stupid question

claire123

ok im a FTB and need a mortgage so spoke to London and county who advised me that abbey would just about lend me what i need. now if i go direct to abbey shoul i get the same amount? i would just feel better sitting down with a real person to do the application or do i have to go through L and C?

mintymoneysaver

You probably could go straight to Abbey but London and country are fantastically easy to deal with.

HGLTsuperstar

Of course you dont have to go through L&C, and it is worthwhile doing your own research aswell, as they may not be the best option, (meaning both L&C and Abbey). Brokers do have access to some deals that Joe Public dont, but again your own circumstances dictate what's best for you. My thought being that if you are set to take the first deal mentioned anyway, then the broker may be good for you as you dont seem to want to shop around yourself.

claire123

well we are in a bit of a rush as our landlord is selling and has given us first refusal but is putting it on with estate agent at the end of the week. he won't budge on the 125000 price so we need to borrow 113000. On reypayments this is comfortable for us but it seems on our incomes to be a stretch for most lenders. L and C said abbey would lend us 112,375 which is still a bit short but don't see anyone offering better somehow. thanks for the replies

Joe_Bloggs

This seems like a hard sell tactic employed by your landlord. Nobody would be able to exchange contracts for at least a month anyway, given administrative and legal checks and delays. How long do you have left on your lease ? Are there clauses in the lease that say when you have to become a 'show home' for the prospective buyers ?. Is the property really worth the asking price ? What did similar properties go for in your street ? Is the property leasehold or freehold ? Are there better properties on the estate agents books allready ?
J_B. (If you buy off your landlord you should get all of the deposit back and savethe landlord estate agent's commision fees.)

claire123

well there is 2000 yrs on the leasehold and we own the freehold to the property below and vica versa. the landlord has had the property valued at 130 000 and we have been given our notice to vacate by the end of May. We won't be able to complete on anywhere else in that short time so would then have to be tied into renting for another 6 months. i'm just so confused about the whole thing.

MortgageMamma

Claire, before I say anything to you whats the most imporrtant thing here in attaining a mortgage, a low interest rate or perhaps a rate of about 5% where you could borrow more x your salary? Ignore the conditions your landlord is attempting to impose, get yourself a mortgage promise and show it to him/her, that should shut them up for a while, if he doesnt sell the house to you, you have the advantage of living in the property anyway and could take your time finding somewhere else (cheeky I know but I've been there!)

IMHO a propety with sitting tenants is usually only attractive to investors/landlords, so the chance of a quick sale are reduced. what I'm trying to say is don't get yourself worried about it to the extent you allow the landlord to dictate terms.

MortgageMamma

oh, and even if he does market the property through the estate agents, there#s no reason why you can't put an offer in through the agents, which will cost the landlord money?

claire123

ok i think we are looking for as high a multiple as we can get my other half is self employed and has tax returns for the last 2 years so i guess that complicate things. At the end of the day we know what we are comfortable paying a month and won't go over this (£700) . I know what you all mean about the landlord hes a bit strange to say the least. He had given someone else first refusal but has withdrawn it. To be honest we saw a wreck of a place round the corner very similar 53yrs leasehold slightly smaller on at 100 which was reduced so 125 doesnt seem unreasonable