FTB - Not sure where to go from here

Littlemadam83

Morning everyone,

I am hoping you guys can offer some advice as am feeling really nervous, and am really not sure where to go.

Looking on Rightmove a few months ago a flat came up that was very reasonably priced (£84500 in Mid Essex) and thought what a bargain, but we were not in the right position to even start looking at buying. Anyway it has come on the market again, we went to view. We think it is fantastic, and well within our affordability (we are on £44k combined).

We are currently speaking with a mortgage advisor who has found us a mortgage, our history is not perfect but not severe. So we are meeting with him on Monday.

Here are my questions:

1) Should I be speaking to another advisor to get mortgage quotations?

2) Is it normal for him to want to come to our house or is that really strange?

3) I am scared to apply for mortgages individually in case we get declined (ie go into a bank). But should I do this?

Any other advice you think I am missing would be greatly appreciated.

Thank you

xxxx

benjaminM

Littlemadam83 wrote: »

1) Should I be speaking to another advisor to get mortgage quotations?

It would not hurt to get a second opinion. I think it is important to use a mortgage advisor that you like and get on with as you will be dealing with them for quite a few weeks and buying a house can be stressfull.

2) Is it normal for him to want to come to our house or is that really strange?

Perfectly normal. Some advisors prefer home visits and it also helps them with verifying your identity for compliance reasons.

3) I am scared to apply for mortgages individually in case we get declined (ie go into a bank). But should I do this?

You can do this and I would not be scared. Whether you use an advisor or go direct to a bank the outcome will be pretty much the same. All lenders will perform a credit check on you. If you think your credit history is poor make this clear to the advisor and then he/she can approach suitable lenders for this type of business. A good company to use if you have poor credit is Platform home loans which is part of the Co-operative bank. Their products are available via intermediaries and you can find a local advisors from a link on their site.

Hope this helps

GMS

Littlemadam83 wrote: »

Morning everyone,

I am hoping you guys can offer some advice as am feeling really nervous, and am really not sure where to go.

Looking on Rightmove a few months ago a flat came up that was very reasonably priced (£84500 in Mid Essex) and thought what a bargain, but we were not in the right position to even start looking at buying. Anyway it has come on the market again, we went to view. We think it is fantastic, and well within our affordability (we are on £44k combined).

We are currently speaking with a mortgage advisor who has found us a mortgage, our history is not perfect but not severe. So we are meeting with him on Monday.

Here are my questions:

1) Should I be speaking to another advisor to get mortgage quotations?

2) Is it normal for him to want to come to our house or is that really strange?

3) I am scared to apply for mortgages individually in case we get declined (ie go into a bank). But should I do this?

Any other advice you think I am missing would be greatly appreciated.

Thank you

xxxx

Do not be worried by the mortgage application process, it is nothing to be afraid of as long as you have given all of the information needed.

In response to your questions:

1. If your adviser is working on your behalf and has found you a mortgage why do you feel the need to see another who will do the same? By all means you can do but you need to be wary of duplicating applications to lenders.
2. If you dont want a home visit then tell them. Arrange to go to their office or do the interview over the phone.
3. You can apply to a bank directly but they will only advise on their own products. May be better than your broker can get but may also be worse. It may be worth you having a chat with your bank to see but if you are so worried about it you may be better leaving it to the broker.

Any questions you have feel free to ask your broker no matter how silly you think they may be. That is why brokers are there.