Will I kick myself?! Confused first time buyer in a hurry

AliceBanned · 1 April 2008 at 4:46PM

Hi

I have a mortgage broker chivvying me a bit - has reserved 7.64% on 70k loan from Preferred and says we have ten days to do valuation etc as they have pulled out of market.

I can't think straight when I don't have much choice and it is a rush! I have not been offered much else, as it is a council RTB and I have one CCJ from a year ago.

Should I just wait a year? Keep renting as I am sitting tenant in the property? I feel a bit pressured to get this deal but surely if things are getting this desperate, I should pull out too?

I know you're not psychics on this site but my common sense is telling me not be rushed into anything, even if it is my last chance for a while to get any mortgage at all.

Would value your opinion...

Thanks

minimike2 · 1 April 2008 at 4:50PM

If you feel pressured then do not do it.

Preffered have withdrawn from the market, but there may be a different lender that will do it further down the line.

The choice is yours, but you need to be 100% happy with what you are doing before going into something so big.

Bf109 · 1 April 2008 at 4:50PM

Why are you in a rush to buy? Prices are dropping. Keep renting and build up your deposit while doing what you can to repair your credit history.

Noz · 1 April 2008 at 5:01PM

Don't go through with this if its just because you feel pressured to

AliceBanned · 1 April 2008 at 5:10PM

Noz wrote: »

Don't go through with this if its just because you feel pressured to

Thank you all! You have confirmed my feelings.

I would be going ahead through feeling pressurised; this broker (and others before) have lead me to believe that the market is becoming so difficult that it may be a year or more before I get another offer. This may be true, but I have decided to err on the side of caution and even though I am getting the flat for a low price anyway, it won't go up so I have nothing to lose.

It might even be classed as misselling, encouraging me to believe that mortgages will be so scarce that I have to grab what I can quickly, no matter what the product. My instinct tells me that but the I'm sure the broker would not agree!

minimike2 · 1 April 2008 at 5:15PM

If the broker is half decent he/she will realise you are not comfortable and help you properly instead of trying to panic you into buying. That way when you do decide to do the RTB you will go back to him/her, so they will get your business then. I am guessing this is not going to be the case now, so they have lost out totally!

allan673 · 1 April 2008 at 5:17PM

who is the broker - !!!!!! turpin ???????????

jezebel · 1 April 2008 at 6:46PM

A mortgage is the biggest financial decision you're likely to make in your life, if you feel uncomfortable in anyway then don't do it. The broker should understand and if not then find yourself another broker when you are ready, Martin was on telly this morning saying that "renting is not a dirty word" and that people shouldn't be in a rush to buy, have to say that I agree and better to do this when it's right for you.

Will I kick myself?! Confused first time buyer in a hurry

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