just been declinded again???

Arch-Angel

MortgageMamma wrote:

Hi There Arch Angel

Its great you are going into this with your eyes open and planning your maximums etc before you have even found a property. thats a really responsible way of doing things and you'd be surprised how many clients of mine don't think this through ebfore they come to me.

As for the relocation and both getting new jobs. Do you intend to buy the property before you move there or perhaps rent short term until you have found jobs and found a property? Either way, I dont see it being a major problem but you need to deduct annualised credit payments off your salaries before multiplying. Another important factor is that some lenders do not work off salary multiples and simply do affordability calculations. This can get you more or less dependant upon your circumstances.

I would recommend you seek independent, whole of market advice (do not use an estate agency broker if you can help it), preferably from someone that will not charge you a fee as your relocation is going to cost you enough.

Why thank you MM - very nice compliment!

We're looking to buy if possible before we get new jobs - my old job will still be paying me for a few months after we move. I don't under the "annualised credit payment" you mentioned though - what is it?

With regard to your final paragraph - I'm amazed how many EAs just happen to have a "helpful" broker sitting in their office. Maybe it's me - but the people who are trying to sell me something may not be the most independant people to show me how to pay for it (I know that the brokers are independant- in that they don't work for the EA, but the relationship seems a little to cosy for my liking). So, yes - independant, whole of market is the way i'm going.

Another silly question - i've read on here about making your offer circa 10% off the asking price and negotiating from there. Would it be beneficial (given that I have to relocate) to "skip" the first offer, making it clear to the EA that the offer is effectively a second offer and should be treated as such? (I suspect I know what the answer is - but I'm no expert!)

Thank you!

MortgageMamma

Hi There Arch Angel

Take all your monthly credit payments (loans CC;s etc) and x by 12. Then deduct from your salary before multiplying this will give a rough guide of potential lending amount. And I mean rough!

Steering clear of EA's Mortgage Brokers is sensible, most of them are panelled and not truly whole of market, and the more they know about what you can afford then the less succesful you will be negotiating. try and find a broker that will act for you fee's free. there's a few on here. Avoid London and County like the plague, as you will not get a great level of attention or service in my opinion.

As for making an offer, why not give your mortgage broker a price range to play with and let them make the offer for you? This looks like you mean business to the estate agent, shows you have done your homework, avoids you making rash decisions with the heart rather than the wallet, and tells the estate agency broker to leave you alone. I think you could potentially get a better price that way as an estate agent should have more sense than to try and play mind games with an independent broker!

hazeyj

Does it still show on your credit reports that you missed these payments due to fraud? If its sorted out now then the credit card company should inform all credit agencies of this fact. These credit agencies should then write to all cos who did a search that your credit report has been amended and updated.