Please will someone put my mind at rest???

Help!_5

Hi all,

My fiance and I have just sold our house, and are due to complete a week on Friday. We've found an amazing house that we've put an offer in on, and have had mortgage advice from a mortgage broker from CountryWide.

The problem we have is that my fiance has got 2 defaults on his credit file. This is something we've been trying to get taken off for 2 years now, and neither of the defaults are his fault, and we have documents to prove this. It all stemmed back to a computer he bought on finance on 2001, from Tiny/Time, who have since gone under twice and have seriously mixed up their accounts somewhere along the line. We've had advice from the National DebtLine twice, and we're about to get Trading Standards on board to help us fight our case.

Anyway when it came to getting a mortgage, we went to see this mortgage broker and he went off panel to get us a mortgage from an adverse lender..in our case First National. He made some phonecalls and did some research, and told us with FN taking our defaults into account they'd lend us up to £121k. Anyway the house we've seen will mean us putting £9k down as a deposit, and having a mortgage of £105,314. We've filled out our application (we've had 3 meetings with the broker now) and have paid our survey fee.

Basically Im panicking. Ive never taken out a mortgage before (the mortgage for the house we've just sold was all in my fiance's name) and I am only just coming to grips with how it all works. Although our mortgage broker has assured us that we will get the mortgage, Im still panicking that we wont, and it's causing me sleepless nights. He's assured me that First National are adverse lenders, and they will give mortgages to people with a lot worse credit problems than what we have. And we will get it, even though for the first two years we'll be paying through the nose for it. If paying through the nose for 2 years is the sacrfice we have to make we don't really mind, as this is the house of our dreams. After then we will have the option to remortgage.

Those of you who have more experience with mortgages etc...am i worrying unnecessarily? Please help me stop panicking and get some sleep! Thanks everyone in advance! H xxxx

jobbingmusician

I haven't taken out a mortgage for many years now, but it does sound to me as if you are totally over-reacting and worrying for nothing. I do wonder if you even need an adverse mortgage lender, as you have good documentation to prove you were not in the wrong :rolleyes: - but having said that, your broker is unlikely to be lying to you. You're just going through the horrid difficult insecure period now before you complete - best of luck and I'll (mentally) have my fingers crossed for you! Hugs. :beer:

homer_j_3

Welcome to the forum..

If you have paid your survey fee then you will just be waiting for the survey to take place. This will confirm to the lender (and you in some cases if they give you a copy) what condition the property is in. It probably will not be an exhaustive report but a basic one confirming value and any obvious signs of problems such as damp, electrical issues or dry/wet rot etc. Now I am not trying to scare you but just to give you indication at the things they report back to you.

Once the valuation has been done then the lender will issue you with an offer to say that they are prepared to lend x amount towards the property.

Once you have this it will all be down to the solicitors to do all the conveyancing work and to make sure that everything is in order.

To be honest you do have to learn to go with the ride sometimes and it can be a rollercoaster. Try not to panic but just to makesure you keep in constant contact with your broker, estate agent and solicitor. If the valuer hasnt been, I would be chasing to find out when they will be going....

If you have any other questions, just post on here and someone will be able to answer..hopefully lol

Help!_5

Thank you both for your quick replies!

As a first time seller, selling our house has been much more stressful than I ever imagined. Our initial plan was to rent somewhere in the area that my partner has been relocated to for work, and then reasess what we'd like to buy in six or so months time. But then we found this house (we've done lots of househunting, both to buy and rent) and it ticks all the boxes for what we need.

As Im a first time buyer in effect, and it's the first home ive ever had as a joint owner, this is such a huge deal to me. i promised myself i wouldnt fall in love with a house as it would be more heartache if it all fell through. however this house is just so perfect thats just what ive gone and done! i totally see what you mean about it being a rollercoaster..im presuming its always this stressful? Its the not knowing that is driving me crazy. We paid our survey fee on friday, and obviously with it being Easter everything is being held up. At least by the sound of it the not-knowing and frustration is all part of the process! I can handle things being held up, if I knew we'd definitely get this mortgage. But as his fees aren't paid by us, Im sure he wouldnt have spent the four and a half hours with us doing paperwork etc. if he wasn't confident we wouldn't be accepted for the mortgage. I think its all cos its so new that its causing a few restless nights! H x