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FTB couple of questions...please help!
scousejen1983
Posts: 12 Forumite
I am new on here so please go easy!
My partner and I are currently renting and feel its now time to take the plunge and buy our first home together. We are in a very fortunate situation where we have been gifted in the region of £27,000 deposit. However I have a very concise spreadsheet of all my current commitments such as credit etc, but some of my commitments ie car payments and credit cards will have finished come May next year. I am looking to get the ball rolling just after Xmas possibly Jan and really want to know if they will take the fact that I only have a short time left with this credit into consideration? Also will a broker point me in the direction of a solicitor or do I have to source that myself?? I'm stressed already! Help and advice is greatly appreciated...
My partner and I are currently renting and feel its now time to take the plunge and buy our first home together. We are in a very fortunate situation where we have been gifted in the region of £27,000 deposit. However I have a very concise spreadsheet of all my current commitments such as credit etc, but some of my commitments ie car payments and credit cards will have finished come May next year. I am looking to get the ball rolling just after Xmas possibly Jan and really want to know if they will take the fact that I only have a short time left with this credit into consideration? Also will a broker point me in the direction of a solicitor or do I have to source that myself?? I'm stressed already! Help and advice is greatly appreciated...
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Comments
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A lot of lenders will ignore the commitments if they have less than 12 months to run - just double check before applying.
A lot of brokers do have links with solicicitors.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Commitments with less than six months remaining can normally be ignored.
Yes, a broker can find solicitor for you. We get three quotes sent to you and you pick the one which suits you best, for example. We get nothing for this from the solicitors. Some advisors do, particularly those working for national estate agency chains.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
thank you so much for your replies. I am sure I will have many more questions over the next few weeks, and now that I know there are some really helpful people out there it gives me more confidence to post again, thank you!0
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If you come back and post in this, your thread, you'll be able to keep all the information in one place too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Definitely agree with that.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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The process may seem daunting to you but to a broker it will be everyday stuff.
They can let you know what can and can't be ignored for credit commitments, where you pass affordability and not with lenders and help you through the whole process.
Having good records of your income and expenditure is a great start.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I feel like this is a silly question but how do I even go about finding a broker? I am from the Widnes/Liverpool area and not sure where to even start. I believe having a whole of the market broker whom has been recommended is a good start?0
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Ask friends or family?
Take a look on google and give them a call, have a chat. Do you get on with them, trust them etc?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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