Your opinion please... Mortgage chances

Pancakesss

hi there,

Just wondering if i could ask for your opinions please.

I have just had my offer accepted for my first house, for £169000. I have a £60000 deposit which is 35.5% of the house so i will need to borrow £109000. I have an AIP from Natwest of £115000, they said the maximum i could borrow is £165000. My salary is £33000, plus 10% bonus. I have no debt.

Now comes the 'but'! :huh:

A little bit about my credit credit history..
I've recently been gifted the deposit from family to help me buy my first house. With the money iv paid off my credit card debt (all updated as 0 balance on credit report) and then put aside £11000 for fees and furniture buying. The rest is for my deposit (£60k) . I've not been great with my finances when i was a student so had late payments on my cards back in 2011 (worst is a '5' all settled by end of 2011). Recently iv had 2 late payments on my yorkshire water bill this year January-frbruary due to a joint account with an disorganised flatmate (also a good friend) who promised she had paid it. I never doubted her before so just went with what she said. I know i cant argue this one but im hoping a good broker might be able to help me.

So i guess my main question is, what are my chances? Im really worried now as the more i research the less hopeful i am!

Are there any lenders who are more lenient? Which lenders are the ones should i not even bother applying with?

My current rent is £400 pcm, with bills £550. I used to pay out £300 a month towards my credit cards but now i have no debt i do tend to have £300-400 left a month.

Many thanks in advance. Any opinions will be very much appreciated.

Let_Us_See

Any decent, experienced adviser should be able to place this mortgage.

Pancakesss

Thanks for your reply. Can i trust a mortgage broker that works specially for one estates agents? Apparently he is whole market and not panel tied. Or should i go through an independent such as L&C?

Dird

Pancakesss wrote: »

I've not been great with my finances

You're not kidding, £11,000 for furniture and fees?! Assuming you already have the bedroom sorted (move from your rental place), we kitted out the living/dining room for £200. Kitchen appliances maybe another £300. Fees no more than £2k

Disclaimer: gumtree items

jamei305

I can't see how the water bill is going to show on your credit file.

csgohan4

Please avoid Estate agent services like the plague. You will only get grief.


Look at the review on L+C and see for yourself. Make an informed choice on fee free and fee paying brokers, where the former can at times take on more work than usual to get enough in commission. The latter I find is more a personal service and able to give you updates and get things done quicker.


But there are plenty of good reviews for L+C and indeed others such as Which? mortgage advisors e.t.c. Don't just stick to the one advertised by MSE.

Pancakesss

Hi Dird, I've estimated approx £4k for mortgage fees, stamp duty, legal fees, surveys and maybe a paid broker. £7k left, part will be to refit all the carpets in the 3 bedroom house as it really needs to be changed. I presume this will cost about £2k? £5k left to start from scratch ie white goods, kitchen utensils, sofa, x3 beds + mattresses, x3 wardrobes, dining tv, lawnmower etc etc.. i thought was a reasonable figure? I'm just trying to use a worst case scenario as i really dont want to be using credit cards for anything.

Jamei - unfortunately Yorkshire water has registered all of this on all 3 credit files as '1' and '2'

Thanks csgohan, the broker at the estate agents is free, and has had good reviews, and claimed she is whole market/not panel tied. Sorry for my ignorance, what is so bad about them?

Many thanks

csgohan4

Pancakesss wrote: »

Hi Dird, I've estimated approx £4k for mortgage fees, stamp duty, legal fees, surveys and maybe a paid broker. £7k left, part will be to refit all the carpets in the 3 bedroom house as it really needs to be changed. I presume this will cost about £2k? £5k left to start from scratch ie white goods, kitchen utensils, sofa, x3 beds + mattresses, x3 wardrobes, dining tv, lawnmower etc etc.. i thought was a reasonable figure? I'm just trying to use a worst case scenario as i really dont want to be using credit cards for anything.

Jamei - unfortunately Yorkshire water has registered all of this on all 3 credit files as '1' and '2'

Thanks csgohan, the broker at the estate agents is free, and has had good reviews, and claimed she is whole market/not panel tied. Sorry for my ignorance, what is so bad about them?

Many thanks

good reviews from who? the estate agent?


Registered? Website?


Estate agents get commission for referring to broker. If you used their broker before making an offer, they would have access to you finances and know what you could bid to the maximum and fleece you badly.


Estate agent services are also overpriced e.g got a quote from connells for a bulding survey, was 1000 pounds, got a rated one for 595, big difference no?


Even though the service is free, generally they pile their cases high and it leaves customer after sales pretty poor. You won't get that many updates and you will end up being the one chasing.

Pancakesss

Thank you for your advice I am going with a fee paying broker that was recommended to me by 2 colleagues just now, I'll cancel that appointment with the estate agents

Landofwood

Interesting, never heard of a Water company reporting to credit files.

Thrugelmir

Landofwood wrote: »

Interesting, never heard of a Water company reporting to credit files.

Utility and telecom companies are joining the club. No one in business likes dealing with a "difficult" customer. Personal credit rating data is merely becoming like Corporate has been for many years.