First Time Buyer Help

SamUK

All the reading is really confusing me!

I am a first time buyer and want to get a morgagr sorted. I have a settled default on my credit file which is settled and in dispute.

I am looking for a fixed for 3 years - £190k with a 30% deposit.

Looking for Intrest Only Deal - will this be possible? as i would like to possibly make lump sum payments every quater? or leave this as it is for now and change to a tracker later? i did think discounted however this was more suitable for me..

Which broker should i go to? as some i have heard give you a deal based on how much commesion they will make from the sale of a particular morgage...

Any help appriciated..

SamUK

...anyone?

Conrad

Sam

> interest only is fine under 75% as long as you have a plan in your head to repay the capital

> default could be £2.00 or £20,000, you don't say. If it's very small then a lender might allow it. I've had a case declined last week where she had a default and was borrowing 75% mortgage. In fact 3 high street lenders declined and she will not get a mortgage

> if the default is removed that will make a big difference.

> brokers - be aware the 'free' brokers will usualy want to sell you thier insurance products. I'd always suggest a small local broker with a good reputation Any of the larger online / call centre type operations will not give you the personal one to one touch of a good local broker. For example the larger ones will usualy have outside interferance from a 'network' meaning you might be asked for more documentation and have to jump more hurdles as the netwrok is paranoid about being sued later. A small experienced local broker may be able to 'take a common sense view' rather than be subject to the blind facelss rules of a large network / insurance company.

Think about the experience of dealing wih large anonymous kitchen companies as an example that can apply to mortgage broking; If you deal with Magnate the expereince can be fraught and non sensical compared with dealing with a small local craftsman of repute.

Good luck

SamUK

Hi,

Many thanks for the reply.

The default was for £900 - though it is satisfied and there is a correction statement on the file (in dispute) however when i wrote to the bank to try to get it removed they did not want to know or help!

A broker was recomended to me - said he will charge me 1% fee.

What should the plan revolve around to replay the capital? are they looking for something in particular? if i have money in the bank would that help? or are they looking for an investment of some sort?

SamUK

..wow is this s slow forum...or is this just some stupid Q's...