First time buyer panic

carre2k5

Hello all hoping someone can help me. I have a tendency to panic at any little thing, so as we are currently going through the process of buying a house it is less than comfortable! I have picked my finances to absolute bits and can only see problems. I have spoken to l&c and they seem optimistic. But I would love any second opinions you can give me. I will sit here and go insane for the next few months until it is all finished regardless sigh.

So the house we would like to put in an offer has an asking price of £139000. We have a £15k deposit. I earn £17k and my partner £17k

I was hoping to get the house for a maximum of 130k so we would borrow 115k. We are both 22.

The positives: We have no ccjs, bankruptcy, missed payments or anything negative regarding payments. I have no credit cards. I have an overdraft but never have used it and regularly save money each month. We are not big spenders and rarely go out. Partner has solid job history.

The negatives: credit rating of fair due to the following, we moved house in November, I moved job in November, and I changed bank in December! I bought a car on finance for £4k in January. ( please don't judge I got some very bad luck and my car was written off in an accident... Long story but only option at time)

Please can you give honest opinions. I refuse to put in an offer until I know for certain we will be okay!!!
Thanks

Georgiecoh

with a joint income of £34,000 I think things will be ok. I am lending ££87,500 on my own. Your credit sounds perfect so I don't think you will have an issue.

Do a Decision in principle with one of the providers and they will give you an initial view on whether they will lent.

Put it this way, I have missed payments and 'fair' score on Experian and I have just been Accepted subject to valuation - so I shouldn't see any issue at all!!

amnblog

You need to subdue your natural inclinations throughout the buying process.


Over 90% of borrowers will experience complications and periods of delay and uncertainty - it is part of the process.

carre2k5

Hi! Thanks So much for your replies, I have just put in an offer of the asking price as two other people had put in an offer today! So hopefully they accept! Wish me luck! My next question is that my deposit is from a divorce and the clean break order is set to go through so it could take a few weeks till I actually have the cash to hand- but I do have proof that it's coming! I was hoping you lovely people could shed some light as to weather this will be okay?

Thanks

ed110220

I think the whole process can be a lot more straightforward, quicker and less scary than you might imagine (and I imagined). Have a look at some lenders offers, chose one that suits and just go into your local branch and they can soon give you a decision in principle (or not as the case may be).

Should be simple as that. Don't want to seem flippant but it's not rocket science!

Ed

carre2k5

Thanks all! I am just so terribly nervous!


The estate Agent is also being a bit of a pain. They seem to think that they cant take any offers unless I go and see THEIR mortgage advisor, they told me to ignore my broker too! I have an agreement in principle already but they wont take notice!!!! is this for real? :mad:

amnblog

Put your broker on to the Estate Agent and he/she will deal with this situation.


This is the kind of nonsense we manage all the time with Estate Agents.

clarky_cat

The EA are being naughty, you are under no obligation to use their mortgage advisor.