Mortgage advice needed please

TrueBlueAngel

Following on from a previous thread of mine, we are still trying for a mortgage. We have seen a mortgage advisor who has been great. My husband has aquired a default he genuinely didnt know he had which has hampered our chances of a 100% mortgage, which we really need. Hubby has dealt with this default as soon as he discovered what it was(despite he had paid the original bill last year and doesnt have any proof now ). The mortgage advisor says this is good that he has dealt with it straight away but the company he wanted to get the mortgage from won't touch us now for 12 months. The advisor is now looking at Future mortgages who he think can help and as we have found a house we think is ideal for us, he says we should make an offer. But I don't feel as optimistic as the advisor does. Anyone been in this situation or dealt with Future mortgages?
Thanks.

homer_j_3

Do not make an offer yet. I would try and speak to the estate agent and negotiate a Vendor Gifted Deposit where the seller agrees to sell at the market price but on the day of completion understands that they are only going to receive 95% of this amount - i.e. they have waived 5%.

If you have this then there will be lenders that can help and you will get a better deal as you are looking at a 95% mortgage rather than 100% one. If the seller will not accept this situation then make sure that the rate you get with Future is Fixed and has no extended tie ins.

I would also anticipate for delays and potential bacwards and forwards with information as they are not the quickest processing lender that I have experienced in my opinion.

peterjohnson007

ive got a 100% mortgage with future now and as ive been told they aint very good. if you should ever fall into trouble with them payments wise, you my friend will be hampered at remortgaging away from them.

Leon_W

Hi TrueBlue

I've never had a problem with Future as such. They're slow and a bit uncomunicative but apart from that I've found them OK. Anecdotal evidence from other brokers I know however is not good.

Sometimes that is the fault of the brokers who seem intent on trying to bash square pegs through round holes and end up frustrated when they find out someway down the line that they don't fit !

Make sure that your broker has checked their criteria fully and that you fit it like a glove, then you really shouldn't have too much of a nightmare. It's only when something is a little bit outside the norm that they seem to have a fit and throw their toys out of the pram.

If you ask your broker to get an Agreement In Principle with them before making any offers then that is as much as you can do to ensure your application runs smoothly at the moment.

Best of luck

Leon

TrueBlueAngel

Thanks Leon. I'm quite despondant about all this and am ready to pack it in for 12 months but hubby seems to think its worth persuing as the advisor sounded optimistic. We're going back to view the house again on Monday afternoon, so i will chase up the advisor that morning and see where he is with it all. I will see if Future is agreeable and we can get an Agreement In Principle from them. Didnt realise all this would be so stressful

Leon_W

Don't look at the house.

You might be setting yourself up for more heartache. First things first. Make sure you can get the mortgage BEFORE HAND

I cannot really see the point in putting yourself through the wringer if it's never going to happen anyway.

I get plenty of calls from people that didn't stand a chance obtaining a mortgage for whatever reason but they have already been out viewing and putting offers in. Apart from everybodies wasted time (agents, vendors, purchasers etc) you're also making it hard on yourself.

Best bit of advice any broker on here could ever give is work out what you can afford FIRST. Get an Agreement in Principle second.Then go shopping. I can assure you it's less stressful for everyone concerned and Estate Agents take you seriously and will go out of their way to find you a suitable property.