Help - First time buyer, dont know whats going on!

koe_182

thank you very much sir, you are most helpful!!!

AndrewSmith

Hi,

Just got off the phone from Northern Rock (who offer the loan facility on the mortgage).

They have clarified that they, and to their knowledge most if not all other lenders offering this facility, do so under the same legal terms as the mortgage. That is that you are all jointly and severably liable for the entire debt, not just a share.

In English, you are all responsible for it, if you don't pay they will come after all of you and/or each of you individually for the entire debt.

Hope this helps

Andy

koe_182

are northern rock a good lender? ive heard that they are very good for FTB's. would there be any advantage to gain through going straight to someone like this or would it be complicated for a FTB with little experience?

AndrewSmith

It would probably be best to speak to a broker as he can then explain all the in's and out's of buying as a group, and the implications.

Also, once your full situation has been asscertained, there may be a more competetive deal that that offered by the Northern Rock, or you may not qualify for a mortgage with them.

Without full details it is impossible to say really.

Andy