Re-Dip/Mip

joe134

joe134 wrote: »

Hi amnblog, just spoke to local guy for an hour, who is part of a network,whole of market, and charges £499 at the end, no sale, no fee, + he may get a bit of commission from lender. He is sending his credentials, and recomends , a home visit,10 minutes away, no charge and if Credit check and other criteria come up ok, he says he can get MIP in days, and should be able to complete withing the 28 days, if searches etc are ok,providing there are no other interested parties?
he recomends Birmingham Mids solicitors,but not compulsory I,ve had dealings with investments with them.
Would not commit himself to definite fees,for homebuyers report, solicitors fees, searches etc until he has all Grandsons details.Friday earliest. Sounded genuine guy;
Don,t mind paying the fees, bit steep, but, if he gets the right mortgage and house, it,s worth it.
.
He said he would point out insurance, and sickness payments, but, would not push, just sign a decline form to say we were offered. .Friday earliest. Sounded genuine guy;
Don,t mind paying the fees,

UPDATE;;;Altogether Financial Solutions Ltd is an appointed representative of Personal Touch Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority this is who he represents, what do you think.????????
EA,s FA has been in touch, charges flat fee on completion of £295,
Other interested parties now, won,t accept offer, without, MIP, Proof of deposit, Solcitors and searches done, and paid for.
Unbelievable what they want up front, couldn,t have picked a more difficult house to buy;;;;

jacobtheamish

A mortgage of 148k should provide the broker with a reasonable proc fee, so you should be able to find a fee free whole of market broker.
If your grandson is keen on this house, does not want to lose it and can afford to - I would advise paying as much as he feels it is worth. Remember the more he pays the less likely the vendor will change buyers before exchange of contracts

joe134

jacobtheamish wrote: »

Its a requirement of the Estate Agent to keep the property on the market until contracts have been exchanged. The Agent would rather take it off the market once an offer has been accepted, last thing they want is to have to continue paying for marketing and showing the property to others once a purchaser has been found.

Plenty of quality brokers out there who will get a mortgage offer out within 28 days, going direct is in my view the slowest and most costly route.

Hi, expecting one to pay Solicitors and searches before an offer can be made,with MIP, and Proof of deposit, then having to be prepared to increase it ,if not accepted, or other offers, and finalise within 28 days is not for the faint hearted.Could spend thousands and still not get it.
It,s basically an Auction with extras.

jacobtheamish

The same could be said for the vendor, the vendor will also have fees to pay and if your son changes his mind or tries to Gazunder the vendor, they lose out too.

Most new build sales require a 28 day deadline and the developers push you to use their broker as they know its more likely to be achieved.

The quicker it takes place, this less chance your Grandson will get gazumped

joe134

jacobtheamish wrote: »

The same could be said for the vendor, the vendor will also have fees to pay and if your son changes his mind or tries to Gazunder the vendor, they lose out too.

Most new build sales require a 28 day deadline and the developers push you to use their broker as they know its more likely to be achieved.

The quicker it takes place, this less chance your Grandson will get gazumped

It,s not new build, it,s a repo.

jacobtheamish

Yes I know that, more just an example. New build and repo sales are usually required to exchange within 28 days. Banks and Builders set these deadlines as the sale goes on there balance sheet. Typically quite strict on the deadline but they can be flexible providing any delay is outside of the buyers hands

joe134

jacobtheamish wrote: »

Yes I know that, more just an example. New build and repo sales are usually required to exchange within 28 days. Banks and Builders set these deadlines as the sale goes on there balance sheet. Typically quite strict on the deadline but they can be flexible providing any delay is outside of the buyers hands

Thanks Jacob, never bought this way before.
Spoke to 2 IMA,s first said ok, second said, he thought we had a better chance using in house MA, even at his loss, but would act for us if we wanted him, £295+ commision off lender 0.3% >.
Got a outside Solicitor, who would do it for £450+vat+ disbursements, no fee if not completed, But £200 for searches have to be payed, so probably use him, if we proceed, because, if it falls through, then we would go back to him, when another property comes up.
one week for searches the norm here he says, so 28 Days is achievable, BUT, beware, it may come to sealed bids if others crop up;;;;

joe134

amnblog wrote: »

here comes the curve ball.

repo means swift offer needed and potential issues on valuation (what is the condition)

Go to a whole of market broker [but don't use the in house one]

Hi Guys Update on this little escapade.
Did as amnblog advised, went to whole of market MA but in house, He asked if any ccj,s or BR EVER, he declared his 1 ccj, spent,, not on file, dropped off a few months ago.no debts all clear now, except a cc with £900 outstanding;
NO 90% mortgage available for him? because of ccj?
I read kingstreet had a similar question on here about a BR getting a mortgage, because he was asked ( direct) in the last 6 years, kingstreet said he had to ask Ever, but had new instructions to ask in last 6 years. Does this mean my Grandsons ccj will prevent him obtaining a mortgage for ever, ?
I told him to declare it, because the question was EVER ,he thinks he shouldn,t have,;; Where,s the right, lie and get put on CIFAS, or tell the truth, and get refused.
probably should have gone direct, couldn,t have been worse off;
House wasn,t a straight forward buy, probably for the best.
Interested in anyones views?

Thrugelmir

joe134 wrote: »

House wasn,t a straight forward buy, probably for the best.
Interested in anyones views?

Learn from the experience. Encourage your grandson to continue to save. Maybe target a cheaper property next time thereby requiring a lower LTV mortgage. Credit records are like job CV's. They tell a lender a lot about your character and attitude to money.

joe134

Thrugelmir wrote: »

Learn from the experience. Encourage your grandson to continue to save. Maybe target a cheaper property next time thereby requiring a lower LTV mortgage. Credit records are like job CV's. They tell a lender a lot about your character and attitude to money.

Hi Thrugelmir, the broker is still looking into it, because, the ccj has dropped off his file, BUT, apparently wasn,t satisfied?????? surely it should still be on Experians report?
I know his file showed his attitude was living beyond his means,Iv ,e told him so,often, and can understand the refusal for that, but, the ccj, apparently was/is the objection.or, icing on the cake;;I told him he was a bad risk at present climate
Also the "ever" in the question.shows, the six year period is irrelevent, if it doesn,t show, and yet is still taken into account.
next time around, does he declare he has been refused a mortgage, or one wasn,t available?? and the reason why;?because, that,s one of the questions too;;;;depends on how you answer it.
That,s the rules and we have to abide with them.:beer: