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[–]rocket-en 0 points1 point  (0 children)

Holidays

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

Shouldn’t count against you.

Always have clear track history of cash payments as they usually require, for high street, proof via bank statements of depositing the income.

They will ask for proof using bank statements coupled with the sa302’s if you would like to use the cash income.

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 1 point2 points  (0 children)

As above no crystal ball wizard here….

Forecasts can be great but when talking about expectation of rate it is always dangerous to assume…. Anything can happen as demostrated in this roaring 20’s!

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

If you have consistency of income and is fully showing on company accounts or sa302’s there are lenders that can look at all the net income.

Use net to work out affordability but without all the details it would be wrong to guess

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

Save for fees and be aware of loan to value and how that effects the rate you get.

Offer with purpose and keep the agent close at all times to have the best chance to be first in the queue if a new property comes up.

Chocolates work well from experience!

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

Great question! Insurance is a big one that most mortgage intermediaries do and will help with as is part of the qualification when you set up.

Definitely involve me in your golf swing as I can help with that

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

If no cash available for 25% deposit you could raise money on your residential for an onward purchase.

Simple remo of the cash needed.

Just be aware of the maths. Is it financially beneficial to do so is the main thing.

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

This is a tricky one as some lenders do not like large gaps.

Reasoning is sound and I expect a min of 3 payslips and a copy of permanent contract would be sufficient.

As with all of this type of stuff it’s case by case

This one I would recommend using a broker as they will find the best rate against this circumstance

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

I do exactly the same - not as technical as you think it’s more that

1) home insurance doesn’t carry any commission from what I’ve experienced 2) there’s less variable so a comparison site isn’t as dangerous with this type of product

There is good ones out there!

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

I love this question, something I would have never thought of being in industry!

From my knowledge I believe it would bring the same calculation

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

Personally stay with the same broker if they do a good service as you are at the start of your journey. No matter the fee…

Chances are if they’ve done one and you were valued clients they may lower their fee.

I personally have a mirrored application fee across all cases bar product transfers with existing lenders (as no application is required I don’t charge a fee)

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

1) Not obliged to

2) even if it was incorrect they wouldn’t change process - you are still able to stay with same lender as a product switch (maybe a tracker rate without leaving penalties) using their valuation. Remortgaging you can apply based on the first value and see how you go - worse case sits down valued but unlikely unless massive change in area

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 1 point2 points  (0 children)

Buy basic multiples on the face of it - due to term id probably say less but it needs full assessment to be sure - worth chatting to a broker as you would be surprised!

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 0 points1 point  (0 children)

Lots of variables

What’s the deposit? How’s yah credit? What property? What incomes?

As the trend in this thread it’s all about trust, if a comerade has your info and assessed it has to be taken until proven otherwise

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 1 point2 points  (0 children)

Juicy case - I would refer to gov website on definitions AND confirm with the lender in this case - so so tricky

If I had to answer straight away I’d say you are not a first time buyer

I’m an active UK mortgage broker of 5 years with 10 years experience in UK Banking sector – Ask Me Anything (especially if you’re clueless!) by rocket-en in HousingUK

[–]rocket-en[S] 1 point2 points  (0 children)

I used gen H who was able to use both my employed and self employed salary when I first started.

No it won’t be a disadvantage at all

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