November 24, 2014, 1:44 pm
Hi all,
I have given in my full application and my mortgage broker advised me that all the underwriting has been done and they are awaiting Valuation.
How long does it take for the valuation to be done and then from there to the Mortgage offer ?
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November 24, 2014, 1:59 pm
Can anyone please answer my query as ive spoken to so many people today and still dont have an answer :(
I am currently seperating from my husband and we have agreed that i will take over the mortgage. I am staying with our current lender and remortgaging on a fixed term product borrowing some additional funds as well as transferring the equity into my sole name.
My lender has said they just require the solicister to complete a certificate of title. My question is should i be paying for any search fees when i am remortgaging with the same lender and does completing a certificate of title require searches? I have looked on internet and most sites say that i this is unlikely unless im changing lender. My lender is saying they havent asked for any searches and my solicister is saying they are! No-one seems to be giving me a straight answer and I have no idea. Can anyone please enlighten me as i am really confused!
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November 24, 2014, 2:22 pm
We are in the process of moving house and spoke to our current mortgage lender Santander 3 months ago to start the mortgage application process. Everything started well and we had the DiP within a week and the mortgage interview went ok and we passed the affordability checks. It was at this point that the delays started to kick in and errors on the part of the underwriters and mortgage advisers started to occur. Initially the mortgage application was declined (we later found out that was due to an error on the part of the mortgage adviser) so a new application was submitted by the mortgage adviser and the slow process continued.
After nearly 8 weeks we still didn't have a mortgage offer and after more errors on Santanders part we decided to move to another lender who issued an offer within 2 weeks. However it is now going to cost me £6500 in early repayment charges to move away from Santander.
I made a complaint to Santander regarding the issues and errors we had experienced and asked that as a gesture of goodwill they waived the early repayment charge. Eventually I got a response back and to my surprise they agreed that they had made numerous errors including ones that we were not aware of and even confirmed that our application should not have been declined in the first place. Now whilst I have got an admission on their part (all confirmed in writing) they are only willing to offer me £170 as a gesture of goodwill.
In my opinion (yes I am a little biased) we have a good case to get the fees waived given their admission. Santander had left us with no alternative but to move mortgage lender as no matter how much we chased and tried to work with them it never seemed to make any difference. We were at the point that the person buying our house were about to withdraw their offer and the seller of the house we are buying were going to put their house back on the market.
What options do I have with regards to taken my complaint further? I know that I can take my complaint to the FSO but I'm a little reluctant on this as from reading posts on other forums they seemed to just tell the customer to accept any offer that has been made. Is there anywhere within Santander I can escalate my complaint or does anyone have any tips on how to approach getting the repayment fees waived?
Any help or advice on this would be most welcomed.
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November 24, 2014, 3:03 pm
Hi guys,
First time poster, long time reader.
My gf and i are looking to buy a new house on the help to buy scheme.
The house value is £160k. We have at least 10% deposit (£16k), with the scheme kicking in another £32k. The mortgage would then be £112k. Our joint income is £45k pre tax/gross. Her credit, is ok. Mine is not good.
After missing a few payments here and there over the last few years and with a British Gas default from 2 years ago (£90 paid 10 days after it defaulted) it is in the Poor/Very Poor area.
Whilst i appreciate no-one can give me a definitive answer, taking the above into account, would anyone have an idea if we would be successful with the application of the help to buy scheme first, and then, the likelihood of the mortgage itself. We can potentially put down more than the 10% (poss up to 15%, i.e £24k) but wanted to hold some back for fees/furniture etc.
Any comments would be sincerely appreciated.
Many Thanks.
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November 24, 2014, 3:03 pm
I have a Santander mortgage for the last 7 year and my personal situation have changed and I might have to let my house and stay with my family for sometime.
I have spoken to the bank and they said I need to pay 295 pounds and then I can let the house, I presume this is consent to let. i have a couple of questions and would be grateful if any of you can advise.
firstly, what if after 6 months i find another house and want to buy that house, would i have to convert my current mortgage .If so would they consider 3.25 times of my salary minus my existing mortgage or will they give a fresh 3.25 times my salary.
Secondly want to the maximum time limit i can let under concent to let.
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November 25, 2014, 12:36 am
I submitted my mortgage application online and now status says "Decision Obtained".
They asked for documentary evidences thru post.
Now my question is, how can they reach to a decision without seeing documents first?? I do have my a/c with HSBC but my wife (who is secondary applicant) doesn't bank with them.
I called bank and asked about it and they said they can't disclose decision now until they see the documents (which I'm sending anyway).
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November 25, 2014, 2:17 am
Finally after what seems forever and several hill climbs we have heard from our broker that our mortgage offer is in the post!:T
Once offered do lenders honour them? FTB!
What happens next?!
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November 25, 2014, 3:19 am
Hi,
We signed up to a 2 year fixed rate deal which is due to expire in December.
Wanting to avoid the banks SVR which is almost 2% higher than what we are paying at the moment I would like to fix for another 2 years.
Our property value has gone up a lot since we bought the house in 2010.
We bought in 2010 for £200k and our mortgage is around £158k..
The house next door has recently sold for £279k and the house next to that sold for £315k..
An estate agent has been out and said that if we sold today he would expect to put it on the market for £315k
So my 1st question is this:
- When I spoke to the mortgage company they said they had the value of our house down as £212k. This is obviously A LOT lower than what houses in our area are selling for and has an affect on the LTV and rates the bank will offer.
As the value has gone up, can I get the bank to revalue it?
2. My partner has recently left her job. We have savings and so I can support the mortgage and bills until they find a new job/income. What impact will this have on the mortgage? If we owe £158k and the house is worth over £300k we have more than 50% equity. Will the bank let us renew or will we have to go onto STV?
Thanks in advance
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November 25, 2014, 4:26 am
Hello there,
My husband and I are looking to buy a house which doesn't have much of a kitchen and would like a mortgage that would release funds to allow us to build a kitchen taking in the existing double garage. I know that such home improvement mortgages exist, but I don't know much about them. Is it possible to get this type of mortgage on an interest only basis? We own our current home outright and would like to rent it out for now, and then sell it up to pay off the mortgage.
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November 25, 2014, 4:31 am
Hi
SOS out to all you clever MSE people out there
my mums mortgage is due to end next year.
She has £220k equity on the house and she needs £180k.
I know she can not get the whole amount through the release , but the most she has been offered is 100K ?
Can anyone please point me in the right direction for more information on where to get the best offers for this type of transaction? The thought of losing her home of 25 years is causing her a lot of stress and making her ill so I would like to help if I can
Any information gratefully received Many thanks
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November 25, 2014, 4:38 am
New research suggests homebuyers over 40 are being denied mortgages because they will retire before the term is up ...
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November 25, 2014, 6:11 am
Ok, so
- Applying for a high LTV mortgage (5% deposit).
- Credit score experian = 999/1000 (Excellent)
- Credit score equifax = 507/500+ (Excellent)
- 1 defaulted payment of £25 in 2011 (which still appears on my credit report and I am contesting currently because it should have been settled and still shows a defaulted balance of £25).
- 3 late payments elsewhere but over 28 months ago.
- Buying with my partner who also has excellent rating on both measures above.
Is there still a risk I could be turned down despite having an excellent credit rating?
I will pass the principal offers because all they check is score, but wondering if I will been rejected on full application because of some of the factors above?
I am hoping not since the defaulted amount is
1) Being contested and therefore can't be taken into account by a lender.
2) The defaulted amount is very small.
3) Have made dozens of successful on time payments much larger than the value of any missed or defaulted ones which shows I am in fact a reliable payer (at least now I am!).
Has anyone here ever been rejected a mortgage despite have 'Excellent' credit rating?
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November 25, 2014, 6:19 am
Wanted to talk to someone from Virgin about a mortgage in my wife's name. Learned that the only way we can do this is by telephone. We can visit Virgin shop and they will provide the line but personally I do not regard this as a satisfactory mortgage service
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November 25, 2014, 8:46 am
Just heard valuation has been completed by my lender (Woolwich)
Can any of you experts explain to me 3 things:
1) is the next step the offer? (assuming all is ok with valuation) or is there another step post valuation?
2) Has anyone had experience with Woolwich as to how long they take to send out offer after valuation (again assuming all ok with valuation)?
3) finally is it now in the hands of the solicitors to do their bit and get all necessary details to get in a position of exchange
As you can gather this is all new to me so any help is much appreciated
Thanks in advance
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November 25, 2014, 9:10 am
My husband (because of my past stupidity and not so great credit rating - late payments due to previous DMP) applied for our mortgage with his father for our first home. Successful. Great! But due to his fathers age - it's over 15 years.
Now we are married, I cleared the DMP debt (my mum very kindly got a loan out for me which I pay back monthly by Standing Order)
The fixed rate for our mortgage is up in 2 years and I know it takes 6 years for my file to become acceptable.
My questions is, if my husband is unable to borrow enough on his own salary to cover the re-mortgage and lengthen the term (His salary is £29k, house value is £240k, we put down 5% deposit (newbuy) and borrowed 199k, our mortgage payments are £1,525 a month)
We are thinking of ending the mortgage early and suffering the redemption fee (6k) to lengthen the term to free up some cash before starting a family.
Would the equity in the house help?
If his salary cannot cover the mortgage, if they wont re-mortgage with his father, and they wont remortgage with me too, how are we going to re-mortgage?
thank you
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November 25, 2014, 9:35 am
I am looking into getting a mortgage to buy a property but have recently started a new job so I am just wondering what the usual criteria is regarding how many months payslips I will need to provide when I do a mortgage application.
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November 25, 2014, 9:49 am
Has anyone seen any articles relating to a student buying property?
Daughter is currently renting, but has a few years to go at uni (doing medicine) so is getting a trifle tired of renting. Yes, the hassles of buying may prove greater, but she's getting fed up of leaks that don't get fixed, damp, and general shoddiness.
She has a decent deposit (circa £70k) thanks to some shares I bought her a few years ago that proved to be "20 baggers", and she (OK, me!) invested the proceeds into bank preference shares, which have also done very well. I wish I was this good with my own investments!
What mortgage options are available for the balance, which will probably be "same again"? We'd much prefer 100% in her name due to our own CGT problems (yes, those shares!) but we're happy to provide guarantees.
All feedback welcome.
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November 25, 2014, 9:56 am
Hi everyone,
I need to relocate nearer to family (more expensive area)
I am looking to borrow £85-100k max. LTV is 20-25% as a sole applicant. Deposit from intended sale c 450k for a family home near to schools, transport etc.
The current property is mine, but partner pays bills, does shopping etc to contribute to the household outgoings. Lender is Santander.
I am currently not working as at home with 1 dependant, have 1 lodger and other non taxable income totalling 2000pcm.
Current deal ends June 2015, so retention enquiries still a few months off.
Who if anyone would give me a mortgage? Credit management is good/ excellent. Affordability obviously better!
Any advice greatly appreciated. If you need more info, please ask as i may have forgotten something you need to know, in order to assist.
Thanks in advance:)
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November 25, 2014, 10:30 am
Hi,
I'm after some advice if possible! Myself and my Fiance want to apply for a mortgage however I have bad credit and he has excellent credit. (£700 default from a credit card whilst at university in 2011 which is now settled.)
We are looking at a 100k mortgage which my partner could easily get by himself if we are not accepted as a joint mortgage. However I'm paying half of the deposit, and half of the repayments so really want my name to be on the mortgage. Will this ever be possible?? Or is it not even worth trying?
Thanks very much!
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November 25, 2014, 12:08 pm
First time poster here.
Me and my girlfriend are looking to buy our first house together around 200k. I have around 40k to put down as a deposit. The problem is i have recently started contracting offshore as a ltd company (about 3 months ago) having previously work paye. I should earn around 70k for my first year and my girlfriend will be around 22k paye. Im just getting the wheels in motion and am in the process of contacting mortgage lenders and brokers but i am told that i will struggle to get a mortgage with me having started this ltd company so recently.
Any advice for a newbie? thanks in advance
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