Mortgage Application Process UK | First Time Buyer Secrets
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- Опубліковано 29 вер 2024
- The mortgage application process as a first time buyer can be made to seem overly complex. I breakdown the mortgage application process from enquiry to the keys to your dream home.
In this video Alex Kerr a qualified Mortgage Broker, provides the mortgage application process from start to finish. What happens ? Lets find out!
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***SHOW NOTES
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⚡QUESTION OF THE DAY: Are you looking to apply for your first mortgage ? Let me know! 👇👇👇
Hi can i request another call please as i missed the last?
Hi mate, please link your email.
@@CelticG alex@mortgagechain.co.uk is my email and link to book in diary is outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hi Alex, I hope you are well.
Now my friend has a mortgage offer on the table. She finds her house, put the offer and received AIP. She is going through the whole process as we speak. Solicitors searches etc. Now unfortunately this morning she has been told she is going to be made redundant and her employment will cease at the end of July. Now she has managed to speak to someone in her sector to give her a full time job around the same salary starting 1st august.
first question does she have to tell her lender/broker the situation. Second question will they do any credit checks/wage slip from her previous employer just before she signs the legal contracts exchanges and completion ? She hoping to be moved in by September. before she gets the keys as she can still afford the mortgage payments. Any advice plus be great.
@alexerrmortgage.
Hi Alex me and my partner are wanting to get a mortgage (first time buyers) we only have a 5% deposit do you know when banks will start offering higher LTVs again?
Flipping hell such a long process!😭 i think im gonna continue showering in the gyms and cooking on my cars hot engine.
Good luck! Thanks for watching
You so funny :))))))))
Great video. I currently have my agreement in principle and a reservation on a new build. Nervously waiting for the final moetgage offer 😬
Good luck Cameron!
@@alexkerrmortgage thanks Alex 👍
Exactly
How long did you wait for the mortgage offer? Did it go through OK?
@@dannywholuv not long at all, all went through smoothly and have been in our house since december 2020
Hi Alex thanks for great video. Recently I had mortgage and principle done and I found my house then I called my broker them he booked solicitor for me I pay in advance £400 to start to process then they begin start processing so far i sign the contract and my mortgage advisor called me and saying bank dose not happy to go ahead then he was get another lander we submit the documents and still waiting. The reason was I was add my wife's name as a joint name she dose working. But my works can cover the asking price
If you are married a lot of lenders will insist that the mortgage is joint… It doesn’t matter if the other party does not work, as long as they passed a credit score… And as long as your income is enough… I hope this helps! Alex
@@alexkerrmortgage thanks
We have a good news 😀 finally
..its been painful 3month . Now The lander agreed to go ahead with the mortgage we jut waiting for the mortgage offer to come. We don't know how long its likely take to send it to us i called my solicitor today they said we waiting for the mortgage offer to come then next process to fixing a date for the key 🔑 😉
Hi, i applied mortgage application from Barclays bank 4 weeks ago.. Still decision pending in status.. What is the meaning that one.
I submitted all documents which they are asked.
Kindly reply
Barclay’s are very slow! Are you sorted now ?
Hi Alex.. I am getting div income want to know how they calculate my income from trading account. Can you please upload few videos on how the affordability is done
Hi Chris, Okay will try and do some more self-employed stuff....
Hi Alex great video enjoyed watching! My question to you is I’m currently saving for my first home i have a car in finance with 2 years left would I be better waiting til my car finance is cleared before applying for a mortgage will that give me a better chance of getting a bigger mortgage? Cheers chris!
Chris Jennings hi Chris! You would definitely be able to borrow more if your car finance was cleared. Your monthly payment x 12 x 4.5 will give you a good idea of the difference it will make. Alex
Cheers for filling up my PD online lesson Alex
lmao
Bish
doing a service to the nation
No pranking
This is honestly so decent of you to give this advice for free mate helping thousands here good man ✊
No worries, thanks watching Joe! Really glad that is helping, any questions let me know.
I just bought a house with my wife but the solicitor is not giving me any documents from his side. He kept saying i should wait for the deed which can take few weeks. Pls i need help because i am a first time buyer
Sorry for delay, missed this one. I imagine you’re sorted by now ?!
@@alexkerrmortgage i haven't got the deed yet. the solicitor keep saying they can take up to 6 month. i am really losing me patience with my solicitor because 6 month plus is very strange. pls if you can guide me thanks
Thank you Alex that was really helpful 😊
You're welcome!
Hi Alex, just a quick question..
Me and my wife want to get a mortgage on a joint income salary based - we want it on the lowest monthly payment plan (something between £450 or £550 a month)
Now If, for instance the house we want to buy cost 140 grand..
How long can the lenders stretch the mortgage plan too? Is it maximum 35 years?
The reason why I'm asking is I am 38 years old, and my wife is 29 years old
The official retirement age in the UK is 65 years old
Which means I have 27 years of work and my wife has 37 years left off work
Both me and my wife have no health issues
Can we go above the retirement age to keep paying or a mortgage or will the lenders want us to pay our mortgage before the UK retirement age?
What I mean is do lenders take age into consideration?
Hi, you can go to age 69, so 31 years... if you have pension contributions on your payslip, some lenders will allow you to go to 75 👍🏻
Anyway I can contact you alex
Hi Alex, I am a 19 year old with quite a bit of money saved up for a deposit! Do you think I would be eligible for a mortgage? I have not got a credit card and know nothing about credit score... Also how long does this process normally take from start to finish?
Shakes hi! Well done on saving the deposit. To discuss and have a free analysis call, please call me team and book in with me. 03333 44 68 69 - and we can discuss! Alex
Hi Alex! I am an student, applying for Student finance loan can affect my mortgage application?
Hi, great name! It will not effect it too much until you start repaying the student loan, once you earn a certain amount.
BERSEFORD MILLER🥳🥳
joe = hooligan
Théo = hooligan
-hooligan
Hi Alex, thanks for the very informative video. Me and my partner are looking to buy a house together around this time next year. In this mortgage process, do we have to find solicitor and conveyancer ourselves or is it estate agents that sorts it out for us?
Hi and thanks for your kind words! It's your job to find a solicitor (conveyancer) but an estate agent can recommend the ones they work with as well, which is sometimes handy. This is a video we will be doing soon on the solicitor process and how to choose the correct solicitors. We are also creating a portal for first-time buyers where they will be able to obtain solicitor quotes that specialise in the areas they are looking for.
Hi Alex! Your videos are very helpful and informative.
I have a couple of questions and I hope you will be able to help me. So my partner and I are planning to get a mortgage in Wales. We currently live and work in Hertfordshire. Will it be possible for us to get a mortgage in Wales eventhough we don’t work there yet?
Thanks!
Hi! Are you getting a transfer or would it be searching for new employment ? If so (searching for new employment), the job would need to come before the mortgage...
Hi Alex, can you elaborate on the agreement on principle, as i understand an agreement in principle is not worth the paper its written on.
It means you have passed the credit score, which is a hurdle many don't get over… Also it's a ticket interviewing properties and placing offers, but it doesn't guarantee will mortgage. As long as you can prove everything you have claimed in your agreement in principle then you shouldn't have a problem.
Hi Alex me and my mum we work 72hr each per week my mum has a good credit and no debt I have never had a credit in my life I am 20 years old everything I have was paid in full cash I don’t have a single debt or anything would we have a good chance of getting a mortgage but two people will be responsible of paying off the mortgage we are more than happy on paying like £2500 a month would we have a chance for getting a mortgage?
Hi Muhammed, hard to tell from that info. Feel free to book a free call with us to discuss - outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hi Alex,
I just wanna ask how many times can delay exchange contract?
Because i have alredy 3 dates and it's all was delay.
What i need to do?
You do not have much control with this, as everyone's process needs to align. Just keep going!
Great video. Thought it was Mark Goldbridge initially.
I just checked him out LOL
I’m finding it extremely difficult to comprehend the fact that no matter where I look I’ll be paying a minimum of 50% more than the initial value of the property over the course of the mortgage.
For example .... a property of 160k. 10% deposit down of 16k leaving me with a mortgage of 144k. Over say 30 years.
The first 2-4 years will be at a fixed rate of say 3.29% should I choose to take that route.
Then the remaining 21-23 years will be at a “flexible rate” of up to 5.15%.
That’s a ludicrous jump. That’s the difference between £630 a month mortgage and £780.
What started as a 144k loan quickly turns into me paying back 276k...
That’s insane. I’m sure I’ll be told “that’s just the way it is” but I don’t understand how houses cost so damn much now in comparison to the amount the average person realistically earns.
Unless I’ve got this all wrong and I’m just not entirely educated this is absolutely Insane.
SwiftJustice- hi! So after a two year fixed rate, you can renew your deal again, before the rate increases. This is known as “remortgaging”. Those figures are there just incase for what ever reason you couldn’t “remortgage” and therefore get “stuck” on the higher rate. (Variable rate). Does that make sense ? Alex 😃
Hi there, me and my girlfriend are looking to get a morgage, she has a part time job, looking for a full time position and I get disability benefits. Would we be able to get one between us with that?
Hi Theodore, we have lenders that work with DLA as an income, so in principle yes, but of course subject to having a closer look. Feel free to get in touch for a free analysis. Alex
BIG UP ALEX 4th yr PD
Hello!
Wondering if you could help, myself and my partner (22,26) have been together 5 years, we have no children, no debt and been renting for 3 years, our combined income is £44,000
And we have good credit scores, (great for my partner, average/good for me) the only thing we have ever “borrowed” money for is car finance which has less than a year on
Do you think we will be approved? I have so so much anxiety about starting the process
Hi Charl! Hey don’t stress to much, you will be fine! As long as you can get a deposit together of at least 5%, you will have options. How are you getting on with a deposit? If you are stressed about this, you will definitely get a lot of value from a broker as they will guide you though every step 👍🏻
Hi my mortgage offer ends in September but I dont move in the house till the 9th of October. My new mortgage offer will start from October and has gone up if I dont move in before the 30th of September. Is there anything I can do as there is only 9 days between the old offer and the new one?
Hi Shane, do you mean your current mortgage expires, or a mortgage offer on a property you haven't yet moved into expires ? If the latter, you should have your offer extended with the same rate ?
I am 60 (disability PIP) my wife is 48 (working full-time) we have been renting all our lives . My landlord died and the daughter want to sell this house. We have been looking around but rents are crazy. A good friend of mine told me he will give me 10k for a deposit and i started looking around and found L&C online, filled out all our details and 15 minutes later i got "decision in Principle " the we could get a Mortgage of £90k . Is this to good to be true ?? I am in Northern Ireland and must say it's possible to find a house around £100k should i be happy ??
Sounds okay to me!
Our Mortgage lender is Halifax,Broker told us yesterday that solicitor will be in contact with us soon. Is that mean we pass the mortgage?
Phimchanok Saothongthong hi Phimchanok, is this for a purchase or a remortgage ? Alex
@@alexkerrmortgage for first time buyer mortgage
Phimchanok Saothongthong no that doesn’t mean you have passed the mortgage. What you need to know is 1) the mortgage is “agreed in principle” ? and then the next step is to obtain the mortgage offer, which is the legal document to state you have the mortgage. Ok ?
If only it were that simple!!! Ha ha!!! I appreciate how concise you have made this video, yet you have admirably not told the viewer about all the hell you will sometimes have to go through due to: Down valuation, Max loan, Vendor pulling out, Lease issues, Chain problems.........the list is endless!!!!! Please, please, please always use a broker!!! God knows how a buyer, let alone a first time buyer could cope with the many, many issues that come to the surface during the journey!! Your broker is worth his weight in gold! Great vid Alex
Yeah….I got a good deal….but the broker was irresponsible…and because of his mistake that property got pulled out….Now again I tried another property…paid again money for the mortgage person to arrange it as he promised it..Now he is busy with his own training and stuff after taking the money…Now the estate agent is upset with it!!!!!and me aswell !!!!!I just wanted to know is there anyway to not risk with our money and effort on somebody’s hand???😢
Hi looking at getting our 1st house. My question is we have both hit 50. What are the chances of us getting a morgage?
Have a semi decent amount as a deposit
It all depends on your income. You should be able to get a 19 year mortgage, possibly 24 years if you both paid towards a private pension.
Great vid. Thanks for uploading!
No worries, plenty more to come, glad you found value in this!
I need mortgage advice.. shared ownership unfortunately
Please get in touch via this form… Many thanks
www.mortgagechain.co.uk/contact-us/
So if it's that easy, why does it take a long time? Also, I've called up my bank and they said I have a good chance of getting whatever the mortgage that I wanted. But what do I do next? How do I know the exact figure that they'll give me, like on paper? I have no clue what to do..
Hi Alan, if you are using your bank they will take you the process and help you understand the amount you can borrow via an affordability check. Or if you use a broker they will take you through everything and explain each step. Your next step would be to make an appointment with as advisor. Alex
I read that lenders can give up to 4.5 times your salary max. Does this apply to first time buyers or people who already had a mortgage in the past only?
Russkiy Smiffy hi Russkiy, this applies to everyone, including first time buyers and some lenders may even do 5 times income, based on a 10% minimum deposit. I helped a client achieve this recently. 👍🏻
@John Buffalo I am 97 Hi John, the property his girlfriend owns... What will happen with that ?
are you able to move if you haven’t paid off the mortgage
Hi Saara, yes you can possibly port the mortgage and take it with you, without penalty. There are other options. Are you thinking of moving ? If so, get in touch for a free chat - mortgagechain.co.uk/contact-us
Lovely explanation
Thank you 🙏
Hi just had an offer accepted on a house. I'm a first time buyer. I have a mortgage broker. O have researched some solicitors. Just confused at what point can I ask property to be taken off the market? When to do HB and when to instruct? Thanks great videos.
Good luck! What is “HB” ? I would instruct Solictors straight after your offer is accepted, but wait a few days to pay them for searches, once you know the mortgage is moving along...
Hi thanks for your response wish I'd seen this sooner. The solicitors have already sent off for searches they wanted all money up front I did get a breakdown of all costs and was assured no further money would be requested except where there were specific complications. They work on no fee, no complete except searches. My mortgage application has been put through
I just have to hope and pray all works out.
Oh HB was Home buyers survey. Thanks.
We are applying for a mortgage, new build, £390,000. £39k deposit plus 10% help to buy, combined income of 78k, with around 20k in loans and stuff we pay off. Hoping its good enough, we pay 950 before bills to rent right now 🤣🤣
ok so around 25% DTI (debt to income ratio). As long as affordability fits, you should be good... Are you allowed any choices in the new build, like carpets, tiles etc ?
good luck!
🙌🏽🙌🏽🙌🏽
Hello Alex, got a couple questions for you. I live in London and am planning on getting a mortgage for a house in Hertfordshire. I earn 32k a year and I am a first time buyer, my sister has a mortgage aswell with her husband which they've had for 6 years now and I would like to know when I apply, do I apply as a first time buyer or second home because I'll be applicant number 1 and my sister will be number 2. She earns around 24k a year. And also how many times our total salary could they give since I live in London and house prices are higher. Thanks
Hi Abz! You can get between 4.5-5.5 times your income at present but your credit score may effect this. Do you have good credit ? A first time buyer as joint applicants will be ok. Do you have a deposit ? Alex
alexkerrmortgage yes my credit score is pretty high it's around 850 and I'm a first time buyer however my sister already has a mortgage so I don't know if I'm considered as a first tile buyer when I apply. I have a good deposit of around 60k. I'm planning on purchasing a semi-detached house for around the 350k mark. Thanks for the reply 🙏
AR I don’t understand how your sister will affect you being a first time buyer?
I am a first time buyer, going through my first mortgage application via a broker in UK.
Your videos are very interesting and useful for me, keep it up! Thank you!
Including this one which I like the concise part of it.
Thank you for your kind words. How did you get on, hoping you are in your new home now?
@@alexkerrmortgage not yet, soon I hope!
Hi my credit history was really bad in the fact I never used credit for anything not on the electrical roll and only had a phone bill the past few years but I got a mortgage in priceable I found somewhere I like my offer has been accepted do you think my bank will give me a mortgage just worried it won’t go through thanks for your vid
Hopefully they will be able to pick up your credit profile from our address in your history… Sounds like they have if you have got the mortgage agreed in principle. How are you getting on with everything?
Hi Dear Alex , I
Like your all
Videos , u are giving very details good information, I just want to know from your side if we are the first time buyer for house ,is stamp duty fees applicable or not ? One of my friend told to us no
Any stamp duty for first time buyer if we are taking property less than 5 lacks pound ,plz confirm me about this point ?????
Thank you! That is right, no stamp duty up to £500,000 until the end of March 2021. Then after that it goes back to £300,000 for first time buyers.
Thanks Alax
Hi Alax , can u please confirm me we are are first time buyer my husband is working he have just 5000 pond that’s 2 month old other funds will come from India as a gift money & rest money one of my husband friend will transfer in his account that’s approximately 12000 pond , my exact question is for u after arranging this funds can we buy house or we should have this all 15 % amount old like 3 month for buy a house or apply a mortgage from bank ?????plz reply me soon
Plz reply dear
@@malhotrajasleen3 Hi Kalpana, all the funds being received as a gift... the person making the gift must be able to clearly show via bank statements where the money came from, ideally a bank account statement before and after the money came in. 15% is a good starting point for a deposit. I hope this clarifies? Alex
Still waiting on mortgage offer after the evaluation bien ok
Good luck!
@@alexkerrmortgage thanks
@alexkerrmortgage I have couple of questions if could advise?
Is it possible to get a mortgage if you working with the agency or do you have to be full time with the company ? Or do they care about as long as the money keep coming in ?
You would need a specific mortgage lender that allows agency workers… Quite often the mortgage lender will want a certain amount of time within agency working and a certain amount of time left on your current contract… Lender research will be key for this. If you ever need any help with this, let me know.
As.....easy.....as......that 🙄
Really helpful video! Totally unrelated question but I'm arguing with my husband..... are you using a green screen or is this a genuine background?
Vanessa Maynard Vanessa Maynard thanks! And lol - it’s not a green screen... just a vinyl background! We don’t use it anymore as have since upgraded lights etc - our latest video I would say looks a bit better. This one: ua-cam.com/video/zU_yh_qiC-s/v-deo.html
Vanessa Maynard interested to know who was right and who was wrong in this lol
Some really interesting questions people have asked... but you’ve ignored them and instead replied twice to a chick asking about your background. 🤔
PJM no ones being ignored. If you like at the dates of the answers the only un answered ones are all within the last week, and will get answers in coming days. I appreciate your worry for them not getting answers, but it’s covered, thank you.
alexkerrmortgage surprised I got an answer before them too. My credit is poor but my finances have been spot on in the past 12-18 months, but my score hasn’t budged, why could this be? And do you think the whole credit system is flawed? We’re talking small debts & a few late payments! No ccj’s no bankruptcy or anything
hi! so my husband and I are in the process, we're waiting on the mortgage survey, its hopefully early this month, once that's done what's the timeline on getting the keys after the survey is done and hopefully accepted?
After the survey, the Next step is the mortgage offer… Then the rest of the legal work needs to be done before you get the keys. How are you getting on now?
hey Alex I'm a first time buyer me and my partner have signed the deeds and contract we have also handed the deposit over to the solicitors so we are a week till we get the keys but im nervous as he'll and paranoid a wee bit what are the chances off the lender withdrawn from us
Hi Jordan sorry for the delay on this... Did it all work out ? I'm sure it did and you are now a homeowner!
Hi, how many years of having a job after been jobless are needed for getting mortgage approval?
Most lenders will want 6 to 12 months consistency.
Hi I am first time buyer if I am looking for property round 450000 how much I need deposit and how much my income should be.
Thanks
Hi Mehdi, we would need to understand your income and expenditure to be able to work your borrowing potential out. Please feel free to book a free, no obligation analaysis call with us here. Just click the link and choose a day and time. Note we are heavily booked. Link here - outlook.office365.com/owa/calendar/MortgageChainLtd@mortgagechain.co.uk/bookings/
Hey Alex, do you still provide free credit report checks/ advise? I emailed your address from another video and it bounced?
Thx
Hi Adam, yes! Please send it to freecreditfilecheck@mortgagechain.co.uk
Hi Alex is approval really just based on income and your credit score ??? any tips to up my credit score ? im an Australian living in here and hoping to buy so dont have much history no credit cards etc but thinking to get one
Please email freecreditfilecheck@mortgagechain.co.uk
Hi sir if you pay for valuation money for how long it will take ?
it depends on the lender, some do it quickley after a few days and others do it at the end of the mortgage process.
Hi, me and my partner are hoping yo go for mortgage, we are nearly saved with our deposit but problem is I recently lost my job, how long will I have to be employed for on a permanent contract to allow us to proceed?
Hi Barry, I cant answer that question without knowing a lot more info... previous employment history, credit score etc - Feel free to email me on alex@mortgagechain.co.uk so we can have this chat. Alex
Hello, I have received confirmation from my mortgage advisor that the lender is posting our mortgage offer from successful valuation and assessment of documents, I have also formally instructed my solicitors. Would you recommend getting a home buyers survey report on a 16 year old property? It hardly needs any work doing but just wanted your opinion / thoughts?
Also with Help To Buy ISA accounts, do you have to close the account with your bank yourself or does the Solicitor deal with it when applying for the government bonus?
Hi Megan, I am afraid I wouldn't be able to advise which valuation to choose as I have not been involved in this process and would need to know much more about the property. If you have a mortgage broker they should take you through the options and be able to provide a quote. Good luck!
What is the possibility of getting a mortgage as an agency nurse
It’s very possible… Feel free to get in touch to discuss further. Alex
You explained it so well, thank you.
Glad it was helpful!
Thanks Kiefer Sutherland! 😉 jokes, great advice.
😆😆😆
Hi.. we are applying for mortgage my partner has a good salary and credit etc... but i have a fair credit Score but £5k in debt would this be a problem ?
Debt does reduce the amount you can borrow. Is the 5K a credit card ?
@@alexkerrmortgage only small amount most is just finance monthly
Hello Alex. Assuming the lender, after their evaluation survey, decides that the value of the property is below the amount I'm offering to pay, do they reject my application in total or simply issue me with what they consider the appropriate amount?
Hi, they would issue you the % of the valuation. (the one they have just conducted.) So if you were buying at 110k, with a 10% deposit but the property valued at 100k, the lender would offer you 90% of 100k.
is mileage allowance considered as an acceptable income?
Afraid not…
How do I improve my chances of being offered more? I currently have 18k deposit, no debt, good credit rating but only being offered 70k 🤦🏻♀️ the only thing I can think is do some cash in hand work to boost my deposit 🤷🏻♀️
I forgot to mention I am also self employed and have been for 6 years so have more than 2 years accounts.
What is your income?
When they check ur credit history, what if you don’t have a credit score or anything ? Obviously COVID happened this year after I turned 18 when they froze the scores so mine couldn’t have been building or updating and I still do not have a credit score it’s now been 8 months trying to build one, I’ve emailed Experian and ClearScore and they can’t help, I wondered if they won’t let us get a mortgage due to me not having one due to COVID
Hi Tyree, are you on the voters roll ? Keep going, it does take a little while to get there! Not to long and it should start going up... Alex
alexkerrmortgage hi Alex, I am yes but only since watching your videos last week, thanks for the help :)
@@tyreecairns394 No worries! You may have ups and downs along the way... best thing is to keep calm and keep going. You WILL get there!
Great video! It was informative and is really helpful content. Keep posting this type of content.
More to come!
Hi should it always be 10% deposit or can I go lower as well.
justriaz29 at the moment it’s 10% but hopefully 5% will return!
Hi Alex , if I have an arrangement overdraft can I apply for a mortgage?
Hi. 👋 An overdraft will not stop you from applying from a mortgage but would likely have some effect on the amount you can borrow.
@@alexkerrmortgage thank you So much , you are helping a lot ✌🏻
How long does it actually take to get a mortgage offer?
Anywhere between 2 to 6 weeks
Thank you!!
Can you tell everyone Alex what the ratio is of people paying you fees and not getting the mortgage to those who do get it.
100% of people who pay us a fee get a mortgage offer. This is because, we only charge on receipt of the mortgage offer.
Great.
This is very helpful. Thank you very much.
You're very welcome!
Would using a mortgage broker up north likely be cheaper then using a mortgage broker down up north?
I'm from the South but likely will buy in the Midlands due to affordability
@John Buffalo I am 97 Dudley Stourbridge
You will have brokers that do and don’t charge in both areas! What are you ideally looking to do ?
Hi Alex, for example, if a person buying a property for 375k and he has 325k in decision in principle and 50k in deposit, how the 10% of deposit is calculated. Is it calculated for property price or decision in principle value?. Your reply will be much appreciated.
It’s calculated by the percentage of the price you buy the property for…
@@alexkerrmortgage Thank you and subscribed.
@@coffeetable3699 thank you for watching! ✨
Hi Alex. How much does spending on your bank statements factor into a decision whether to approve or decline? What kinds of spending will put them off? Restaurants? Gambling? Withdrawing chunks of cash?
Countess V gambling most out of what you mentioned but excessive and repeating spending patterns would not be viewed in a favourable light...
@@alexkerrmortgage thanks, Alex
What would they class as excessive spending? And what is the lowest income to debt ratio that they would consider?
Once you do the survey check, do the bank do another credit check?
You will not likely have any more, however lenders can do a credit check at any point during an application…
Thanks very much
Are u a broker Alex?
Yes!
Thanks for sharing
Thanks for watching!
After the evaluation how long does it take to give the mortgage offer..
As long as everything else is finished (underwriting? It should be around a week, hopefully quicker.
Great information and very well presented.
thanks for the kind words!
How simple it sounds 😅😉 Thanks for the advices 👏
And how I will find how much budget I need ?
🤣 no worries!
Thanks,but i still don't get an answer .
@@Mr.Lorand sorry I missed the last bit. Do you mean how much deposit ?
@@alexkerrmortgage I have a clue about the deposit,but all the rest ,how much is cost me ?(£270k-£300k house price ) .
Had an offer accepted on a house last week and our mortgage has been approved subject to the valuation. Fingers crossed it all goes ok
Have you got your offer yet ? Good luck!
alexkerrmortgage yessss valuation was ok, full offer received. We’ve just had the survey results back and nothing too scary!!
Is the process any different if you want to buy the home you have rented for a number of years?, I have received the valuation and the payment breakdown.
Hi Thomas, this is known as purchasing as a "sitting tenant" - Are you receiving some type of discount ? If this can go towards the deposit. Also what type of property is it ? The process is the same apart from the deposit part and a lender who allows this would need to be sourced. Alex
alexkerrmortgage Alex the family has rented the house from the housing executive for years. There is a pretty good discount involved. Is the mortgage any easier to secure or is it pretty much the same process?
@@stringalex Hi Thomas, the step by step process is the same, but will take a little longer as there is an extra party involved (housing association). But process very similar.
alexkerrmortgage thanks for the info. Subscribed 👍🏻
Thomas Stringer Thank you for the support!
Yes
yes indeed!
Halifax instructed valuation does that mean we have pass credit checks or still they can refuse. Also if valuation goes well does that mean we have mortgage approved
Hi Syed, it does mean you have passed the credit checks, however they still need to authorise a mortgage offer. This will be done once the valuation comes back and all your documents are looked at. It is a good sign the application is moving forwards. The mortgage offer is what you want! Good luck!
alexkerrmortgage thank you very much for your reply it really helped us to understand the process
How did it go. I am in the same position as you. Evaluation done. Hose vallued at offer price. Waiting on the mortgage offer.
Ola Dee you almost there, you should have mortgage offer anytime now. Let say by tomorrow or saturday
@@mepaki786upaki Thanks. Fingers crossed. The suspense is stressful lol
Hi Alex thanks for the brilliant video. I wanted to get some advice on weather there are any mortgages for people who are agency workers. It is a real struggle as I do not have a permanent job. I have been a supply teacher for an agency for about 7 months which was not consistent due to vivid lockdown. I am now unemployed, but will hopefully be starting a call centre job for another agency in September. What are my options as I am confused at the moment 😩
Thanks for watching! Sorry to hear of the job situation. I always feel you need to have 12 months consistency in the same job / industry without any gaps for the best chance of success.
Do I need to find my own solicitor or will my broker / estate agent point me to one? Thanks for all the info!
Hi ! Thanks for watching! Yes all Agents and Brokers can definately help with Solicitors... Have you found a property as yet ? Alex
@@alexkerrmortgage great! Not yet, still saving my deposit but your videos have been great help!
Hi Alex, does being pregnant or being on maternity leave have a big affect on your mortgage offers/amount? Should a mortgage ideally be done before having a baby? Thanks in advance
I answered this on your other comment!
Love your content thank you new subscriber ✨✨
Thanks Aisha!
Useful video, thanks! Is this process the same for a remortgage?
It’s very similar, some of our latest videos are to do with remortgages and I have a remortgage one that was published on Wednesday and another one that comes out next Wednesday!
@@alexkerrmortgage Thanks for the reply! Great, will check those out. Appreciated 😎