couple of buy to lets, is there a mortgage that allows you to have the funds in place before a property has been purchased? I dont want to be paying monthly interest payments when a property might not come up for a few months!! I'm sure there used to be some kind of mortgage on the market, not sure what it's called
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Re-Mortgaging with self employed and LTD mix

June 4, 2014, 8:57 am
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I'd really appreciate some advice on our situation, thanks in advance. The key points (hopefully) are:
We were first time buyers and our initial fixed mortgage term has finished, so it's our first time re-mortgaging
I'd like to fix our mortgage to lock in a good rate (3%ish) for ideally 5 years.
Though I've been in pretty much constant full time employment, My husband had a full time role and freelanced, 3 years ago he decided to freelance full time. He started as a self employed and then he had to change to a limited company 18 months ago, initially paid by dividends he's now paid a salary - we have hmrc's SA302 for when he was self employed and 1st years accounts for the company (draft, due to be signed off any moment) showing profit.
Our combined salary is 68k
149k outstanding on the mortgage plus ideally up to another 50k for house improvements.
For what houses have sold for in our immediate area we're confident with a revaluation we'd achieve an LTV of at least 60%
No other form of debts, no affordability concerns and money in savings too

First direct who we've always banked with straight away said no due to my husband's work history, quite a few other banks we looked at said the same. We today got a DIP from HSBC offering up to 260k (they initially said 109k!?!) but we don't know whether the underwriters will reject us because of his work history
Local brokers seem to be over 1% more expensive - any advice would be really appreciated.
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Personal Insurances for mortgage

June 4, 2014, 9:23 am
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I recently went to my bank to speak to a mortgage adviser. Whilst there he told me that to boost my chances of getting accepted was to take out personal insurance to cover me if i was off work sick.

Was he right or was he just trying to sell me products?
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Giving my house to ex

June 4, 2014, 9:56 am
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My ex partner ended the relationship back on October 2013 and i moved out of the house in January.
I have met someone else and now planning to move in with her.
Currently only my name is on the mortgage which is interest only.
She wants to take over the house with her 3 children ( i am not their father )
She can ( with her new partner ) easily afford all the current payment of what is would cost but would probably not get a re-mortgage.
I have spoken to Intelligent Finance who no longer deal in the housing market and they are unable to simply change names and bank account.
Does anyone know the easiest way round this, so she gets to have the house in her name ( i dont want anything for it ) so she can live there with the children
Is it possible to add her name, change bank details to hers, then a month or so later i do a quitclaim, or request to be removed.
Also what about simply changing the bank details, so she is paying but stays in my name, and we draw up a personal agreement.
Thanks in advance for advice.
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remortgage for over 50s: any broker or specialist over 50s?

June 4, 2014, 10:22 am
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We are over 50 and looking for a remortgage. Our current seller found ways to say no, which involved mostly age algorithms (we think). It took 2 1/2 hours of our time. It was very tickbox (new system).
We were thinking of London and Country but have seen online ads for specialist over 50s' brokers. Does anyone have an informed opinion on who's good or otherwise?
When you see a property in London you have to make an immediate offer so we need all our ducks in a row up front and have an idea of max budget going in as everything goes to bids here. Thanks.
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very confused!

June 4, 2014, 10:31 am
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hey,
i was issued with a mortgage back in feb this year. we have exchanged contracts but on our new build our completion date has been pushed back. we have since informed the bank that we need to extend the offer but they failed to do this in time before it expired, they are now saying we need to do the application again with a new valuation and everything. we are due to move in on the 27th of this month and im sure you will understand i am very anxious as to weather i am going to be left without a mortgage and lose the house. any advice info or help i will be entirely grateful
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Unadopted road stress.

June 4, 2014, 11:41 am
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Sooooo. We have the mortgage offer.
Survey came today too. Which says:
'Assumed unadopted road, conveyancer to check legal requirements.
Eh?!
Does this mean that if the road is unadopted we have to have offer revaluated or that they have assumed it unadopted and given us the mortgage offer anyway?

I told you all something would crop up!

Any info appreciated.

H
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Precise Mortgages

June 4, 2014, 12:13 pm
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Hi,

Has anyone used precise mortgages before who deal with adverse credit?

Or any other company that deals with adverse credit that you can recommend?

Thanks
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Self employed needing to remortgage

June 4, 2014, 1:09 pm
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I have recently separated from a long term partner who kindly left me with a heap of debt. I was looking to clear this by way of remortgage but after calling my mortgage provider today (Woolwich) I am told I do not earn enough. very frustrating as I never defaulted on any cards or on mortgage. I am part time self employed trying very hard to build up to full time asap, so obviously no accounts to show my potential. However I cannot keep up the unsecured repayments up anymore. I miss self certify!!! I am looking at Step Change to give me time but thought I would post here in case anybody can think of another way out. My current mortgage is £85,000 on a £280,000 house, debts are £35,000.
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Halifax mortgage- advice urgently needed.

June 4, 2014, 1:18 pm
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Evening all,

I was wondering if anyone could offer us some help.

We applied for our halifax mortgage in mid April, through a broker.

Before our application was processed, we were told we could not apply to them on a 5% deposit, and to continue our application we needed to have a 10% deposit. It was tight, but we went ahead with a 90% LTV on their stamp duty paid 4.89% apr.

Two weeks after we had applied, credit check done, we noticed that the money for our valuation had not been taken from our bank account, lots of calls, all but one unreturned, to our broker, and she resolved the situation.

Two days after, she called to say that the product which we first applied for had been pulled and we needed to choose a new product. She gave us two options, one at 4.69 and one at 5.09. We chose the 4.69 and then was told there was a product fee of £999. Begrudgingly, we accepted that and continued on.

Fast forward a month, we get our mortgage offer through the door. Brilliant!! But it's at a rate of 4.99 not 4.69.

Called the broker, she's away on training. Called today, she can't take our call as she's in meetings all day.

Spoke to her an hour ago, and she tells us she discussed 4.99 with a £999 arrangement fee.

Luckily, I have emails to say otherwise.

Where exactly does this leave us?

We know there are better mortgages available to us, but not sure if we have the time to apply, seeing as this one took nearly 8 weeks to get.

It even turns out that the 5.09 works out less expensive as it doesn't have the arrangement fee!!

Are we in a position to kick up a stink? And of so, how do we go about it?

Any advice would be greatly appreciated!!
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Never Ending

June 4, 2014, 1:27 pm
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We saw a broker for a Mortgage in February. After discussing with him affordability etc we decided yes we would start the process ( FTB ). The original mortgage company pulled their product after all paperwork was requested and we decided to go for another company still with same broker. We disclosed everything at the start of the process even a dispute with credit card company over a few fraudulent transactions which caused me to go over limit and have done everything asked. Eventually the broker sent the application in May. Along with all documentation and email from Credit Card company that transactions were in dispute.

After a lot of being told we are in a queue plus also email from my broker that we have been accepted we chase and are told valuation being done tomorrow. Today I was advised that the underwriters want confirmation again regarding the transactions which I sent another email from the Credit Card Company to which I was advised that this is not good enough they now require a letter as the email wording was wrong even though from Credit Card company or wasnt clear regarding the original email.

After speaking to Credit Card company they have said that they will send a letter but will take five days. This is stressful enough and after looking at the mortgage tracker this information ( bearing in mind only had reference yesterday) has been outstanding since 12th May and all my broker says is its all under control until today !

Question is why couldnt he have said anything earlier, im getting confused after speaking to him as to what this company actually want considering they have two emails do they want to know the transactions? No according to my broker they dont .. ok do they want to know that the account is in dispute and under investigation .. yes well they have had two emails stating this .. can anybody shed some light ?
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Post office mortgage vs Nat West post mmr

June 4, 2014, 3:58 pm
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Hi all, Despite reading many posts over the years ( and hugely appreciating the opportunity to read the discussions and advice!) this is my first post and I hope you guys might be able to offer some guidance :)

I'm interesting in people's experience of how the new guidelines are being applied by the Post office and Nat West. I've found a 5 year fix with Post office at 3.15% and our advisor has said that Nat west 5y fix at 3.75 would be the best for our situation.

My husbands salary will be the funding, I'm a stay at home mum looking after our one child.

We need 129k, we'll have put down a 25% deposit and will have our existing home mortgage free by the point we exchange.
Plan to sell this but not sure how long it will take.

Post office have said they'll lend up to £137 but we'll have to go through affordability with advisor next week.
Natwest would lend £160 and our mortgage advisor says that this already includes the stress test calculations.



Having looked at what we'll reduce our mortgage to over the 5 years, I reckon there is over £4k of a difference so whilst I hugely appreciate the experience of the advisor and know she'll do a far better job of organising everything than I ever could, I feel I'd be crazy not to explore the PO.

I'm terrified of mucking things up with too many credit searches and also don't want to waste our advisors time.......
Our chat with the co-op didn't result in too pragmatic an approach and this has spooked me!

If anyone's had experience of the application processes and how the early stage lending limits are reduced when the stress test calculations are input with either of these lenders post mmr changes, I'd hugely appreciate hearing about it :beer:

Thanks so much in advance
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Mortgages for people with reposessions

June 4, 2014, 9:56 pm
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Hi All,
Wondering if anyone can help? I had my house repossessed in 2008, won't bore you with the details, but once I got on my feet I paid the shortfall from the sale.
I now want to buy again. I'm lucky I have a good deposit, I'm looking to buy somewhere for 150-160k, and have 42k deposit.
Has anyone been in a similar position or maybe offer some advice? I'm trying to decide on seeing a broker or going it alone.

Thank you kindly
And
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Mortgage Process

June 5, 2014, 1:07 am
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Hi,

I have had a decision accepted in principle with Nationwide, I am currently a customer of theres and am currently in the process of buying a new build.

I have completed the application online myself, and sent off documents wage slips etc to them already which have been received.

My question really is online it states my application is not complete, now I have gone through the process and completed the mortage I want, however when I check the key facts it states the mortgage will start in July, if I process to the next stage. The house we are buying (a new build) wont be ready until November so I choose not to accept and process. Is this the right thing to do or do I need to speak to them?
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Mortgage and build/renovate: inform mortgage company?

June 5, 2014, 1:17 am
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Thinking of buying a bungalow on a 90% LTV giving me plentyof spare cash to renovate.

I have the self build option (self build mortgage) but thispost, for simplicity, is to explore the “normal” mortgage options that I mighthave

So lets assume the following:

I mortgage at 90% LTV, Leaving mespare cash to pay for building and I then go ahead and renovate the bungalow.After work is done (probably tied in with a fixed rate end date on themortgage, I revalue and get a circa 55% LTV mortgage.

The above sounds good to me but the questions I have are:

1. Must I inform the mortgage company of myintentions or indeed once I start work? And if so what are they likely to sayor do?


2. If I decided it was easier just to live in acaravan and knock down and rebuild I assume I am obliged to inform the mortgagecompany, at which point they are likely to not be happy due to risk ofincomplete works etc. So would it be illegal or simply unwise to just move inand not tell them what I am doing! then just re-mortgage at the end of the build?(what could they do if all went ok?)



All thoughts appreciated
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Paying stamp duty

June 5, 2014, 3:55 am
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Hi all,

I'm facing a battle to raise enough capital to pay deposit and stamp duty, and was wondering whether its possible to add stamp duty to the mortgage loan? The article on this site explaining stamp duty suggests that I can, but three different mortgage brokers have basically scoffed at the idea of it. Please could anyone explain whether I have I misunderstood something in the article?

Our details are as follows:
Asking price 785k, we have offer accepted at 770k, so stamp duty is 30.8k.
The property is a new build flat, which seems to mean that we need a 15% deposit, I.e. 115.5k.
We can just about do 146.3k for 15% deposite + stamp duty, but this would be a stretch.

However, if I can add stamp duty to asking price to make total amount 800.8k, then 15% is only 120.12k, which is far easier to do than 146.3k.

Please could someone advise me as to whether this is possible?
If not possible, please can someone suggest an alternative solution, e.g. Separate loan from mortgage lender.

A radical solution would be to agree with developer that we would pay full 785k in return for them paying 15k towards stamp duty, but no idea if this would work?!

Thanks so much for your help in advance, I really appreciate it.

(P.s. affordability criteria for all this is fine, it's just the initial squeeze on capital hat I'm trying to solve, thanks)
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