Mortgage matters – any underwriters, bankers, advisers around?

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  • Mortgage matters – any underwriters, bankers, advisers around?
  • mildred
    Member

    We’re currently selling our house and looking to buy another.

    We’re generally unhappy at the way our current bank operates – we have all our banking with them, including 3 current accounts (2x personal & 1 joint/house account), our mortgage, loan and a credit card (0 balance), and a couple of savings accounts. However, we also recognise that we have a very good mortgage with them so have never bothered to go elsewhere.

    Due to the good mortgage we were interested in porting it to another property then topping up, but despite having a great credit track record, good stable jobs etc. they’re offering nowhere near what most other providers would (by nowhere near we’re talking over £150k less than some). So, to buy the house we want we’ll be leaving them;
    1) is it better to stay with our current bank until any other mortgage has been authorised?
    2) would it count against us if we moved banks immediately prior to applying for a mortgage elsewhere?
    3) would a Mortgage provider see us as a more attractive customer/proposition if we were willing to shift our whole banking to them? Or, like our current bank, would they not even give a shit and consider us nothing but an insignificant number?

    wrightyson
    Member

    😯 150k less on a mortgage is a fooking lot. How much are you borrowing? I can’t understand how they’d be that much more diligent in their lending criteria when it’s all pretty much done on the same affordability calcs now

    mildred
    Member

    Borrowing up to £275k, so yes that is a lot, which has pretty much settled it for us that we’re leaving them (that and a lengthy catalogue of cock ups over a 25 year period).

    Premier Icon matt_outandabout
    Subscriber

    They are not making enough profit from your mortgage. They want you to leave so they can lend that money to a more profitable customer.

    newrobdob
    Member

    Hmmmmmm. If they are your bank then they know how much you spend – have they already done an affordability check? If the people who will lend you a lot more haven’t done an affordability check (which if they can’t see your bank account they can’t ) you might find when it comes to applying properly for the Mortgage they might not lend you as much as the agreement in principle you got promised.

    wrightyson
    Member

    I was told by my advisor at no point do you offer up your bank statements. That was the advisor working group for the company I had the mortgage offer btw 😯

    I’d get the mortgage sorted first and only then think about shifting bank accounts

    Premier Icon jekkyl
    Subscriber

    I work for a bank.
    1. Yes. most mortgage applications will ask for bank statements now, usually 3 months.
    2 & 3. Where I work we don’t care where a customer banks, with us or somewhere else.

    newrob is right, apply properly with an affordability & credit check and see if those other banks offer the same amount.
    I take it your out of any tie in period?

    jambalaya
    Member

    Don’t move banks till after you get the new loan (how long you’ve been with the bank is a factor in mortgage applications change after)

    Get the best mortgage for you, I personally wouldn’t give a stuff for “loyalty” / having all you banking with one provider

    I have a bank account, credit cards with other providers and savings with various places. I work in finance but not retail banking fyi. As an aside my bank kept chasing me to get a mortgage with them but their rates / multiples where dire.

    Good luck

Viewing 9 posts - 1 through 9 (of 9 total)

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