'Odd' questions from mortgage broker

mathie

So I'm looking for mortgage approval (not buying just yet but interested to know what I'd be approved for) anyway I was asked this gem by my mortgage broker ...

"Looking for the details of your last mortgage, who it was with , loan amount, address of property and how much you sold it for."

Is this standard practise or above and beyond what I should expect?

Thanks

D3PO

I wouldnt consider it unusual.Helps build a picture regarding the equity you have. e.g how much was saving and how much was from property apprecaition and paying down of your old mortgage.It wouldnt ring alarm bells to me at all. Just sounds like the broker is trying to get as much detail together for your application to put your best foot forward.

ricman

The broker has to know your financial status , your income etc in order to determine how much you can afford, what mortgage is right for you.
And most likely you will get an 80 per cent mortgage ,ie you,ll need around 20 percent of the house value in order to buy a home.SO he has to know to some degree your financial investments, and what loans you have outstanding.
IF you like you can apply directly to a bank or building society.
eg there ,s no point in getting a 200k loan for someone who only has 3k savings, and earns 350 per week.
And bank lending rules say you should have x amount left over to live on after paying all bills and loans.
IE theres no point in having 50k invested in bond x if you can only cash it out
in 2015.
HIS job is to get you a loan at a fair rate, so he needs to show the bank you are
in a good financial situation.
There ,s no point in going to a broker and saying i sold my house 3 years ago,
but i cant tell you how much i got, or what i did with the money.
And the bank can check your credit rating anyway.

D3PO

why do you always go off topic and waffle ?

Zamboni

D3PO wrote: »

why do you always go off topic and waffle ?

SAY u want to go off topic ,and
IF you need a 90% mortgage and ,you
NEED 3 times salary for ,price x and Y is what you can get

:pac: I love his posts.

ricman

I don,t see ,where did i go off topic.If you go to the bank ,they,ll give you a form and ask you the same questions.
Perhaps they are being more careful and suspicious , since they found certain people were
taking out 4 mortgages from 4 banks on one property and moving to another country or giving the money to their wife .
I know people who didn,t have to answer any questions ,they simply bought
a house with 50k, which they had in the bank.No loans or brokers needed.
They need to know you can acess x amount of money in order to pay 20 per cent ,in a reasonable amount of time.
Perhaps we should have a sticky on this forum, how to buy a house, the basics, how much can i borrow, do i need a broker, what type of mortgage should i apply for.

D3PO

Zamboni wrote: »

SAY u want to go off topic ,and
IF you need a 90% mortgage and ,you
NEED 3 times salary for ,price x and Y is what you can get

:pac: I love his posts.

gotta say you have made me smile