First Time Buyer's Guide To Mortgages

RAINBOW123_3

Hi

Ive posted this on another thread but I think it was on the wrong one so Im hoping that its now on the right one.If not, I do apoligise.

Could anyone let me know what they think of the following,its from my buyers mortgage broker.Bearing in mind that Im the seller.


Here it is as follows:

"The Abbey have everything and there is nothing outstanding,I have checked online on the Abbey system & a mortgage offer will be issued within the next 3 days as it is with the underwriters at present which means that the valuation should be definately done today or tommorrow (bearing in mind that this email was sent Weds 9th Sep,last week).

blah blah blah so please rest assured the offer will be issued soon.

My question is:

1.Where they have said "a mortgage offer will be issued within the next 3 days" does this mean that they could of done a drive buy valuation because we the sellers have not had anyone come into the home ?

2.I thought a mortgage offer comes after a survey has been carried out

Would do you make of this?

Bufger

yes if its a basic valuation they do sometimes just drive by.

If i were you i wouldnt worry too much. You dont have to care where the money comes from as long as you get it! just keep pushing them along so they stay on their toes. Gentle reminders always work

TTMCMschine

We're trying to get a mortgage as 1st time buyers with the Halifax & they're messing us around something chronic - it's been 3 months & we still haven't got the mortgage offer.

They've had us going round & round in circles asking for more & more ridiculous information only to get to this week & they've gone back to step 1 wanting even more payslips.

We're only borrowing (or not borrowing at the mo) £97K, we're putting down around £33K, the mortgage will only cost £450 per month & our income is conservatively £33K per year.

We have no debt, no ccj's or other black marks, the last time I checked my credit rating I was on 999/1000.

I get the distinct impression that all of the taxpayers money has gone to recapitalising the banks and they have little intention of letting leave the balance sheet.

It's disgraceful.

RAINBOW123_3

Thank you Bufger & TTMCMschine.

RAINBOW123_3

I think Ive posted on the wrong forum so I started a new thread named:

Mortgage Broker Info What Do You Think?

Im not sure if I was allowed to post on a sticky.

What does sticky mean? Do you know?

Bufger

sticky means when they stick a thread to the top of a list. It happens to important information and very popular threads. Only Admin can 'sticky' threads.

RAINBOW123_3

Ok Thank you.

capcrackers

I've found a 1 bed house for £157k and wondered whether I could get a mortgage for £180k inc a £20k dep so total borrowing would be £160k? The reason I would do this is so I could borrow £20k off parents then pay it straight back once I'd completed. Is this possible or am I being v optimistic the banks would agree?

_Andy_

capcrackers wrote: »

I've found a 1 bed house for £157k and wondered whether I could get a mortgage for £180k inc a £20k dep so total borrowing would be £160k? The reason I would do this is so I could borrow £20k off parents then pay it straight back once I'd completed. Is this possible or am I being v optimistic the banks would agree?

If the purchase price is £157 you will need to put down at minimum £15.7k deposit. So no, you can't borrow more than the property is worth.

Bufger

you can only borrow what the property is worth. Even if you ask for more from the bank they will come round and value the house at the price they think its worth. This could leave you having spent a thousand on solicitors etc and having to walk away.

Save for your deposit like everyone else! i started thinking about a house a year and a half ago and its only just happening now. I had a whole year without many nights out! worth it now though.

Good luck