Mortgages with Sarnie
Discussion
I'm not entirely sure I'm doing this right...
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
Paft Dunk said:
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
If the broker had all of the required information to hand prior to submitting the application then it should have been picked up by them.....We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
Sarnie said:
Paft Dunk said:
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
If the broker had all of the required information to hand prior to submitting the application then it should have been picked up by them.....We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
It is often hard to get self employed figures reliably from a client and sometimes the paperwork is drip fed in. If the broker had 2 or 3 yrs tax computations in advance then you would hope it would be picked up, it could be marginal on which tax band the client is in.
The fact the market has gone up madly is not the brokers fault, it is unfortunate timing. Yes, would have been great if it had been spotted but that is no guarantee that another rate would have been secured in time.
Caddyshack said:
Sarnie said:
Paft Dunk said:
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
If the broker had all of the required information to hand prior to submitting the application then it should have been picked up by them.....We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
It is often hard to get self employed figures reliably from a client and sometimes the paperwork is drip fed in. If the broker had 2 or 3 yrs tax computations in advance then you would hope it would be picked up, it could be marginal on which tax band the client is in.
The fact the market has gone up madly is not the brokers fault, it is unfortunate timing. Yes, would have been great if it had been spotted but that is no guarantee that another rate would have been secured in time.
The broker can't help the current market conditions which will have made a small error into a big error......
Sarnie said:
Caddyshack said:
Sarnie said:
Paft Dunk said:
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
If the broker had all of the required information to hand prior to submitting the application then it should have been picked up by them.....We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
It is often hard to get self employed figures reliably from a client and sometimes the paperwork is drip fed in. If the broker had 2 or 3 yrs tax computations in advance then you would hope it would be picked up, it could be marginal on which tax band the client is in.
The fact the market has gone up madly is not the brokers fault, it is unfortunate timing. Yes, would have been great if it had been spotted but that is no guarantee that another rate would have been secured in time.
The broker can't help the current market conditions which will have made a small error into a big error......
unless some favorable fixed rates are offered from them in the next few weeks. I just wanted a view if I was right to view this as an error in good process, we've used their services five times before so there is history here but this isn't the first 'event' that has had a negative financial impact. Perhaps time to move on.
Sarnie said:
Caddyshack said:
Sarnie said:
Paft Dunk said:
Question for Sarnie. Or any other broker.
We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
If the broker had all of the required information to hand prior to submitting the application then it should have been picked up by them.....We've been trying to get our BTL mortgage moved to a new provider to lock in some favorable rates and have been knocked back. While we've been going though the application the rates our current provider were offering have jumped by 1.8%. So we've lost out all round.
The reason for losing the new BTL was because after seeing my wife's tax return she's now assessed as a higher rate tax payer and the stress test factor the new provider applied has lowered the max borrowing available and so it will not cover the loan.
Sarnie - as a broker, is this something you would have spotted (increase in stress test % due to change income) before submitting an application (and potentially not proceeded with it), or is it usual for this to only be raised by the lender?
thanks,
It is often hard to get self employed figures reliably from a client and sometimes the paperwork is drip fed in. If the broker had 2 or 3 yrs tax computations in advance then you would hope it would be picked up, it could be marginal on which tax band the client is in.
The fact the market has gone up madly is not the brokers fault, it is unfortunate timing. Yes, would have been great if it had been spotted but that is no guarantee that another rate would have been secured in time.
The broker can't help the current market conditions which will have made a small error into a big error......
Just after a bit of advice or opinions if poss please.
We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
andyjo1982 said:
Just after a bit of advice or opinions if poss please.
We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
Mortgage Offers are not being extended. We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
I would certainly be chasing the vendors and their solicitors directly if I were you!
andyjo1982 said:
Just after a bit of advice or opinions if poss please.
We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
phone the agent and tell him if its not closed in 2 weeks it falls apart so do your job and put pressure on the seller. We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
andyjo1982 said:
Just after a bit of advice or opinions if poss please.
We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
This is Sarnies thread but I am a broker so sorry for the but in:We're close to exchanging, but still waiting 1 response from vendors solicitor. Both ourselves and vendors are chasing daily for this. We have 5 weeks until our mortgage agreement runs out, and we're beginning to panic.
Are mortgage agreements being extended given what's happened in the last fortnight? Does it depend on our individual circs and the lender too?
Further more, what else can we do? As a buyer, can I contact the vendors sols direct? My sols have said they cannot chase more than once a week. So frustrating, and we will be devastated if we cannot get this over the line.
Thanks
Which lender is it? Santander - for instance have made an auto extension to their mortgage offers of 1 month, the Solicitor does not even need to ask for it.
Remortgage and purchase clients have been automatically granted a temporary mortgage offer extension as follows:
SANTANDER :
A one-month maximum extension, however the case must complete by 31 January 2023 subject to a satisfactory valuation (excludes Mortgage Guarantee Scheme products which must complete by 30 November 2022)
The offer extension will be based on the offer expiry date
Our solicitor panel has been made aware of this extension on Lender Exchange
There is no need to apply for or contact us about this one-month extension
Other lenders often have a 2 week or other max extension that can be requests where as some just have a flat NO.
andyjo1982 said:
Mortgage offer is with Natwest
Good news, there is a 1 month mortgage offer extension form that can be filled in. I can get you the form if you cannot get hold of it. But ask the lender, your broker or the solicitor to request it.From the lender: Offer of loan (validity)
For Non New Build applications, Mortgage offers are valid for 6 months, and can be extended by a further month using the appropriate offer extension form.
Edited by Caddyshack on Thursday 6th October 18:33
Caddyshack said:
andyjo1982 said:
Mortgage offer is with Natwest
Good news, there is a 1 month mortgage offer extension form that can be filled in. I can get you the form if you cannot get hold of it. But ask the lender, your broker or the solicitor to request it.From the lender: Offer of loan (validity)
For Non New Build applications, Mortgage offers are valid for 6 months, and can be extended by a further month using the appropriate offer extension form.
Edited by Caddyshack on Thursday 6th October 18:33
Another member of the Sarnie appreciation society here.
We sold our house during the pandemic, and moved into rented. At the time, I had posted here for some advice, and Liam was happy to oblige, despite there being no financial advantage to him doing so. We had stayed in touch, and when we finally found a potential home, with the market and interest rates moving fast we thought it would be wise to let him do his stuff. It was probably the best decision I have made over the last couple of years.
His service was absolutely superb. Me and my wife describe it as “old fashioned service done in a modern way.” Many companies could learn an awful lot from him about how to conduct themselves. Regular communication (we even had replies to emails at midnight), backup plans in the event of unforeseen circumstances, and a thoroughly efficient, friendly and courteous service, and a great deal to boot. Thanks mate.
There’s a cold beer waiting for you here any time you’re passing.
A and Z (Lawkland)
We sold our house during the pandemic, and moved into rented. At the time, I had posted here for some advice, and Liam was happy to oblige, despite there being no financial advantage to him doing so. We had stayed in touch, and when we finally found a potential home, with the market and interest rates moving fast we thought it would be wise to let him do his stuff. It was probably the best decision I have made over the last couple of years.
His service was absolutely superb. Me and my wife describe it as “old fashioned service done in a modern way.” Many companies could learn an awful lot from him about how to conduct themselves. Regular communication (we even had replies to emails at midnight), backup plans in the event of unforeseen circumstances, and a thoroughly efficient, friendly and courteous service, and a great deal to boot. Thanks mate.
There’s a cold beer waiting for you here any time you’re passing.
A and Z (Lawkland)
Would appreciate your casting your eye over this thread. I've tried my own current provider and a few brokers; no-one will extend a personal mortgage on a property other than a residence, or a commercial mortgage to a private individual.
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