Mortgage Advice

Leo999

I am currently in the hunt for my first property and have managed to find one today. I have visited this morning and liked what I saw. So I am now in the position where I dont know what to do next. I have a appointment with the mortgage advisor next tuesday but am worried that this might be too late. The property came on the market only last Friday and has already had three viewings, this is probably because of the price. I am new to this and was wondering whether any of you helpful people could give me some advice on what to do next and whether you think I should proceed with trying to get a mortgage for the property.

PROPERTY PRICE - £53,950
BASIC TAKE HOME PAY - £17,500
I DO OVERTIME WHICH TAKES IT UP TO £20,000 PER ANNUM
I DO HAVE A LOAN WHICH ENDS IN JUNE, BUT CAN PAY THAT OFF IN FULL NOW £1,700
I HAVE THE 10% DEPOSIT

THANKS IN ADVANCE. LEE

Wh05apk

Is the mortgage advisor a bank one, or independent? 90% deals vary tremendously, so I would recommend seeing someone independent to get the best deal.

If it was me, I would want to see someone before next Tuesday, that's a long time away.

ACG

A week to see an advisor is rediculous.
Ive only recently started out and am lucky if i have more than 2-3 appointments with clients in a week. However i used to work for a well established company, and if the advisors had more than 2 appointments a day it would be a busy day - they chose to keep it like that. Surely you can find an advisor that can fit you in between now and tuesday.

Leo999

Thanks for the replies, I am seeing the advisor from reeds and rains and he is on holiday till tuesday. I have made an offer for the full asking price while waiting. If I get given the go ahead with the mortgage, reeds and rains said they will supply me with a solicitor. When they do what do I need to do to make sure no one else makes an higher offer.

Yorkie1

Do not use the EA's mortgage advisor or their solicitor. The first one has a potential conflict of interest as your finances might become known through him to the EA and thus the seller. They will be getting a kickback (aka referral fee) from the solicitor.

Go and find an independent mortgage advisor and get recommendations for a solicitor.

Was this house really very underpriced / priced low compared to others on the market recently? At this time of year, to offer full asking price without trying any negotiations, I think you've potentially put yourself in a fairly weak position. The seller must think all his Christmasses have come at once.

ACG

To be honest, i do some work for an estate agents. I work for both but i would never divulge information on the buyer to the estate agents - but i work on behalf of an estate agents...not FOR them, so there is a little difference.

With regards to the solicitor there are 2 ways of looking at it. Yes the Advisor will get a kick back from the solicitor and it will probably cost you more, but because they send a lot of business to the solicitor if there are any issues, they are in a position to lean on the solicitor to get it moving quicker.
Personally for an Estate agents like reeds rains to not be able to get you another advisor sooner is pretty bad.
There are 3-4 branches of reed rains within about a 5 mile radius of where i live, if they only had 1 advisor between them i would be surprised.

DVardysShadow

ACG wrote: »

To be honest, i do some work for an estate agents. I work for both but i would never divulge information on the buyer to the estate agents - but i work on behalf of an estate agents...not FOR them, so there is a little difference.

You may have scruples, obviously you are clear about your responsibilities. But as you said earlier, you have only just started out. I would be interested to know in a year's time if you have not been leant on at all by an agent trying to get info. If it happens and you don't cave, I should imagine that the agent will make it very clear which side your bread is buttered.

ACG

DVardysShadow wrote: »

You may have scruples, obviously you are clear about your responsibilities. But as you said earlier, you have only just started out. I would be interested to know in a year's time if you have not been leant on at all by an agent trying to get info. If it happens and you don't cave, I should imagine that the agent will make it very clear which side your bread is buttered.

I hear what your saying, but theyre not like that. They might ask things like how likely they are to get a Mortgage - eg is it a no go or shouldnt be a problem but i would never explain anyones financial information just like i wouldnt medical info.
Im self employed i have my own clients too. If they made threats about where my bread is buttered i would probably walk out there and then.

billa_champion

have you spoken to London and Country? they can come back to you within a day with a rough idea of deals available to you

Yorkie1

ACG wrote: »

I hear what your saying, but theyre not like that. They might ask things like how likely they are to get a Mortgage - eg is it a no go or shouldnt be a problem but i would never explain anyones financial information just like i wouldnt medical info.
Im self employed i have my own clients too. If they made threats about where my bread is buttered i would probably walk out there and then.

To me, even asking that question is entirely inappropriate for the EA and if I thought that you were giving that information out about me (as your client), I'd be very cross.

My independent broker would never divulge anything without my consent, so I would not expect any other broker to do so, even at that 'lesser' level of detail.