Help - First Time Buyer Advice Needed

Bemmy

Hi Guys,

I need advice;

Me and my partner are looking to get on to the property ladder and have found a house in which we really like the house is located next to a family member of mine and they are currently in the process of putting the house up for sale with the Halifax for £109,950. The house will be going up for sale within the next two weeks and myself and my partner want to get in there first with an offer and deposit.

Now, we do not have an agreement in principle and have seen many independant mortage advisers and building societys who have offered us up to £138,000+ and have said we should have no problem with getting a mortgage. My partner has missed a few payments on his loan but has now paid this off in full but this has not cleared of the experian credit report, would this be a problem?

Also, would Halifax accept the offer before the house is put on the market if it is the full amount in which we are offering, also would they accept our offer even if we do not have a set mortgage yet in place?

I have a deposit of £6,000 would you put this down all in one go before you buy the house?

Also, any advise on any good mortgage deals around at the moment that are gor first time buyers and are fixed??

Appreciate any comments or advice on this matter?

Thanks All :j

martin1018

If you know the vendors, get on well with them, and are prepared to offer their full asking price, why not ask them to do away with the estate agents. They will only add another level of administration into the process and it can all be done without them, thus saving the vendors somewhere between £1000-£2000, which they may split with you.
The solicitors can do everything required, and it also takes away the worry of someone else getting the house you want, because no-one else will know about it!
I'm sure it will make for a very much less stressful purchase.

MortgageMamma

With regards to the mortgage, really cannot comment if it is doable as not enough information in your post, but you mention you have been to see lots of advisers and building societies - were you not happy with the services of any of the advisers you have seen? I would recommend you pick whoever you were most comfortable with and go back for further advice

MM

Bemmy

Thanks for your replies unfortunatley the vendors will not go private due to not having enough time even though this would save them alot of money.

I understand that the solicitors do that side of things for them but they are not wanting to budge!!

In regards to the mortgage our total income is £45k a year and my partner has had 2 loans in which a few payments were missed but they are both cleared off but are still on the experian credit report.

herbiesjp

Bemmy wrote: »

Hi Guys,

I need advice;

Me and my partner are looking to get on to the property ladder and have found a house in which we really like the house is located next to a family member of mine and they are currently in the process of putting the house up for sale with the Halifax for £109,950. The house will be going up for sale within the next two weeks and myself and my partner want to get in there first with an offer and deposit.

Now, we do not have an agreement in principle and have seen many independant mortage advisers and building societys who have offered us up to £138,000+ and have said we should have no problem with getting a mortgage. My partner has missed a few payments on his loan but has now paid this off in full but this has not cleared of the experian credit report, would this be a problem?

Also, would Halifax accept the offer before the house is put on the market if it is the full amount in which we are offering, also would they accept our offer even if we do not have a set mortgage yet in place?

I have a deposit of £6,000 would you put this down all in one go before you buy the house?

Also, any advise on any good mortgage deals around at the moment that are gor first time buyers and are fixed??

Appreciate any comments or advice on this matter?

Thanks All :j

It is not obligatory to have a mortgage agreed before putting an offer in on a property.

If you have had credit history issues, you may want to make sure you have got an AIP before putting an offer in however to avoid nasty surprises that can happen (not saying it will happen with you though)

The deposit is put down on exchange of contracts normally, and your solicitor will guide you through fees etc and when they will need to paid across to the solicitor

There are plenty of good fixed rates at the moment (some have come down recently) - which ones are good for you will depend 100% on your individual scenario

HTH