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House prices / broker's advice
AliceBanned
Posts: 3,177 Forumite
Hello
I made an enquiry via one of the UK wide mortgage brokers listed in Martin's article on mortgage advice. I spoke to someone yesterday just to get an idea whether I could get a mortgage at present and if so how much for. due to past ccj and default 4.5 years ago it may be a problem and I am saving for deposit (only 3k so far). I saw flats locally for around £80k and earn £26k so it shouldn't be that impossible. However the broker I spoke to suggested I try to borrow from family to get a deposit together more quickly (I told him it would take me until Jan 2011 to save £8k approx) - he said by then house prices would have risen 10%. Obviously no one could know this but it doesn't look like I can get a mortgage at present, and his comments made me panic a bit. Surely if I keep saving I'll be ok? he made it sound like I had to buy now otherwise I'd be locked out for good, which is what made everyone panic buy before and during the boom. Any feedback appreciated. I was just trying to save as much as i can and that is stressful enough as I'd also like a bit of a life!
I made an enquiry via one of the UK wide mortgage brokers listed in Martin's article on mortgage advice. I spoke to someone yesterday just to get an idea whether I could get a mortgage at present and if so how much for. due to past ccj and default 4.5 years ago it may be a problem and I am saving for deposit (only 3k so far). I saw flats locally for around £80k and earn £26k so it shouldn't be that impossible. However the broker I spoke to suggested I try to borrow from family to get a deposit together more quickly (I told him it would take me until Jan 2011 to save £8k approx) - he said by then house prices would have risen 10%. Obviously no one could know this but it doesn't look like I can get a mortgage at present, and his comments made me panic a bit. Surely if I keep saving I'll be ok? he made it sound like I had to buy now otherwise I'd be locked out for good, which is what made everyone panic buy before and during the boom. Any feedback appreciated. I was just trying to save as much as i can and that is stressful enough as I'd also like a bit of a life!
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Comments
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Hi Alice
I'd keep saving - sounds like the broker was struggling to meet his targets and was desperately trying to convert a non-goer purchase enquiry into a possible sale.0 -
Hi Alice
I'd keep saving - sounds like the broker was struggling to meet his targets and was desperately trying to convert a non-goer purchase enquiry into a possible sale.
Hi Andy
Many thanks for your response. I think you're right. It just made me panic, whereas before I enquired I was quite happy to wait and save for a year if necessary! Sometimes it can feel like I'm getting nowhere...:o0 -
Yep it's frustrating but ultimately worth it - definitely avoid this broker in the future though!0
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