Mortgages with Sarnie
Discussion
In other posts on here I’ve occasionally been a little critical of the financial advice industry, particularly the ongoing fees for really not doing very much.
My dealings with Sarnie have been a very pleasant contrast to this. My financial situation is not entirely straightforward for all sorts of reasons - I have assets and income but am not employed - but Sarnie was superb in helping me buy a second home with a very competitive mortgage. I thought his (modest) fees were good value for money. I’d happily recommend him.
My dealings with Sarnie have been a very pleasant contrast to this. My financial situation is not entirely straightforward for all sorts of reasons - I have assets and income but am not employed - but Sarnie was superb in helping me buy a second home with a very competitive mortgage. I thought his (modest) fees were good value for money. I’d happily recommend him.
Hey Sarnie,
Let's say that I wanted to start the process of purchasing a house (FTB) but still needed a couple of weeks to get the last bit of the deposit together from the start of the process. Where would I hit a wall?
At what point during the process do the "deposit" funds need to be ready?
There'll be no rush from either party involved when it comes to it but would like to get as much done before any blockers come up.
Let's say that I wanted to start the process of purchasing a house (FTB) but still needed a couple of weeks to get the last bit of the deposit together from the start of the process. Where would I hit a wall?
At what point during the process do the "deposit" funds need to be ready?
There'll be no rush from either party involved when it comes to it but would like to get as much done before any blockers come up.
mholt1995 said:
Hey Sarnie,
Let's say that I wanted to start the process of purchasing a house (FTB) but still needed a couple of weeks to get the last bit of the deposit together from the start of the process. Where would I hit a wall?
At what point during the process do the "deposit" funds need to be ready?
There'll be no rush from either party involved when it comes to it but would like to get as much done before any blockers come up.
Hi,Let's say that I wanted to start the process of purchasing a house (FTB) but still needed a couple of weeks to get the last bit of the deposit together from the start of the process. Where would I hit a wall?
At what point during the process do the "deposit" funds need to be ready?
There'll be no rush from either party involved when it comes to it but would like to get as much done before any blockers come up.
You need your deposit at the point of application as it will be part of the application and AML requirements.
Hey Sarnie, I am a FTB and was planning on looking seriously in 6 months time when I will have a 10% deposit. I have seen a couple of houses recently that are of interest but I only have a 5% deposit currently. I recently applied for a Mortgage AIP online and was declined. I was wondering if this could be due to an outstanding loan I have or whether mortgages with a 5% deposit are harder to get.
jpringle819 said:
Hey Sarnie, I am a FTB and was planning on looking seriously in 6 months time when I will have a 10% deposit. I have seen a couple of houses recently that are of interest but I only have a 5% deposit currently. I recently applied for a Mortgage AIP online and was declined. I was wondering if this could be due to an outstanding loan I have or whether mortgages with a 5% deposit are harder to get.
95% LTV is the highest LTV category so yes, the credit scoring requirements are the highest in this category.But, the decline can be for any number of reasons.
If you want to drop me a line, I'm sure I can help
Hello,
I'm looking for some advice as we're in the process of applying for a mortgage. At present we own the property outright (having borrowed some of the money from family to purchase) and then spent a substantial amount of time and money doing up the place. We need the mortgage to pay back the money, some loans we took out for the refurb and potentially some left over to do some work to one of our adjoining barns (which we plan on eventually using as an extension of the house once we apply for planning).
We'll be applying for a loan of 50% LTV and the broker is asking specifically how we are justifying why we want to pull out so much money. I've done similar on investment properties in the past and never been asked the question. Is this normal to ask and have to justify what we'll do with the money and need I be wary of how I respond?
Previously if the equity has been there to withdraw we've simply been asked how much we want to take out. Whether it's spent on hookers and blow, a fancy holiday or another investment property has never been asked previously. Curious why I'm being asked this now.
Thank you
I'm looking for some advice as we're in the process of applying for a mortgage. At present we own the property outright (having borrowed some of the money from family to purchase) and then spent a substantial amount of time and money doing up the place. We need the mortgage to pay back the money, some loans we took out for the refurb and potentially some left over to do some work to one of our adjoining barns (which we plan on eventually using as an extension of the house once we apply for planning).
We'll be applying for a loan of 50% LTV and the broker is asking specifically how we are justifying why we want to pull out so much money. I've done similar on investment properties in the past and never been asked the question. Is this normal to ask and have to justify what we'll do with the money and need I be wary of how I respond?
Previously if the equity has been there to withdraw we've simply been asked how much we want to take out. Whether it's spent on hookers and blow, a fancy holiday or another investment property has never been asked previously. Curious why I'm being asked this now.
Thank you
Bumblebee7 said:
Hello,
I'm looking for some advice as we're in the process of applying for a mortgage. At present we own the property outright (having borrowed some of the money from family to purchase) and then spent a substantial amount of time and money doing up the place. We need the mortgage to pay back the money, some loans we took out for the refurb and potentially some left over to do some work to one of our adjoining barns (which we plan on eventually using as an extension of the house once we apply for planning).
We'll be applying for a loan of 50% LTV and the broker is asking specifically how we are justifying why we want to pull out so much money. I've done similar on investment properties in the past and never been asked the question. Is this normal to ask and have to justify what we'll do with the money and need I be wary of how I respond?
Previously if the equity has been there to withdraw we've simply been asked how much we want to take out. Whether it's spent on hookers and blow, a fancy holiday or another investment property has never been asked previously. Curious why I'm being asked this now.
Thank you
BTL mortgages are unregulated, so there is far less regulation around the use of funds.I'm looking for some advice as we're in the process of applying for a mortgage. At present we own the property outright (having borrowed some of the money from family to purchase) and then spent a substantial amount of time and money doing up the place. We need the mortgage to pay back the money, some loans we took out for the refurb and potentially some left over to do some work to one of our adjoining barns (which we plan on eventually using as an extension of the house once we apply for planning).
We'll be applying for a loan of 50% LTV and the broker is asking specifically how we are justifying why we want to pull out so much money. I've done similar on investment properties in the past and never been asked the question. Is this normal to ask and have to justify what we'll do with the money and need I be wary of how I respond?
Previously if the equity has been there to withdraw we've simply been asked how much we want to take out. Whether it's spent on hookers and blow, a fancy holiday or another investment property has never been asked previously. Curious why I'm being asked this now.
Thank you
Residential mortgages are regulated so the requests for info will be detailed because the advice could jeopardize the roof over your head.....
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