Im having a panice, please advise!

Feanor

Hi all,

We went to view a really nice maisonette tonight, we just love it ! Its well within budget, would need to borrow 4x joint salary. Its 2 big bedrooms, lovely garden, gorgeous kitchen and bathroom, just everything we need right now really.

We want to offer the full asking price tomorrow, but we only saw our mortgage advisor 2 days ago. He told us to order our credit reports which we did yesterday, he has looked at deals and just waiting for credit reports early next week til he does an AIP.
If we offer on it tomorrw, should he be able to do an AIP tomorrow without our credit reports?

Neither of us have bad credit as far as we know, although my OH has had maybe 4/5 late payments on a credit card, just due to forgetfulness, but now the balance is paid in full. This wont have affected credit rating that much surely? Im just really worrying now!

We applied for a full mortgage last year with Northern Rock, they gave us an AIP but when it came to the full one, they said we had too many previous addresses so our credit score came out low instead of medium. At the time it did seem really weird cos we haven't had that many at all ! It all fell through in the end anyway.

So now im reaaaaally paranoid we wont get what we need. Although last time we were going for 100% mortgage, but now its 95% as we have a deposit. The price is £211,950, and we earn 50k a year between us.

Please someone calm me down and tell me it will be ok! lol

MortgageMamma

Stop panicking and tell your adviser you want the AIP doing straight away

it seems you know enough about your credit history to not need the credit reports anyway

I dont think you will have any problems if you give all the correct details

herbiesjp

You can get an AIP no problem

Feanor

Phew, thanks. i will get on to him first thing in the morning!

Should i then call and offer and say we will have an agreement in principle by the end of the day? Or wait til later in the day til we have it confirmed?

I feel so stressed already! lol. I think its because its so perfect for us its crazy! And it went on the market on Monday and has had 10 viewings already and its not even advertised! Its madness down here at the moment, 20-30 buyers per property so fingers crossed!!!

MortgageMamma

You need to get your broker to do the AIP with the selected lender (who is lender by the way I can tell you how quick to expect it back) you need to get him to do it first thing, as a priority

I know how quickly property goes in your neck of the woods

when you make your offer, do it via fax/in writing then phone and check they have got it, enclose a copy of your approved agreement in principle (make sure it does not have a max borrowing amount stated or they will push you for more money)

Remember though, a property is only worth wht someone is willing to pay for it - its very rare anyone truly buys undervalue unless its gifted equity

Feanor

Does anyone know how you find out if a property is an ex council house?

I dont think it is, it just seems like a typical 1930s style purpose built mainsonette but i showed my Dad the pics and he thinks it looks ex council.

Anyone know how i can find out?

herbiesjp

Your estate agent should be able to tell you straight away - it should be disclosed up front

MortgageMamma

if its ex council ask a few more questions about the construction - you need to know whether it is standard construction or not for mortgage purposes

I don't know about the area where you are but where I am a lot of the council houses are non standard construction

MM

silvercar

In my area there is, or should I say was, a large council estate of 2/3/4 bed houses (no flats or tower blocks) it is now 90%+ privately owned and the build quality is better than the new builds.

The give away on council houses is usually the front doors.