Discussion
Hit my 10% deposit target 6 months early, looking to buy in the new year and have a very healthy credit score and minimal outgoing so.
Are there any mortgage brokers that are available on here for some general advice? Want to give myself the best possible chance of getting accepted.
Cheers
Are there any mortgage brokers that are available on here for some general advice? Want to give myself the best possible chance of getting accepted.
Cheers
The famous sarnie!
whats the mortgage market like at the moment? Hearing a few horror stories about it being difficult to get a mortgage in the current climate.
What should I be doing from now until March apart from saving? Thinking I should get rid of my overdraft as I tend to use it?
whats the mortgage market like at the moment? Hearing a few horror stories about it being difficult to get a mortgage in the current climate.
What should I be doing from now until March apart from saving? Thinking I should get rid of my overdraft as I tend to use it?
tonycane said:
The famous sarnie!
whats the mortgage market like at the moment? Hearing a few horror stories about it being difficult to get a mortgage in the current climate.
What should I be doing from now until March apart from saving? Thinking I should get rid of my overdraft as I tend to use it?
Mortgage market is fine at the moment, things are fairly stringent but no worse than they have been and rates are low currently.whats the mortgage market like at the moment? Hearing a few horror stories about it being difficult to get a mortgage in the current climate.
What should I be doing from now until March apart from saving? Thinking I should get rid of my overdraft as I tend to use it?
From now until March you should;
- Ensure you are on the electoral roll
- Pay down all credit
- Then save as much as possible
I've also heard some banks when looking at your bank statements take note of more than 1 cash withdrawal in an evening.
Not good for me as I'm guilty of such things.
One huge argument I had with a mortgage advisor last week was - I'm only interested in the ten year fixed rate mortgage and the term of the mortgage will be ten years only. She then went on about stress testing to 6.7% - to which I stated that's nice to know but as I made crystal clear the product you are offering which is what I want is the ten year fixed mortgage and the term is yes you guessed right 120months.
She said sorry those are the rules.
Next talking dependants we have two kids and the wife doesn't work nor will she- turns out they start adding in child care costs to which I clarified we do not and will not use baby sitters period.
Next bonus taken into consideration they look at the average of the last two years (if the most recent is higher) yet conversly if the most recent is lower they take that lower value.
Payrises backup by recent payslips and pay rise letter from employer they ignore and use the P60
Then paying back 0% deals.
Anyway went through it all and net net they would only offer £12k more to which I said £12k with a £2.5k fee is not a particularily good deal - she cottoned onto this.
Anyway the ongoing interest saving was emoting even with the laughable additional they would offer. So I said he'll go for it. we had been going through everything now for easily 90mins so I was awaiting the final bits of the application however to my surprise she said we can now book you in for a full mortgage application. I said what? We've gone through everything already - she said the application is 1 call upwards of 3 hours with 2x 15-20min breaks so let's call it 4 hours. And even the Lin it might be rejected...
So I didn't bother all that hassle and effort for f
k all. It's not a mortgage assessment anymore it's an absolute bloody nightmare.
We also have a joint mortgage but as I do all the finances the Mrs doesn't know what the balance or what direct debits or anything really about our finances however the bank needed to call her to go through a few things but it was laughable when she had to answer I don't know and managed to guess a value within a tolerance.
Not sure if Sarnie can enlighten or speed up this process for me but I felt it was an utter waste of my time. An existing customer for 10 years all my finances with them clearly I can pay as I have been doing so but the key being the future mortgage would be LESS and it's FiXED (risk free and paid off in that time)so how the fk does computer say no or brain failure of that person I spoke to essentially say no I cannot have it?
Not good for me as I'm guilty of such things.
One huge argument I had with a mortgage advisor last week was - I'm only interested in the ten year fixed rate mortgage and the term of the mortgage will be ten years only. She then went on about stress testing to 6.7% - to which I stated that's nice to know but as I made crystal clear the product you are offering which is what I want is the ten year fixed mortgage and the term is yes you guessed right 120months.
She said sorry those are the rules.
Next talking dependants we have two kids and the wife doesn't work nor will she- turns out they start adding in child care costs to which I clarified we do not and will not use baby sitters period.
Next bonus taken into consideration they look at the average of the last two years (if the most recent is higher) yet conversly if the most recent is lower they take that lower value.
Payrises backup by recent payslips and pay rise letter from employer they ignore and use the P60
Then paying back 0% deals.
Anyway went through it all and net net they would only offer £12k more to which I said £12k with a £2.5k fee is not a particularily good deal - she cottoned onto this.
Anyway the ongoing interest saving was emoting even with the laughable additional they would offer. So I said he'll go for it. we had been going through everything now for easily 90mins so I was awaiting the final bits of the application however to my surprise she said we can now book you in for a full mortgage application. I said what? We've gone through everything already - she said the application is 1 call upwards of 3 hours with 2x 15-20min breaks so let's call it 4 hours. And even the Lin it might be rejected...
So I didn't bother all that hassle and effort for f
k all. It's not a mortgage assessment anymore it's an absolute bloody nightmare. We also have a joint mortgage but as I do all the finances the Mrs doesn't know what the balance or what direct debits or anything really about our finances however the bank needed to call her to go through a few things but it was laughable when she had to answer I don't know and managed to guess a value within a tolerance
. Not sure if Sarnie can enlighten or speed up this process for me but I felt it was an utter waste of my time. An existing customer for 10 years all my finances with them clearly I can pay as I have been doing so but the key being the future mortgage would be LESS and it's FiXED (risk free and paid off in that time)so how the f
k does computer say no or brain failure of that person I spoke to essentially say no I cannot have it?Welshbeef said:
I've also heard some banks when looking at your bank statements take note of more than 1 cash withdrawal in an evening.
Not good for me as I'm guilty of such things.
One huge argument I had with a mortgage advisor last week was - I'm only interested in the ten year fixed rate mortgage and the term of the mortgage will be ten years only. She then went on about stress testing to 6.7% - to which I stated that's nice to know but as I made crystal clear the product you are offering which is what I want is the ten year fixed mortgage and the term is yes you guessed right 120months.
She said sorry those are the rules.
Next talking dependants we have two kids and the wife doesn't work nor will she- turns out they start adding in child care costs to which I clarified we do not and will not use baby sitters period.
Next bonus taken into consideration they look at the average of the last two years (if the most recent is higher) yet conversly if the most recent is lower they take that lower value.
Payrises backup by recent payslips and pay rise letter from employer they ignore and use the P60
Then paying back 0% deals.
Anyway went through it all and net net they would only offer £12k more to which I said £12k with a £2.5k fee is not a particularily good deal - she cottoned onto this.
Anyway the ongoing interest saving was emoting even with the laughable additional they would offer. So I said he'll go for it. we had been going through everything now for easily 90mins so I was awaiting the final bits of the application however to my surprise she said we can now book you in for a full mortgage application. I said what? We've gone through everything already - she said the application is 1 call upwards of 3 hours with 2x 15-20min breaks so let's call it 4 hours. And even the Lin it might be rejected...
So I didn't bother all that hassle and effort for fk all. It's not a mortgage assessment anymore it's an absolute bloody nightmare.
We also have a joint mortgage but as I do all the finances the Mrs doesn't know what the balance or what direct debits or anything really about our finances however the bank needed to call her to go through a few things but it was laughable when she had to answer I don't know and managed to guess a value within a tolerance.
Not sure if Sarnie can enlighten or speed up this process for me but I felt it was an utter waste of my time. An existing customer for 10 years all my finances with them clearly I can pay as I have been doing so but the key being the future mortgage would be LESS and it's FiXED (risk free and paid off in that time)so how the fk does computer say no or brain failure of that person I spoke to essentially say no I cannot have it?
^Perfect example of applying direct to a lender.Not good for me as I'm guilty of such things.
One huge argument I had with a mortgage advisor last week was - I'm only interested in the ten year fixed rate mortgage and the term of the mortgage will be ten years only. She then went on about stress testing to 6.7% - to which I stated that's nice to know but as I made crystal clear the product you are offering which is what I want is the ten year fixed mortgage and the term is yes you guessed right 120months.
She said sorry those are the rules.
Next talking dependants we have two kids and the wife doesn't work nor will she- turns out they start adding in child care costs to which I clarified we do not and will not use baby sitters period.
Next bonus taken into consideration they look at the average of the last two years (if the most recent is higher) yet conversly if the most recent is lower they take that lower value.
Payrises backup by recent payslips and pay rise letter from employer they ignore and use the P60
Then paying back 0% deals.
Anyway went through it all and net net they would only offer £12k more to which I said £12k with a £2.5k fee is not a particularily good deal - she cottoned onto this.
Anyway the ongoing interest saving was emoting even with the laughable additional they would offer. So I said he'll go for it. we had been going through everything now for easily 90mins so I was awaiting the final bits of the application however to my surprise she said we can now book you in for a full mortgage application. I said what? We've gone through everything already - she said the application is 1 call upwards of 3 hours with 2x 15-20min breaks so let's call it 4 hours. And even the Lin it might be rejected...
So I didn't bother all that hassle and effort for f
k all. It's not a mortgage assessment anymore it's an absolute bloody nightmare. We also have a joint mortgage but as I do all the finances the Mrs doesn't know what the balance or what direct debits or anything really about our finances however the bank needed to call her to go through a few things but it was laughable when she had to answer I don't know and managed to guess a value within a tolerance
. Not sure if Sarnie can enlighten or speed up this process for me but I felt it was an utter waste of my time. An existing customer for 10 years all my finances with them clearly I can pay as I have been doing so but the key being the future mortgage would be LESS and it's FiXED (risk free and paid off in that time)so how the f
k does computer say no or brain failure of that person I spoke to essentially say no I cannot have it?ALL mortgages currently need to be "advised". If you apply direct, then the lender needs to provide the "advice" therefore they will take you through an extremely excruciating process doing so.
I can also personally vouch for this having to apply for my own mortgage today which took 110 minutes on the phone, after 2x 45 minute calls last week................painful indeed, and I knew exactly how to answer the questions! I started my direct application two weeks ago and its still ongoing.......I know from experience that if my application was one of mine that I'd sent to the same lender, the formal mortgage offer would have been issued.
If you apply via a broker, they are then responsible for the "advice". Therefore it's their responsibility to assess the application in full, and it doesn't need 110 minute long phone calls....
Sarnie said:
Thats probably the most absurd thing I've ever heard 
Oh I don't know I may be able to trump that!!From earlier this year....
Bank : we need evidence of your income
A: Please see my monthly deposits to account with you
Bank : Please give us payslips
A: Here you go
Bank : No we need more evidence, give us your statement from HMRC showing income & tax paid
A: I don't have one as I don't pay tax
Bank : You must have one everybody has one
A: I don't
Bank : What do you give to HMRC
A: A return showing me as non-resident for tax purposes, with zero income for tax purposes
Bank : Give us a copy of that then
A: But it won't show any income which you are trying to verify
Bank : no we want that
A: Ok, I'll email you a copy
Bank : Thanks.... approved.
It is LOL when you call and simply want to move to a product which is a much lower interest rate than you currently pay - friends have had this
All else exactly the same as previous application but they have been rejected ... madness they are on a silly high 5.5% as is and we're trying to get a 1.89% rate decent savings you'd think however the stress test meant it wasn't possible to offer a mortgage...sole option hey we're offered was you need to pay in a large lump sum and then we can offer you this deal... he replied I have no savings and no other debt apart from the mortgage so cannot pay in the cash - unless you will allow me to borrow cas on unsecured load to pay in? Answer if you did that we would have to evaluate the ability to pay.
He gave up. Utter madness same bank same deal same mortgage term and mortgage balance but 3.61% LESS.
Frankly he got to the point of being worried and asked them if they are going to call in the existing mortgage as clearly it's unaffordable - "oh no we can see your able to service that......"
All else exactly the same as previous application but they have been rejected ... madness they are on a silly high 5.5% as is and we're trying to get a 1.89% rate decent savings you'd think however the stress test meant it wasn't possible to offer a mortgage...sole option hey we're offered was you need to pay in a large lump sum and then we can offer you this deal... he replied I have no savings and no other debt apart from the mortgage so cannot pay in the cash - unless you will allow me to borrow cas on unsecured load to pay in? Answer if you did that we would have to evaluate the ability to pay.
He gave up. Utter madness same bank same deal same mortgage term and mortgage balance but 3.61% LESS.
Frankly he got to the point of being worried and asked them if they are going to call in the existing mortgage as clearly it's unaffordable - "oh no we can see your able to service that......"
I think "" the computer says no"",,, comes in to it a lot when you apply for a mortgage now. If the computer says ""yes"", then your on to the formal application stage.
I think the one I just paid off was approved on the strength of a good credit rating and a 40% deposit. Approved in a couple of hours. However, that was 10 year ago...
I think the one I just paid off was approved on the strength of a good credit rating and a 40% deposit. Approved in a couple of hours. However, that was 10 year ago...
As others have said, get all your finances in good order. When we tried to move house last year, we had our mortgage with First Direct....we spent hours on the phone and at the end of it they said they wouldn't even lend us what we owed on that day, if we were making a new application....and we'd paid off nearly £100k of the mortgage. They were an absolute nightmare.
I've always sorted our mortgages myself but it was pretty much impossible this time (for reasons I won't bore you with). We had to go with a financial advisor and in the ended up being able to borrow over twice what First Direct were willing to offer and are now with Nat West.
I've always sorted our mortgages myself but it was pretty much impossible this time (for reasons I won't bore you with). We had to go with a financial advisor and in the ended up being able to borrow over twice what First Direct were willing to offer and are now with Nat West.
mondayo said:
As others have said, get all your finances in good order. When we tried to move house last year, we had our mortgage with First Direct....we spent hours on the phone and at the end of it they said they wouldn't even lend us what we owed on that day, if we were making a new application....and we'd paid off nearly £100k of the mortgage. They were an absolute nightmare.
I've always sorted our mortgages myself but it was pretty much impossible this time (for reasons I won't bore you with). We had to go with a financial advisor and in the ended up being able to borrow over twice what First Direct were willing to offer and are now with Nat West.
Is that a broker set up?I've always sorted our mortgages myself but it was pretty much impossible this time (for reasons I won't bore you with). We had to go with a financial advisor and in the ended up being able to borrow over twice what First Direct were willing to offer and are now with Nat West.
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