Getting 1st mortgage.

VKay

We have had an offer accepted on a house. we are ftbs. Our broker is going to (hopefully) get us a mortgage in principle today. I wish we had done it before making an offer etc but broker is keen for us to take advantage of any further rate drops which is fine with us!

We need to borrow £100k as the offer accepted is for £140k and we have a £40k deposit. Our joint income is £57k and we only have one debt between us- my partners £1450 credit card bill which he is tackling bit by bit.

I think this puts us in a good position but I'm worried about the number of addresses my partner has had in the last 3 yrs. He has lodged with 2 different people in year 1 and lived in a caravan park for 2 mnths when he took on a new job far from where we lived at the time until i moved jobs to be close to him.

In the last 2 yrs we have had two rental addresses. Will the people my partner shared with bother the lenders- they tended to be not doing well financially and took on a lodger to make ends meet. He has no business links with them only shared address.

What do you think? I'm fretting that this could effect our application!

herbiesjp

You will be fine

You have a great deposit and a great scenario

At under 75% you should have access to some good deals which hopefully your broker will get for you asap. They are very quick to get.

Hopefully your broker will be doing a lot of hand holding seeing as you are First Time Buyers and explaining everything you need to do.

Well done on the deposit!

VKay

Thank you -that made me feel a bit less worried!! We are planning to fix for 3 yyrs. The best deal our broker has come up with is 4.54% £995 fee (ow!) free val. survey and £250 cash back. Does that sound like you would expect??

VKay

Thank you! Took about 3 1/2 years to save ( paying no rent i must add!) but very very pleased we have it now!

herbiesjp

That sounds about right

But depending on how old the property is you may want to spend a little extra and get a Homebuyers report as opposed to settling for the basic mortgage valuation

VKay

Am planning to get the most expensive survey (about £800)as it is 60 yrs old and was partly rebuilt in 80s due to poor concrete used in 50s- it's ex local authority. Now brick instead of concrete but want to be sure its all ship shape.

herbiesjp

Have you asked your broker to run the property past the surveyors Abbey use?

They will be able to tell you before spending any money whether or not you will be ok with the property i.e. if they have had other mortgages in the same block/road

VKay

Don't think i understand what you mean? Do you mean they'd tell me if it was mortgageable without having a survey? Or only if Abbey specifically has mortgage customers on that road?

herbiesjp

Yes - they should be able to tell you (before a survey is done) if the property is mortgageable or if you will have problems

VKay

Thanks for all your tips!

We have got our mortgage in principle now so that's great! Will they have done a credit search on us at this point? (Abbey). Or is that all to come?

Robert_Sterling_3

VKay wrote: »

We need to borrow £100k as the offer accepted is for £140k and we have a £40k deposit. Our joint income is £57k and we only have one debt between us- my partners £1450 credit card bill which he is tackling bit by bit.

If you have a £40,000 deposit why don't you payt off the credit card and have £38,550 to play with.