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Original poster

Calling all current mortgage applicants...

73 replies

SnowBells · 25/04/2014 19:13

If any of you are out there, I thought it would be good to have a thread for all of us to see how we're getting on now that the MMR is in place. It would be great to share experiences, since there aren't many threads about this around.

Let us hope, panic, despair, be angry or be happy together…

OP posts:

outtolunchagain · 08/05/2014 14:21

We want to move and add to mortgage , our current deal with the Halifax is portable but not a very good deal as we need to borrow more but it feels like we would be better to pay more to get a deal than go through the hassle of changing lender .
The whole thing seems ridiculous , we have been with them for 15 years plus , only want about 1x dh salary but want to pay off over max of 15 years . We have had a mortgage for 25 years plus , never defaulted even when had three in independent school , why would we suddenly become a high risk ?

MadameLeBean · 08/05/2014 21:03

I've decided not to reduce the term of the loan which means I can opt out of advice and don't have to be assessed for suitability. We are just going to overpay instead (which is essentially the same as reducing the term).

If I wanted to reduce the term I would need to provide all the docs like a first mortgage and have to wait two weeks for a 3 hour telephone appt then send all the documents then wait six weeks for it to come into effect. Losing two months of lower rate because of the faff. So decided not worth it.

MadameLeBean · 08/05/2014 21:05

And as i understand it they can switch your rate on the phone there and then and don't have to assess suitability / affordability if you opt out of advice. But then you lose the right to claim against them later if you feel like they mis sold the product. I know exactly what I'm doing (used to be an interest rates analyst)

MissMysticFalls · 08/05/2014 21:30

I'm terrified now. I've tried various affordability calculators and the amount offered ranges from 90,000 to 176,000 just from tweaking some variables. We need a minimum of 120,000 and ideally 150,000. We've offered on a house that was priced to shift fast, this morning and seeing the mortgage advisor on Wednesday. One sane lender seems to be Ipswich. They manually underwrite and will accept your expenditure figures if you can prove them rather than use ONS stats. I just checked these and we are way under what they ONS thinks we spend each month. But until you go through the formal application process how can you be sure..?!

MadameLeBean · 08/05/2014 21:46

Thought it was normal to prove your actual outgoings..?

MissMysticFalls · 08/05/2014 22:03

I hope you're right. So new to all of this and the goalposts seem to shift for us every week.

MadameLeBean · 09/05/2014 07:17

FYI I opted out of advice and remortgaged on the phone in 5 mins (after waiting an hour on hold though!).
Doesn't help the majority of you I think but if you just want to switch your rate to a new deal this is an option.

MadameLeBean · 09/05/2014 07:18

Oh and I didn't have to provide any information on finances or evidence

Trinity90 · 21/06/2014 19:54

Hello :)
When me and my partner first had a discussion with a mortgage advisor, he said we could take a mortgage out x5 of our income. Which seemed ridiculous ! ..We went for one 2.5 of our income instead. Hopefully receive the keys in the next 6 weeks !! .. It feels like it's all taking a very long time to finalise :(

Original poster

SnowBells · 21/06/2014 20:09

Oh! My old thread…

… the good news is we got our mortgage offer. It did take 7 weeks - but as some other people I know are applying, too… I believe the above timeframe seems to be the norm now.

OP posts:

Trinity90 · 21/06/2014 21:58

Well, congratulations on your new home snowbells! :)
The estate agents I'm going through seem pretty incompetent .. As In not booking viewings we requested .. ( lying to the seller saying we changed the date of viewing when they'd just written it done wrong) .. When we put an offer in - They rang us to give us the offer instead of the seller ..they gave solicitor the wrong purchase price.. Anyway you get the point !
So I don't have much faith in it going through smoothly or quickly :p

FrontForward · 21/06/2014 22:02

Marking my placeS I'm about to try for. Remortgage ...

NovemberRainbow · 21/06/2014 22:03

Congrats Snow, ours has just taken 8weeks. Thankfully it's over cannot wait to complete and move in.

christinarossetti · 21/06/2014 22:09

A quick word of warning for those who are self-employed...

Nationwide took me down the 'you need a letter from your accountant demonstrating 2 years of audited accounts' route only to then decide that my accountant didn't have the right qualifications. They then decided that they needed SA302 forms from HMRC. These are easy to get - just call up and they'll send them for free, but this process took a couple of weeks.

In hindsight, I'd have just phoned HMRC and asked for them at the beginning, so they were there to put in the post if my accountant's qualifications hadn't cut the mustard.

PoundingTheStreets · 21/06/2014 22:37

I am in the process of remortgaging. Took about a month from first applying to being given a formal offer and is now in the hands of the legal bods. I didn't find the new affordability rules a hassle despite changing employer at the same time and despite the fact that a quick browse online suggested I'd be able to borrow far less than I've actually been offered. All in all it's been very painless indeed and I'm saving a fair amount on my previous rate.

juneybean · 21/06/2014 22:43

Any recommendations on solicitors for conveyancing? I've had a quote for £790 so just wondering if these a better deal to be had...

Trinity90 · 21/06/2014 22:54

I got 4 quotes for conveyancing fees.. One Was over 1k :o
The cheapest was 721.. Id just say, get a few different ones and make sure there won't be any hidden charges. ! :) good luck !

juneybean · 21/06/2014 22:55

Oo thanks!

Presumably it doesn't matter where they are location wise? Like is local best?

Trinity90 · 21/06/2014 23:05

I personally would use local ones .. I'm only a first time buyer so I'm not completely knowledgable on the subject but so far all my contact has been via phone/email/post :) and they sort everything out from their end and just keep me updated via email

juneybean · 21/06/2014 23:06

I'm a first time buyer too hence my being completely clueless

Trinity90 · 21/06/2014 23:10

Hehe, well I find that to help me feel at ease - anything I've has queries about I've rang my mortgage advisor / solicitor and on occasion family members ! Just remember it's YOUR money and you should feel comfortable with what is going on .. So if you need a question answered .. Don't be shy ! :)
I read through every little bit of detail and make a list of questions ..

PoundingTheStreets · 21/06/2014 23:38

Some mortgage deals come with legal fees included, so that's worth investigating. Also a broker can not only find you a cheaper deal but also a cheaper conveyancer. The trick is to find a good whole-of-the-market broker.

juneybean · 25/06/2014 11:05

I'm really losing all faith in my mortgage advisor but my DIP is through them so I presume I have to stay with them now? :/

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