mortgages

Jack_BaUer_4

Hi everyone,

My question is,

How hard is it to get a mortgage from now as i was discharged on 19 July 2008?

And are any banks recommended?

I have just sent off letters to old crediters to update my files. I hope!

Thanks

fiveyearplan

Hi Jack. Did you get your credit report from the 3 credit reference agencies? I seriously don't know how hard it will be getting a mortgage in this climate but before this latest credit crunch it was easy for a discharged br to get a mortgage but I'm not sure that would be the case now.

I would recommend using an independent mortgage broker.

Jack_BaUer_4

Thanks Fiveyearplan,

Yes i have got the 3 main credit reports.

I had ten creditors and most of them were not updated correctly so i've sent the letters to them.

I'll give it 6 weeks and get files again like in Fermi's post.

If anyone else has any experience of getting a mortgage lately i would love to hear it.

Thanks

Dez-Titute

Hi JB have you heard the phrase p****ing in the wind.If you have then I think that answers you question.

More importantly can I ask Why on Gods earth would you want to buy your own property???????????????????????????????????????????????????????????????

Look at the property prices in your area take off 10% deposit(if you are lucky) and see what mortgage you get.

Compare this with a rented property (take into account no buildings insurance or repairs) what would a similar property cost ????????? I would assume a little less than the mortgage & no deposit.

Take a step back debt crisis crunch or whatever you want to call it.
House values are reducinng why would you wantr to buy knowing that even having put down a deposit that you are now in negative equity.

Sorry to put a downer on your dreams but I think you should start being realistic

Cheers DEz

Jack_BaUer_4

Cheers DEZ very firm reply. :doh: But your right, its just that the wife keeps asking, but i do say its the wrong time to buy.:beer:

So_Sad_Angel

Jack,

DEz is sooo right.

If you pay your deposit on a new purchased property then

a/ stamp duty!!!!
b/ solicitors fees
c/ drop in appreciation ....ie if the property value drops then so does the value of YOUR STAKE in it!!!.......do you feel lucky????
d/ you can get so much more renting short term & see what happens in the market!!

I firmly believe we have not hit the bottom of the trend yet...I would watch closely & see what happens & buy when you feel is right...keep a close eye on the market!

In terms of mtges then the lenders will be desperate to lend soon to keep their business/mortgage book afloat but as a BR then do expect a higher rate ....comes with the territory I`m afraid.

Angexx

Fruit

Hi,

Whilst all of the guys above make good points, from a family point of view owning a property provides a level of security (providing it is within your means) and should be viewed as a home not just as an investment.

In my experience (i am a financial adviser - please can someone tel me how to sort the caveats for my signature?) you should be able to obtain a mortgage around 12 months from discharge although criteria varies from company to company. Whilst the current climate may seem volatile it may be a good time to pick up a bargain - just a different point of view.

Hope this helps and good luck.

oneandonlyboy

Hi,

You will need to wait for 12 months from your discharge date, and even then you will be looking for a 35% deposit at least. I was looking into same as you, and the best rates were with a 35% deposit. In todays market no one will look at you use you have that, but most ask for more than that.

I was told that 3 years after discharge will bring it down some what, and hey the housing market might be alot lower then.

Hope this helps.

geoffky

Fruit wrote: »

Hi,

Whilst all of the guys above make good points, from a family point of view owning a property provides a level of security (providing it is within your means) and should be viewed as a home not just as an investment.

In my experience (i am a financial adviser - please can someone tel me how to sort the caveats for my signature?) you should be able to obtain a mortgage around 12 months from discharge although criteria varies from company to company. Whilst the current climate may seem volatile it may be a good time to pick up a bargain - just a different point of view.

Hope this helps and good luck.

Do you call a bargain something you have bought today but will be cheaper by 20% in the next few years....i find your advice reckless and you are meant to be a financial adviser ..i would not let you near my hard earned stack....but hey commision is commission as they say..:p

fiveyearplan

geoffky wrote: »

Do you call a bargain something you have bought today but will be cheaper by 20% in the next few years....i find your advice reckless and you are meant to be a financial adviser ..i would not let you near my hard earned stack....but hey commision is commission as they say..:p

I don't find Fruit's advice reckless in any way. Who says property will be worth 20% less in a few years time? In any event, a lot of people still prefer the security of owning their own home to renting. To each his own. I won't criticise you for your thinking but please don't put someone else down just because you don't understand their point of view.

shadowdragon

Personally I dont think theres any "Bargains" out there, and I definatley wont be looking at a mortgage for well...never really, renting is a lot more stress free, witht he current climate, people loosing there jobs, house market slumping, lots of negative equity, now IMO is not the right time to buy anything!!! I agree that the market will get worst before it gets better, a mortgage in this climate is a dangerous thing to get into at the moment. Hang tight and watch the market when you see it on the rise (and start saving, the more deposit you have the better), then consider buying.