First Time Buyer

yema2009

Hi all

First Time Buyer here currently living with parents.

I have a mortgage application currently being processed through FirstBuy (the new government scheme getting first time buyers on the property ladder)

Here is where im at..

Me and my partner have paid a reservation fee of £99 for a plot on a new build, Persimmon have provided a mortgage advisor and a solicitor to deal with our legalities. We have had a mortgage agreed in principle with HBOS and have then submitted an application to FirstBuy which we have been accepted for.

So far so good..

We have just paid £315 to Halifax for a valuation of the property which has now come back to us with what we expected. Now we have been told that the mortgage is currently with an 'Underwriter'?? which i don't know what this means.

We have provided all relevant details i.e. Bank statements, Proof of income etc.. etc..

My partner who is the main income provider has good credit history whereas mine is not the best but i have been rectifying my problems by paying of my debt. Will this affect our application?

Oh forgot to mention we have our deposit in place which we have shown proof in the bank statements.

I am getting very stressed about the whole situation, sleepless nights, affecting work load.:mad::mad::mad:

Please can someone give me some advice on what a) an underwriters work is and how it can affect our application and b) will my credit ultimately end our dream of getting a house

I thank you for your time and hopefully someone can help

Phill

kingstreet

An underwriter is the person who checks all the data and decides if he wants to put his job on the line by saying "yes" to your mortgage application.

At this stage, you've passed the initial checks, so as long as the information on the application matches the information on the payslips, bank statements etc, you should be fine.

Lenders don't normally turn down applications following the valuation unless something serious comes to light they didn't know about earlier.

yema2009

Thanks for coming back to me

That gives me some peace of mind but until we get the all clear (which should be either today or tomorrow) then im going to be still a little worried

Thanks again

yema2009

Oh one other thing that i forgot to mention is Stamp Duty for first time buyers.

At the present moment the threshold is at £250'000 but we have been told that we have to pay 1% of our £139'950 house because of when we move in (May 1). Why would we have to pay stamp duty when our mortgage will be in place before this time and everything has been signed before the budget will be announced?