Family gifted equity deposit

natalieb90

I havent been given these, i was told by him my kortgage would be £500 or just under? Im so confused. Well i need to get one first :-(

betmunch

How long for? What product? What will it be at the end of the product? How much will it cost to set up? And how is that broken down? When do you pay the fees? I could go on......

I hope you havent paid in advance

natalieb90

We spoke about it last week, i said i would like it over 35 years and he said he would try and find something with free valuation and fees etc which i told him i dont mind paying them as i really need this mortgage.
He said i will pay him £400 when i get a mortgage offer? Does this seem okay?

Malmo

So the £400 is the broker's fee for his services presumably? If that is payable only once a full mortgage offer is approved by a lender, then that's acceptable. But you must be in receipt of a KFI document for the selected product.

betmunch

I dont think you have actually made an application, you must still be at DIP stage, once you get a DIP I think you will go through the KFI with exact figures and recieve a copy for yourself.

It all sounds very wishy washy to me so far but not as bad as I thought.