Mortgage broker, shop around or other option

gizmo111

If you can't save a deposit, what will you do when you are payiong a mortgage, and the boiler needs replacing? How are you showing the bank that you are a reasonable risk?

The post above already states that the mortgage will be less than the current rental amount.
The poster already states that he has some savings but enough for a full deposit.
Abbey are a flexible lender and have some good deals at the moment, they wil lalso take into account child benefit and tax credits into the affordability calculator.
The defaults may be a problem - how old are they and are they satisfied?

loki13

without having spoken to an advisor, or a bank, how could they possibly know the payments? with no deposit and defaults, it is likely that if a mortgage is available, it would be a high interest rate.

Still nothing to convince a bank or building society that you are a suitable risk, especially if you are needing to use tax credits and child benefit to increase the income for multiples for the mortgage.

Curlyben

loki13, the internet is an amazing device and I have already done a shed load of research and reading. I really wanted a genuine opinion from people "in the know" , hence my post. Always a good idea to investigate all the options available.

I NEVER said anything about using my wife's "income" in the equation as I didn't think it was applicable.

natalieta

Hi,
I got a broker sorted everything for me and some and didn't charge me an unreasonable amount!!
Nat

LisaLou1982

Hiya

The gifted deposit from your parents shouldnt be a problem for 99.9% of lenders- my parents gifted £12k to me when i bought my house and it didnt cause any problems. You will need to let your solicitor know though as they need to satisfy money laundering criteria.

Re the mortgage - shop around as much as possible. Go to your bank, make an appointment to see a broker and also go and see your local estate agents to see if they have an advisor who can help. Just be aware that getting too many credit checks will create a trail on your credit report which can make things difficult for you.

Also ask around friends and family to see if they know anyone who might be able to help.

Good luck!

Lisa

Curlyben

Cheers LisaLou.
When it comes to the CRA the way to go is to asking for a Quotation Search rather than a normal full search as this doesn't leave the normal footprints all over your file.

See I have been learning

JanCee

Why don't you post this in the Mortgages section of the forum. Lots of mortgage brokers there and you may get a better reponse. Good luck anyway.

Curlyben

Burger thought I had done !!!

hamblettamaud

if you want to be a true moneysaver, then shop around. brokers will get you a deal, but their payment has to come from somewhere - and it comes from the bank and ultimately from you.

however, the brokers only get access to some of the deals. the banks still hold some deals back in order to continue to tempt people in. that's why you should shop around. you can ALWAYS get a better deal than a mortgage broker will get you.

Beardmidget

People seem to be awfully hostile to this guy!

The reason why banks want to know if a deposit is gifted or not has nothing to do with one's ability to save- they ask so that they can send the giftor a form to state that they retain no interest in the property! They aren't judging savings ability, they're trying to ensure they have first draw on the asset.

Anyway, Curlyben- your best bet is to visit a good whole-of-market broker (and preferably one which doesn't charge you a fee). They will be able to talk to underwriters who can let them know whether you're likely to be accepted or not. Just make sure you're absolutely open with your broker about your defaults etc.

Oh- and best of luck to you!