private mortgage...first time buyer? HELP

kellmeg37

Hi people

Im new to these threads and I am in desperate need for some advise as I am going out of my mind with worry..

Ill start from the beggining

5 years ago I was struggling to get on the property ladder, my parents had a second home which they sold to me for a reduced price price of of 69000. There was no way a lender would have touched me back then so we agreed that I would get a private mortgage with them which we drew up agreements with our local solicitors... So its all above board... So in the last 5 years I have worked on getting my credit score up.

So now I am married and put my home up for sale and an offer was accepted has been agreed of 78000. I still owe my parents 42000 which will be paid back to them on the sale of the house.. and the rest is going towards the deposit for our new home

Am I classed as a first time buyer? my mortgage broker seems to think I am, and this worries me.. in the applications he was saying that I was a first time buyer... that we was renting.. and that the deposit that we have is a gift?

My husbands credit file isn't perfect, he has a settled default of 44 pounds. it was settled nearly 2 years ago. our mortgage broker doesn't seem to think this will be a problem? Also he had a ccj which is over 6 years old now and has recently cleared off his file.. our mortgage broker thinks that this is why we are getting refused? but we have checked all 3 credit reference agencies and it isn't on any of them? is he right?

We now have numerous applications on our credit files due to our mortgage broker and still no mortgage offer..

on the applications where it says state if you have any defaults... he clicked "no".. when I questioned this he says "don't worry they will pick this up... isn't giving false information gonna cause an instant rejection?

There was one company where it has gone to the underwriters. now I feel a bit lost... its a bank holiday weekend and wont hear off the underwriters till next week.. the underwriters will want to know every last detail and we are telling lies about our current situation. I'm not usually a worrier but our situation makes me feel very uncomfortable..

Any advise would be appreciated.

kellmeg37

Just too add....

I earn 20000 plus overtime and my husband earns 27000 plus 6000 annual bonus. The house we are looking to buy is 153000. So we haven't over stretched ourselves at all...

We have given ourselves 5000 for fees etc and we have a loan to pay off which leaves us with 17% deposit.

Chyna81

Hi Kellmeg37,

My advice to you is get a new broker as soon as possible, you don't stand a chance of getting a mortgage if his given false information on the application.

You already own a home so I can't see how you are a first time buyer, I can't really advise on everything else, however there are plenty of great Mortgage Advisors on this site who can advise, you have come to the right place.

Good luck.

Senior_Paper_Monitor

If you are reporting the actions/comments of the broker correctly you MUST STOP RIGHT NOW.


I try never to criticise other broker operations on here (as we normally don't have the full facts and a balanced report) BUT this appears to be case of turning a slightly non standard, but relatively simple, case into a disaster.


Ask the broker for a list of any DIPs / applications made and copies of the actual forms. Instruct him to take no further actions. Place those details and your credit reports with another broker (preferably someone a friend or family member can recommend) and aske them for a review and advice.