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First Time Buyers
leew
Posts: 731 Forumite
Hi all.
A House has just came on to the Market that is next door to the Parents which we would be interested in, what's the best way to go about seeing if we can afford/get a Mortgage for it?
It is priced at offers over £100k which is pretty reasonable we thought, should we approach our own bank (Natwest/Halifax) or speak to someone like London & Country?
We are currently renting and have been for a few years.
Any advice much appreciated.
A House has just came on to the Market that is next door to the Parents which we would be interested in, what's the best way to go about seeing if we can afford/get a Mortgage for it?
It is priced at offers over £100k which is pretty reasonable we thought, should we approach our own bank (Natwest/Halifax) or speak to someone like London & Country?
We are currently renting and have been for a few years.
Any advice much appreciated.
0
Comments
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It depends on your level comfortability and speed.
If you go direct to your bank or other high street banks, you should keep in mind that majority of the lenders are getting stricter by the day. So if you have clean credit history and simple finances (job and deposit) going direct could save you something (you might get better rate that are only available direct).
If you go through brokers, they will take all the stress involved in chasing the lender on application and give you commentary with real details from time to time. You might get better deal through brokers because they sometimes have access to exclusive rates.
Although you will have to provide the same amount of documents no matter going direct or through a broker.
The deciding factor is:
- Speed
- Spare time
- Stress0 -
It depends on your level comfortability and speed.
If you go direct to your bank or other high street banks, you should keep in mind that majority of the lenders are getting stricter by the day. So if you have clean credit history and simple finances (job and deposit) going direct could save you something (you might get better rate that are only available direct).
If you go through brokers, they will take all the stress involved in chasing the lender on application and give you commentary with real details from time to time. You might get better deal through brokers because they sometimes have access to exclusive rates.
Although you will have to provide the same amount of documents no matter going direct or through a broker.
The deciding factor is:
- Speed
- Spare time
- Stress
Thanks.
I have a feeling the property won't be on the market for too long which is the thing that most concerns me.
Spare time - have a bit of that and as for the Stress thing who knows!! sure it would be different! 0 -
I would say give some brokers a call and see what time scale they come up with when you explain your finances and requirements to them.
Once you know what they can get you. You can search the market if you can better that in terms of rate.
I would say if speed is necessary, brokers would be better then going direct.0 -
I've just contacted London & Country and they will be getting back to me tomorrow.
Does anyone know what they will ask me over the phone? will it be basic stuff like earnings/deposit and things like that.
No idea what to expect
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The property is already under offer :mad:0
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You will get a much better answer from others here but they will ask you about earnings, savings for deposit, number of children, debts and credit history.
Have you spoken to the estate agent - what level is the offer? Try not to get carried away for this specific house.0 -
michelle2008 wrote: »You will get a much better answer from others here but they will ask you about earnings, savings for deposit, number of children, debts and credit history.
Have you spoken to the estate agent - what level is the offer? Try not to get carried away for this specific house.
Thanks.
Not spoke to the Estate Agent yet but will do now it's under offer! Property would be ideal really though but i guess we may miss out seeing as it's already under offer and we don't even have a clue regards a Mortgage as yet!
Never mind, plenty more fish in the sea!0 -
Speak to L&C, discuss your income, commitments, deposit and they should be able to give you free advice on what you should be able to borrow. This puts you in a good position for the next property.
I think you've dodged a bullet though, why would you want to live next to your parents? I would ban my kids from living within 30 miles of me when they leave home. I've done my time, I want my life back :rotfl:The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
Speak to L&C, discuss your income, commitments, deposit and they should be able to give you free advice on what you should be able to borrow. This puts you in a good position for the next property.
I think you've dodged a bullet though, why would you want to live next to your parents? I would ban my kids from living within 30 miles of me when they leave home. I've done my time, I want my life back :rotfl:
Hahaha yeah i know what you're saying:D but it's purely for baby sitting duties
Does anyone know if the estate agent would tell us what offer has been made on the Property or do they just keep that to themselves?0 -
They might give an indication, but it could be an outright lie, remember it's the vendor that pays their bill so their interest is in a higher price as well as getting a sale.0
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