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FTB........So Daunting!
tweep
Posts: 20 Forumite
I have been lurking for the past few weeks time to be brave and ask questions/advice.
Ok my partner is buying our first home we have put in an offer , with 5% deposit its been accepted and mortgage in principle. surveyed in next 48 hours.
It is an interest only mortgage with Intelligent Finance(5X income). WILL change in 2 years to repayment.
Q1,
Interest only for two years, it says in the aggrement we have to have an endowment. I was told by the broker we do not need one nor have to have one. I decided to pay £250.00 per month into a savings/jar account £3000 per year reduce the interest and in two years £6000 to put down towards the repayment mortgage. We cannot afford both.
I am awaiting a quote for a legal rep next few hours, one thing really worries me regarding the deposit. Doing a little research the legal rep also do a search on my partner on behalf of the mortgage lender and can pull out anytime.
Q2, Can we ask the legal rep to do this first so we can guarenteed the mortgage before contracts and deposit are exchanged?
Any comments or advice will be very much appreciated, I find this whole process utterly daunting.
Cheers Tweeps x
Ok my partner is buying our first home we have put in an offer , with 5% deposit its been accepted and mortgage in principle. surveyed in next 48 hours.
It is an interest only mortgage with Intelligent Finance(5X income). WILL change in 2 years to repayment.
Q1,
Interest only for two years, it says in the aggrement we have to have an endowment. I was told by the broker we do not need one nor have to have one. I decided to pay £250.00 per month into a savings/jar account £3000 per year reduce the interest and in two years £6000 to put down towards the repayment mortgage. We cannot afford both.
I am awaiting a quote for a legal rep next few hours, one thing really worries me regarding the deposit. Doing a little research the legal rep also do a search on my partner on behalf of the mortgage lender and can pull out anytime.
Q2, Can we ask the legal rep to do this first so we can guarenteed the mortgage before contracts and deposit are exchanged?
Any comments or advice will be very much appreciated, I find this whole process utterly daunting.
Cheers Tweeps x
0
Comments
-
5 x income @ interest only rates is very risky.0
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Agree with dannyboycey and why is your partner buying it and not you.0
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Ok I earn 20,000 per year only I have poor credit, my partner ..he earns 26000 so although its 5x its not when you combine both our income0
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