First Time Buyer

Baconsarnie

Hi

I am currently going through buying my first property and have been reading this forum for tips. I took a recommendation from a friend and have been using a mortgage advisor through Countrywide (dont shoot me!).

I have a meeting with him on Friday to go through the best mortgages he can offer, i have been doing some searches myself and am going to take this to compare with what he is offering me. I know Countrywide only offer from a select panel, but does anyone know who is on this panel?

If i have found a better offer then what he is offering me would he be able to match this or am i better trying to politely decline his help. Would feel a bit guilty doing this as he has been helpful getting me some AIP etc while searching.

Thanks

ACG

I think it has a fair few companies on there, but i dont know who they all are.
Hes got you an AIP as its in his interest, not because hes doing it out of the goodness of his heart.
If you find a better deal tell him, its best everyone knows where they stand.

Baconsarnie

Thanks, i'm looking at a LTV of 85% and have been doing my own searches, looked at 2 year fixed rate over 30 years (is this the standard or 25 years?) and there are quite a few smaller companies appearing i have never heard of (Leek United?) would it be safer to go for a more well known lender? Best mainstream lender i have found is First Direct.

Thanks again

ACG

You sound like you have done some good research. Leek building society are offering some good deals at the minute.

I use small building societies all the time, admittedly i have never used leek - for some reason my clients dont fit with them for one reason or another. First Direct are quite strict, they do not deal with brokers so your man from countrywide wont come back with them.

Baconsarnie

Ok thanks, there were quite a few of the main HS lenders (NW, Lloyds) who were all pretty similar at around 3.5-3.6% initial rate then around 4% after that. Will see what he comes back with and take it from there!

My6Percent

Hello! I am a fellow first time buyer, a bit further a long the chain...

I went with a fee-free mortgage broker (free, but the man hours I've spent sorting, it might be worth paying someone for!).

Nationwide had the best deal for me (under 3% for what I wanted - 5 years, fixed rate.)

I've had the valuation done (was forced by Nationwide to use their 'preferred supplier', Countrywide. They were WOEFUL and slow. Oh and banky considers me solvent, so now I'm just waiting on documents to be perused to check I am who I say I am. Which, thankfully, I am.

G'luck and let us compare notes

Baconsarnie

I have received a letter from my solicitor today which is now worrying me. He has put:

The current owners purchased the property just 3 months ago and have never resided there. They paid £95,000 and are now selling it for an additional £40,000, some lenders may be unwilling to lend on this basis.

The sellers also say that they have 'no knowledge of the property' and 'will not be completing the usual questions and enquiries'. This may also be unacceptable to your lenders. For example i will be unable to give an unqualified certificate of title and the usual electrical and gas safety certificates will not be available.

This has set off some alarm bells for me, should i be concerned or is the solicitor being overly cautious?

I have had a verbal offer accepted but not paid out anything. I am due to see my mortgage advisor tomorrow but don't want to pay for a valuation if these problems are coming up already?

ACG

If the property was bought less than 6 months ago, a lot of lenders have issues with this.

If the vendors are not prepared to comment on the property i would walk away especially if it is not being lived in. Anything could happen between now and completion copper wires could be ripped out etc.

Baconsarnie

Thanks, am going to give my solicitor a call first thing in the morning and clarify his views on if it would cause issues along the process.

I haven't paid out anything yet so if he says it will cause problems then i will phone the estate agents. Last thing i want to do is pay c£400 on a homebuyers report when i am already starting to have doubts.