Tips to secure mortgage

Gemmzie

We're buying a SE flat and our solicitor has warned us to be aware that although we have a mortgage offer, the product we have been offered expires before we are able to complete - as it's a new build.

He also said that some mortgage offers are being unfairly changed at the last minute, which is all legal and the length of the mortgage or the amount offered may change due to minor reasons.

Is there anything we can do to ensure this won't happen? We've paid off all our debts, are both in secure jobs with stable income.

G_M

Don't buy a property wih a totally unpredictable Completion date way in the future!

Wait till the property is (nearly) ready and then buy it. Prices are falling anyway.

CloudCuckooLand

Better to approach it from the other direction - not committing to exchange until you know completion will fall within your mortgage offer...

Problem is, if you are talking several months away, house prices could fall, then when the Lender values it they may not offer enough money...leaving you legally obliged to complete from your own funds...

In the absence of that, don't make any changes, however minor, to your credit arrangements - no new contract mobiles, don't go into your overdraft, don't miss any payments, etc.

Gemmzie

G_M wrote: »

Don't buy a property wih a totally unpredictable Completion date way in the future!

Wait till the property is (nearly) ready and then buy it. Prices are falling anyway.

The completion date is approx Aug/Sep. Can we delay signing the contracts that long?

Gemmzie

CloudCuckooLand wrote: »

Better to approach it from the other direction - not committing to exchange until you know completion will fall within your mortgage offer...

Problem is, if you are talking several months away, house prices could fall, then when the Lender values it they may not offer enough money...leaving you legally obliged to complete from your own funds...

In the absence of that, don't make any changes, however minor, to your credit arrangements - no new contract mobiles, don't go into your overdraft, don't miss any payments, etc.

We're trying to avoid changes, but there's a couple that need to be done. OH's parents have sold their house so he's living with my parents temporarily - does he need to go on the Electoral roll to help his credit rating?

I was financially associated with my mother, but we've closed that account now so I'm going to contact the credit reference agencies to ensure that is noted.


I see, the flats being sold now, are at a higher price than when we reserved ours so hopefully that will go in our favour.