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Mortgage broker, shop around or other option
Curlyben
Posts: 127 Forumite
So here's the scoop.
Our landlord wants to sell "our" house after the break down of her long term relationship.
Now as sitting tenants we have been offer first refusal.
Neither the wife nor I want to move especially as we are very settled, been here 6 years, and the kids are in local (pre) schools.
So we've already had one valuation and in the process of organising several more.
I've been using Zoopla to get a general idea of the value and so far the first value is about 30K over comparable properties.
I digress.
Now I don't have a deposit so will be tapping the folks for that.
What I'd really like some advice on is obtaining a mortgage, what's the best route to take. ?
* Own bank (that's a joke)
* Broker
* Recommendation
* Shop around
* Other
Bear in mind I have some defaults (unlawful) and I'm a first time buyer, so should prove interesting.
On the plus side I earn well seeing as I'm in IT, but how secure that is is anyone's guess..
Also I have never missed any important payments, such as rent, council tax, utilities, etc.
So hit me with your words of wisdom.
Additional, she also wants to have the sale completed BEFORE the end of the year as that's when her own rental agreement runs out and she needs to buy a new place.
So sooner rather than later.
At least she gave us 6 months to sort things out, rather than simply hitting us with a 2 month leave notice..
Our landlord wants to sell "our" house after the break down of her long term relationship.
Now as sitting tenants we have been offer first refusal.
Neither the wife nor I want to move especially as we are very settled, been here 6 years, and the kids are in local (pre) schools.
So we've already had one valuation and in the process of organising several more.
I've been using Zoopla to get a general idea of the value and so far the first value is about 30K over comparable properties.
I digress.
Now I don't have a deposit so will be tapping the folks for that.
What I'd really like some advice on is obtaining a mortgage, what's the best route to take. ?
* Own bank (that's a joke)
* Broker
* Recommendation
* Shop around
* Other
Bear in mind I have some defaults (unlawful) and I'm a first time buyer, so should prove interesting.
On the plus side I earn well seeing as I'm in IT, but how secure that is is anyone's guess..
Also I have never missed any important payments, such as rent, council tax, utilities, etc.
So hit me with your words of wisdom.
Additional, she also wants to have the sale completed BEFORE the end of the year as that's when her own rental agreement runs out and she needs to buy a new place.
So sooner rather than later.
At least she gave us 6 months to sort things out, rather than simply hitting us with a 2 month leave notice..
Signature Space for Rent
Don't be confused by the low post count on this account, I've been around many years.....
Don't be confused by the low post count on this account, I've been around many years.....
0
Comments
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55 Views and ZERO comments.
Come on guys and gals..Signature Space for Rent
Don't be confused by the low post count on this account, I've been around many years.....0 -
Borrowed deposit? You're mad.
Seriously so.0 -
Well thanks for that, I think.
I didn't say anything about the deposit being borrowed.
The folks have already offered it, so there's no issue there.Signature Space for Rent
Don't be confused by the low post count on this account, I've been around many years.....0 -
"Now I don't have a deposit so will be tapping the folks for that."
Maybe where you come from that doesn't mean borrow.
Seriously. Why haven't you saved a deposit?0 -
Can you say two children under FOUR !!!
With all that entails.
I have a little saved, but no where near enough for a proper deposit.
Anyway we digress as this isn't the issue here, now is it ?!Signature Space for Rent
Don't be confused by the low post count on this account, I've been around many years.....0 -
Why shouldnt Curlybens parents offer the deposit,thats what most decent parents would do.I know if i had it my son would also have it.
Where i came from thats what parents do.
Its called family support and unconditional love.
Ask friends and family for broker rec.
Good luck hope it works out for you.0 -
I have a little saved, but no where near enough for a proper deposit.
Anyway we digress as this isn't the issue here, now is it ?!
It is an issue if a lender wants them to have saved a deposit and they pretend they have and take out a mortgage on the basis of a lie.
IN the olden days before the world went mad and lent anyone a huge silly mortgage without checking they had a job even, then being able to show you've saved a deposit was the sane and sensible thing to do.
The sooner we return to proper, sensible lending the better.
And the sooner house prices will return to sensible levels.0 -
Poopysarah, how many lenders actually ask you to prove that you have actually SAVED the deposit ?
I'm NOT looking at over stretching myself here as the mortgage value is well within my budget, if fact LESS than I'm currently paying in rent alone. I HAVE already done the maths..
May I suggest that you actually read members posts before getting on your high horse and generally carping all over them.
I came looking for honest assistance and help, but if I was a forum newbie your attitude would be enough to put me off ever posting again.
When I offer assistance to people with a need I never pre-judge them or even get into the whole moral argument. I simple address their outstanding issues and move on.Signature Space for Rent
Don't be confused by the low post count on this account, I've been around many years.....0 -
What difference does showing you can save make,as long as there is a deposit thats all that counts.0
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Britannia for one ask for proof of saved deposit - they need to know if it is gifted. Obviously showing you can save makes you a lower risk for the bank. If you can't save a deposit, what will you do when you are payiong a mortgage, and the boiler needs replacing? How are you showing the bank that you are a reasonable risk?I refuse to enter a battle of wits with an unarmed opponent:rolleyes:0
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