Help please, selling house but can't get new mortgage!

Dave_Ham

Your English is a lot better than my Spanish!

So you just need to get a broker on board that does not charge silly fees like the ones you just noticed.

There are some average second tier lenders out there, but without sight of credit report's it is hard to determine which category you would fall into.

£3,500 is crazy money though to a broker, yes a fee but not even half of this in my experience..

I thought about typing this reponse in Spanish and then realised by GCSE Spanish did not cover it!

Patbcn

Dave_Ham wrote: »

Your English is a lot better than my Spanish!

So you just need to get a broker on board that does not charge silly fees like the ones you just noticed.

There are some average second tier lenders out there, but without sight of credit report's it is hard to determine which category you would fall into.

£3,500 is crazy money though to a broker, yes a fee but not even half of this in my experience..

QUOTE]

Well thanks, I do work and speak in English almost 24h!!
£3500 was a figure that included his fees and also some kind of fees, I copy what he sent me:
Further to our telephone conversation, I am pleased to confirm the following indicative mortgage terms based on the information you have provided, subject to approval.

Basis: A new mortgage for £112,500 + £3,250 Lender’s Arrangement Fee based on a property valuation of £212,500.
Mortgage Scheme: A 6.49% current variable rate mortgage for two years.
Mortgage term: 25 years on a capital repayment basis.
New mortgage payment: £775 per month. This figure includes the added mortgage costs stated below.
Mortgage costs payable on application: £205 Lender’s valuation Fee, £198 Lender’s Administration Fees and £275 Selective Mortgages Administration Fee.
Mortgage costs added to the loan: £3,250 Lender’s Arrangement Fee.
Mortgage costs payable at completion: £1,000 Selective Mortgages Broker Fee.
Early repayment fee: 3% of the mortgage amount for two years.

Thrugelmir

Patbcn wrote: »

we have thought about renting and that's still one of the options but living in Oxford is also a very expensive option that will mean wasting a lot of money and not being able to save much.

Many people would love to live in Oxford. If you are unable to afford to do so. Do what others do and commute.

Patbcn

Thrugelmir wrote: »

Many people would love to live in Oxford. If you are unable to afford to do so. Do what others do and commute.

The other option is keep the house and keep paying the debts little by little no mather how long it takes!! :(:( and forget about babies/ weddings/ travelling for at least another 3 years...

samtoby

Patbcn wrote: »

Dave_Ham wrote: »

Your English is a lot better than my Spanish!

So you just need to get a broker on board that does not charge silly fees like the ones you just noticed.

There are some average second tier lenders out there, but without sight of credit report's it is hard to determine which category you would fall into.

£3,500 is crazy money though to a broker, yes a fee but not even half of this in my experience..

QUOTE]

Well thanks, I do work and speak in English almost 24h!!
£3500 was a figure that included his fees and also some kind of fees, I copy what he sent me:
Further to our telephone conversation, I am pleased to confirm the following indicative mortgage terms based on the information you have provided, subject to approval.

Basis: A new mortgage for £112,500 + £3,250 Lender’s Arrangement Fee based on a property valuation of £212,500.
Mortgage Scheme: A 6.49% current variable rate mortgage for two years.
Mortgage term: 25 years on a capital repayment basis.
New mortgage payment: £775 per month. This figure includes the added mortgage costs stated below.
Mortgage costs payable on application: £205 Lender’s valuation Fee, £198 Lender’s Administration Fees and £275 Selective Mortgages Administration Fee.
Mortgage costs added to the loan: £3,250 Lender’s Arrangement Fee.
Mortgage costs payable at completion: £1,000 Selective Mortgages Broker Fee.
Early repayment fee: 3% of the mortgage amount for two years.

Who was that with?

Dave_Ham

That is a drastic lender as an absolute last choice (I know the lender) and subject to your credit reports, I would think there is a middle ground between those costs and those of Halifax and akin.

I would like to think that broker has seen your credit files for both of you, as this is critical.

Personal opinion would be to get a recommended broker as the ones that come up on Google, pay the most to advertise and then charge the most (see example)

Good luck

samtoby

Patbcn wrote: »

The other option is keep the house and keep paying the debts little by little no mather how long it takes!! :(:( and forget about babies/ weddings/ travelling for at least another 3 years...

I know I might be speaking out of turn but surely if your getting late payments on a mortgage - having babies getting married and going travelling are out of the question?:eek: Lower income....more costs?

samtoby

Dave_Ham wrote: »

That is a drastic lender as an absolute last choice (I know the lender) and subject to your credit reports, I would think there is a middle ground between those costs and those of Halifax and akin.

I would like to think that broker has seen your credit files for both of you, as this is critical.

Personal opinion would be to get a recommended broker as the ones that come up on Google, pay the most to advertise and then charge the most (see example)

Good luck

Drastic in cost or drastic as in the last option ever lol :rotfl:

Thrugelmir

Patbcn wrote: »

(:(:( and forget about babies/ weddings/ travelling for at least another 3 years...

Life is a series of personal choices. As the lyrics of the old Queen song go. "I want it all. I want it now". A sign of the world we currently live in.

Patbcn

samtoby wrote: »

I know I might be speaking out of turn but surely if your getting late payments on a mortgage - having babies getting married and going travelling are out of the question?:eek: Lower income....more costs?

Right now we are missing payments that's why we are selling the house!! The idea was selling the house, net profit £127000. Deposit 100-106K the rest savings and to be used for wedding/ babies, etc.

Also the new mortgage will only be around £600 (£106-112K mortgage at 25 years with a 48-50% deposit) that compare with our current mortgage of £1100 a month will mean that we will be saving money every month around £500.