First time buyers....and i'm in a pickle

littlesparkles

I'm buying a new build and we have 15% of our own deposit and 5% from the builder. However we could have got a mortgage putting in only 10% of our own. Phone a few lenders and see what they say! We are with Nationwide.

spadoosh

poppyflower25 wrote: »

The default is due to expire on the 5th November this year (11 weeks away). Should we do the sensible thing (even if it means losing the house) and wait until the default has dropped off the file?
Thanks Poppy

Its a new build theres probably hundreds and hundreds of that exact same house being built up and down the country.

Applying with a default attached to his credit file will likely reduce the amount of lenders open to you and the lenders that are available will normally have a higher interest rate is it worth paying more for 2 years or wait till november where you can make sure the default is removed. Not to mention, property prices are normally at their dip in winter (fewer house sales slightly lower asking prices.)

Though it may sound like im trying to sway you to hold off for a while i certainly know the emotional pull a home can have on you however always worth remembering 'plenty more fish in the sea' n all that!

harvey115

I would suggest to go see a broker as Dave Ham mentioned. A non straight forward case such as yours (default involved), would be better handled with a broker.

Plus the added issue with NewBuilds is that sometimes they want quick turn around and in some cases you may wait for months to complete.

Best of luck

poppyflower25

Thanks everyone. I will look for a broker. Do I look for whole of market? I've had a read of the guide but people are saying different things so I'm getting mixed up. I know I can search unbiased or use the yeallow pages to search for brokers in west midlands but how do I know I've got a good one?

Sorry for all the questions

Thank you again

llyamah

poppyflower25 wrote: »

Thanks everyone. I will look for a broker. Do I look for whole of market? I've had a read of the guide but people are saying different things so I'm getting mixed up. I know I can search unbiased or use the yeallow pages to search for brokers in west midlands but how do I know I've got a good one?

Sorry for all the questions

Thank you again

Yes - look @ whole of market. I can put you in touch with someone, but I cannot remember their name until I get into work tomorrow. Send me a PM.

poppyflower25

Thank you everyone again for your advice. We are going to leave it until after November when the default has dropped off (we will check the files agian then to make sure they have definitely been updated). We will forget a new build and find a 100k house (I have seen plenty decent ones on local estate agents for that) and put down a deposit of more than 20%. Then we will only have the late payments froom 2007 to contend with. I know they could still be an issue but we will seek broker advice and I'm hoping it will be much easier. Oh well 10 weeks and 6 days to go lol

spadoosh

poppyflower25 wrote: »

Thank you everyone again for your advice. We are going to leave it until after November when the default has dropped off (we will check the files agian then to make sure they have definitely been updated). We will forget a new build and find a 100k house (I have seen plenty decent ones on local estate agents for that) and put down a deposit of more than 20%. Then we will only have the late payments froom 2007 to contend with. I know they could still be an issue but we will seek broker advice and I'm hoping it will be much easier. Oh well 10 weeks and 6 days to go lol

Cant imagine youd have too much of an issue with the late payments!

Mine and g/f situation (16 mths ago) is v v similar to yours. Earning about the same. my credit history not to dissimilar from your partners, the odd missed payment nothing major. The only thing suggested to us when applying was that we should clear our overdraft (in reciept of an interest free overdraft) so been stoozing a little bit from that! And no problems, not to mention we bought at £104k and only put in a 10% deposit.

Dont wish the time away, looking for houses is the fun part. Ill be honest, once your in you get the nice feeling, MY house and all that. But then you realise you have to paint and decorate the !!!!!!!! After glossing for 12 hours, at least one time youl think 'pain in the a$$ this house malarky!'

Though tbf, still wake up smiling everyday looking at the ceiling going, 'thats mine that' 'and that'. Normally calms down after a coffee!


the !!!!!!!! is 'bugher' not a proper swear word! Get a grip swear filter!

poppyflower25

Thank you. Glad it has worked out for you too. I'm excited so on count down. I am currently in the box room at my parents (It has been converted from a 3 bed house to a 2 bed because my dad is in a wheelchair and needs a wet room) so I need my space now. It will soon be here

spadoosh

poppyflower25 wrote: »

Thank you. Glad it has worked out for you too. I'm excited so on count down. I am currently in the box room at my parents (It has been converted from a 3 bed house to a 2 bed because my dad is in a wheelchair and needs a wet room) so I need my space now. It will soon be here

In that case then, simply enjoy the fact you have no major bills for a little under 11 weeks! Their a pain in the a$$ too!

Other benefits to enjoy now that youll miss:

Laundry
Ironing
Tea on table
Not having to go shopping
Being able to say no to your parents (its somehow easier when you live with them than when you see them from time to time?!)
Leaving lights on (haha still do it now just wind the old man up!)

O and build up the perfect plan of attack! Make sure you have all the information you might need (it will save you waiting for days on here for replies or worse.... weeks from your solicitor!) Get all your appointments set up, start packing. Start buying the things your going to need when you move in (hoover, white goods (unless looking at certain properties) gardening equipment, tools etc etc)

Also can look at decorating ideas/books to give you inspiration on how you can make your new home yours! All of it builds the excitement!

Like i said we were in a similar situ, g/f had a default put on her file from fraud that set us back 6 months because 2 incompetent companies couldnt work out that my g/f, who is completely computer illiterate, didnt buy a £2000 laptop on credit.

Can you imagine, sat in the bank big grins on our faces after having an offer accepted going through the mortgage app to be told 'im afraid youve got a default from 6 months ago' Crash, hopes and dreams shattered then the edelightful peeps on MSE came to my rescue!

poppyflower25

Hi again Spadoosh

Thank you for the advice. I can see how easy I've had it lol, but time to grow up now. It's exciting and daunting all in one. You have given me some good tips so I will use these

I am glad it was sorted eventually, even if it was a total pain. I bet it makes you appreciate your house more, I know I certainly will
Even though it's my partners mistake I cannot hold it against him because without him we wouldn't have the £20k deposit. He really has turned hiself around. People make mistakes but it's how they deal with them and turn them around that matters.

Thank you

Poppy