I want to buy a House before xmas.....but..

stonecold379

I am a first time buyer and looking for house in east london. My credit history is very good and have good deposit. I recently cancelled some of my credit cards and reduced overdraft LIMITS (to lower my available credit) which has not yet been updated into my credit profile. I don't want to apply for mortgage until these details has updated into my credit report. I am searching for houses and viewing them every week and some of them I really liked them, but scared to offer as the property agents incest me to do some paper work....and I dont want to go in any form of contract until my credit file has updated.

1) Please advice if I give my offer to state agent, how would it be treated. I am new in buying the house and have no previous experience...!!:(

2)OR, shall I buy mortage after xmas??

Grimbal

mortgage offer considerations or not, you'll be very unlikely to be able to buy a place before Xmas. Conveyancing/chains can take months!

MelaBella

Huh? I am not sure if undesratnd correctly the question you posed, but...first of all, you mentioned you have very good credit history, have you ever defaulted on credit card payments, loans? CCJ records? why you dont want to apply for mortgage and need to wait for these details to be updated? which paper work agents "incest" you to do?

You need to submit your offer to the agent and once accepted you formally apply for mortgage, the lender will be checking your financial information, credit check you, etc, its not an estate agent who does it. If your credit history is good and your fall under the lender's criteria (salary, employment, etc) you should't have any problems and you dont need to wait until after Xmas.

Talk to the broker first and search for solicitor who will be able to explain you the legalities in plain English, you are not a native speaker and not familiar with the jargon and procedures and you may not understand the basics during the process which can cost you a fortune. Also, read through this forum on purchasing flat procedures, they have a lot of useful tips. Good luck.

MelaBella

Grimbal wrote: »

mortgage offer considerations or not, you'll be very unlikely to be able to buy a place before Xmas. Conveyancing/chains can take months!

He could still strat the process now. If he starts now OP can complete in January if all ghoes smoothly.

Grimbal

MelaBella wrote: »

He could still strat the process now. If he starts now OP can complete in January if all ghoes smoothly.

......which is not before Xmas, which was my point.

Even if their purchase goes like a dream, the rest of the chain (assuming there is one) may not. Add to that a loss of a week (at the very least) in December when everything shuts down, and I would suggest that it's very unlikely that they'll be hanging up the decorations in their new home.

Absolutely nothing to stop them looking & getting the ball rolling now, but the reality is that they will not be in by Xmas

maninthestreet

stonecold379 wrote: »

I am searching for houses and viewing them every week and some of them I really liked them, but scared to offer as the property agents incest me..

:eek: :eek: :eek:

MelaBella

Grimbal wrote: »

......which is not before Xmas, which was my point.

Even if their purchase goes like a dream, the rest of the chain (assuming there is one) may not. Add to that a loss of a week (at the very least) in December when everything shuts down, and I would suggest that it's very unlikely that they'll be hanging up the decorations in their new home.

Absolutely nothing to stop them looking & getting the ball rolling now, but the reality is that they will not be in by Xmas

i think OP's main concern is not about completion before Xmas but about mortgage application given the fact that some details on his credit file may change after Xmas. I think his worries are groundless, the matters he described are not significant unless im missing something.

With regards to completion, yes, this is nearly impossible so OP shouldnt dream about putting a Xmas tree at his new place:):D hey e actually hasnt offered yet)

MelaBella

maninthestreet wrote: »

:eek: :eek: :eek:

as soon as property agents dont insist on inScest, they are within their own rights to insist on anything they'd like:D

JEichlerSummers

I would wait until after Xmas. Better to be safe.

stonecold379

Thanks everyone for your responses!

I offered one of the house before XMas and my offer has now been accepted. My mortgage broker did generic check and applied mortgage in principle which has also been accepted. The full application was sent on 7th Jan'13 and Nationwide has booked the survey next week Monday. I am just wondering how long does it takes time to complete everything and when do I need to show/give my mortgage deposit to bank.

The reason I am asking is i had to withdraw some money in an emergency from my account which I am 100% sure that I will get back this money on 5th February 2013. Will it effect my mortgage application?