When do apply for mortgage?

Mummytobe

okay thanks. Which brokers would you recommend then?

herbiesjp

I can't recommend any as I am one .

Can you ask friends or family?

Mummytobe

Just rang london and country and they were really nice but unfortunatly no products available with a flippin 5% deposit....said if i check with the lenders it might be possible but not with them. gutted.

HockeyDuo8083

Hiya,

Myself and OH are FTB's and we have gone to First Mortgage.They have a website: http://www.firstmortgage.co.uk/ They have offices in Scotland though and don't think they cover England but the advice on their site and this one has been invaluable to us.
We have our Mortgage in Principal now so we can start looking for a place. I don't think it would be a very good idea to put offers in etc until you have everything in place.
Not only our mortgage but get the solicter sorted out i.e get quotes in and choose someone.

Have a good read through some of the post on here though cos there are lots of folk in the same position.

HTH

TheGreatBear

Why would you buy in this climate? With a 5% deposit, you will be amazed how quickly you will fall into negative equity. I would seriously consider renting for awhile and saving up more of a deposit. This may sound ridiculous from a mortgage broker, but lenders have no appetite for FTB's, which i cant see changing until the property market stabilises.

Just my opinion

geoffky

5% DEPOSIT in this market is not enough to buy a house and rightly so ..save and save then you will find that you might not struggle to remortgage..because @95% how many others will you be able to remortgage to?

Conrad

Mumtobe

I could be confusing you with someone else, but I think I said to you last week you will need 10%.

Even if you were to become a saver with Ipswich, they are old school when it comes to handing out mortgages. I like using them myself, but only send the ultra special clients as they are the only ones capable of passing the assesments.

They will go through your Bank statments with a magnifying glass. Someone once said they are run by some old England Quakers - quill pens and oil lamps come to mind

Mummytobe

TheGreatBear wrote: »

Why would you buy in this climate? With a 5% deposit, you will be amazed how quickly you will fall into negative equity. I would seriously consider renting for awhile and saving up more of a deposit. This may sound ridiculous from a mortgage broker, but lenders have no appetite for FTB's, which i cant see changing until the property market stabilises.

Just my opinion

Understand what you mean but i just want a house and to stop renting. I have been renting now for 5 years and think now i earn enough i can afford to buy a house. I have a baby on the way and 2 dogs so finding a house to rent that takes all that would be hard anyway!! I dont feel i will loose money on this property and just want to buy!! Sorry if that everyone doesnt agree with it.

iB1

Mummytobe wrote: »

Understand what you mean but i just want a house and to stop renting. I have been renting now for 5 years and think now i earn enough i can afford to buy a house. I have a baby on the way and 2 dogs so finding a house to rent that takes all that would be hard anyway!! I dont feel i will loose money on this property and just want to buy!! Sorry if that everyone doesnt agree with it.

Sorry - but with a 5% deposit, you'd lose money on the property within a matter of months. It's frustrating, I know - but keep saving and look at it long term. If you delay by 12 months or so, there'll be better deals around, and you'll have a bigger deposit to work with.

HockeyDuo8083

We have £40K put aside as a deposit for a property of £150k or less so hopefully we would only need a mortgage of a maximum of £110K.

HTH just as an example.

We are buying just now because prices have dropped to a region where it is now possible. We have been renting for the best part of 8 years and are sick of paying other people's mortgages!!!lol So now that we have the money to finally get on the ladder we are going for it.

Funny thing though, my OH has a very good wage and Mortgage lady said we could have a mortgage of over £250K if we wanted. OH just said "Why would we want to saddle ourselves with that much debt?!"
BUY WITHIN YOUR MEANS! lol