Mortgages with Sarnie
Discussion
ziontrain said:
Hi Sarnie, fiancee is currently remortgaging a BTL and it seems to be taking forever. Is there a backlog in the market currently or is the issue likely to lie with the current broker?
The industry is struggling at the moment. Virgin Money for example, are taking 16 working days to pick up anything sent to them. And then if they want more, another 16 working day wait for it to be assessed.
Natwest say on their home page to not call them for at least 19 working days after submission.
Nationwide are currently at 30 working days average to issue an offer, which equates to 6 weeks.
So, it's highly likely thats it's nothing to do with the broker and is more to do with similar issues experienced as above........or your broker could be holding proceedings up.......difficult to answer!
Sarnie - are you the man to speak to re: BTL and residential mortgages?
Basically, I’m looking to move house. Ideally want to let out my current house rather than sell it.
My total lending would be 50% of the value of both houses (lending 375k against properties worth 750k).
That the kind of thing you do?
Basically, I’m looking to move house. Ideally want to let out my current house rather than sell it.
My total lending would be 50% of the value of both houses (lending 375k against properties worth 750k).
That the kind of thing you do?
Sarnie said:
ziontrain said:
Hi Sarnie, fiancee is currently remortgaging a BTL and it seems to be taking forever. Is there a backlog in the market currently or is the issue likely to lie with the current broker?
The industry is struggling at the moment. Virgin Money for example, are taking 16 working days to pick up anything sent to them. And then if they want more, another 16 working day wait for it to be assessed.
Natwest say on their home page to not call them for at least 19 working days after submission.
Nationwide are currently at 30 working days average to issue an offer, which equates to 6 weeks.
So, it's highly likely thats it's nothing to do with the broker and is more to do with similar issues experienced as above........or your broker could be holding proceedings up.......difficult to answer!
Killer2005 said:
We are at 72 hours for documents, about 24 for DIPs. The real delay for us is getting valuations back which are taking weeks to get booked in.
The variation across the industry is huge. We've had two offers issued this week from cases submitted on Monday. But then one offer we had issued this week was submitted in April......CAH706 said:
Sarnie - are you the man to speak to re: BTL and residential mortgages?
Basically, I’m looking to move house. Ideally want to let out my current house rather than sell it.
My total lending would be 50% of the value of both houses (lending 375k against properties worth 750k).
That the kind of thing you do?
Yes, we do lots of this, feel free to drop me a line or give me a call! Basically, I’m looking to move house. Ideally want to let out my current house rather than sell it.
My total lending would be 50% of the value of both houses (lending 375k against properties worth 750k).
That the kind of thing you do?
Hi Sarnie, are there mortgages/lenders who will lend extra if you have savings/investments to back it up in addition to income from salary?
Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
c6r said:
Hi Sarnie, are there mortgages/lenders who will lend extra if you have savings/investments to back it up in addition to income from salary?
Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
In general terms, no.Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
But, it depends on the level of funds we are talking about and the details as a whole......
Sarnie said:
c6r said:
Hi Sarnie, are there mortgages/lenders who will lend extra if you have savings/investments to back it up in addition to income from salary?
Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
In general terms, no.Am lucky enough to have a fair chunk of ISAs etc that I could put towards the next house, but for various reasons (losing the tax wrapper, stock returns generally better than mortgage rates etc) I'd rather keep them where they are and borrow the extra, rather than cashing them all in.
I know this is a thing for HNW people e.g. powerfully built directors who have relatively large holdings in illiquid companies but take relatively low salaries, but sadly I'm not HNW either in the regulatory or PH sense
But, it depends on the level of funds we are talking about and the details as a whole......
I'm probably overthinking it and there's a much more straightforward way to achieve this - I'll email you some details directly sometime if that's OK.
c6r said:
That's what I suspected as I couldn't find anything relevant on google. Ideally I want to do sort of similar thing as BTL above, but the opposite way round as it were - buy new house as second home / eventual retirement place, but keep current one to live in for now, then in 4-5years time move to new one permanently and sell the current one. Obviously that involves somehow raising enough money to buy the new one without selling the one I'm in which is quite a lot with house prices as they are!
I'm probably overthinking it and there's a much more straightforward way to achieve this - I'll email you some details directly sometime if that's OK.
I'm sure we can find a way to get this done for you, feel free to drop me a line! I'm probably overthinking it and there's a much more straightforward way to achieve this - I'll email you some details directly sometime if that's OK.
I've seen a property I'm interested in looking at that comes with some land - aprox 20 acres and is listed at just over £1M.
Land has always been with the property according to the vendors, and is mostly unused farmland ( property is a long-ago converted barn ).
Are there intricacies in taking out a residential mortgage on something like this?
Are high street banks not going to touch it ?
Land has always been with the property according to the vendors, and is mostly unused farmland ( property is a long-ago converted barn ).
Are there intricacies in taking out a residential mortgage on something like this?
Are high street banks not going to touch it ?
Tom-M said:
I've seen a property I'm interested in looking at that comes with some land - aprox 20 acres and is listed at just over £1M.
Land has always been with the property according to the vendors, and is mostly unused farmland ( property is a long-ago converted barn ).
Are there intricacies in taking out a residential mortgage on something like this?
Are high street banks not going to touch it ?
Sorry for the delay, I've been away for a few days.Land has always been with the property according to the vendors, and is mostly unused farmland ( property is a long-ago converted barn ).
Are there intricacies in taking out a residential mortgage on something like this?
Are high street banks not going to touch it ?
Lots of lenders would have a problem with this but there may be lenders who would consider it, subject to the details..drop me a line if you want a chat
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