First Time buyers Help

lewismum

Hi,

Last year i applied for an Aip which was approved with Santander.that was with Debt of £6000.I never seen a house i liked so the Aip ran out. Im just about to pay off my debt( well actually doing it tonight) I have seen a house thats ideal at a knocked down price of £80,000. I contacted the broker i had used previously but he is saying he cant help me now as all credit companies have tightened up there rules? Is this true? He says to contact him in 8 weeks when the debt is off my credit report. He was actually like a different person ans seemed to not want my business.

Any advice?

Janette

Senior_Paper_Monitor

Santander will still count your debt as if it was there (as they will see it on your credit report for 2 - 8 weeks, depending upon the data pick up dates) and they have reduced lending multiples to FTBs, so what your broker says may well make sense.

I don't know whether anything about your case restricts you to Santander - but he is best postion to know.

Debtslayer

Was he an independent broker or with Santander?
If not independent then I suggest you contact an independent mortgage broker; as they will look at the whole of the lending market for you to find the best product / lender for you
There will be some brokers along shortly on this forum who can offer the best advice for you.
But tbh I thought you could get an idea from a broker of how much you could borrow with and without the debt.
Perhaps it has more to do with your salary and the deposit you have?
Maybe your debt reduces the amount you can borrow?
But I would have thought if you prove you have paid off the debt then you would have been fine.

amnblog

Sounds like he does not want your business - his choice.

You can now take it to someone else.

lewismum

Update:

So have went to a different broker,he has came back with a couple of options. So i was paying my debt off in full (£5225) but mortgage broker has now came back with a 85% mortgage with halifax my deposit originally was £5000 was looking for the help to buy scheme but halifax want £12,000 deposit house is £80,000 so that would be £68,000 at £285 per month for 30 yrs. I have said to the broker that i cant then afford to pay debt off immediately but he says halifax is fine with this.I can afford everything comfortably but feeling a bit uneasy with the debt not paid off. The other option is pay off all debt then wait till my credit report is updated to show nil balance then go to a different lender. Im in a quandry as this house is perfect and for the price i dont want to lose it!

Buying houses is stressful! Any advice is greatly appreciated.

Janette

Senior_Paper_Monitor

Yes - choose a broker you feel comfortable with and work with them (rather than us bunch of potential numpties on the internet !!)

Debtslayer

lewismum wrote: »

Update:

So have went to a different broker,he has came back with a couple of options. So i was paying my debt off in full (£5225) but mortgage broker has now came back with a 85% mortgage with halifax my deposit originally was £5000 was looking for the help to buy scheme but halifax want £12,000 deposit house is £80,000 so that would be £68,000 at £285 per month for 30 yrs. I have said to the broker that i cant then afford to pay debt off immediately but he says halifax is fine with this.I can afford everything comfortably but feeling a bit uneasy with the debt not paid off. The other option is pay off all debt then wait till my credit report is updated to show nil balance then go to a different lender. Im in a quandry as this house is perfect and for the price i dont want to lose it!



Buying houses is stressful! Any advice is greatly appreciated.

Janette

Your statement above contradicts what you are saying:
When you first posted you were miffed that broker couldn't get whst you needed, now you have found a broker who can get what you want but you're still confused what to do?
In the last line you're saying you really don't want to lose the house you've seen but then you're worrying about not paying off the debt?
Broker has found you a good deal that means you can buy the house and means you don't have to pay debt off. Which you could pay off later when you've got the house.
If you really want the house then why would you not go for it?
Why would you then as you say: wait and go with a different lender?

All boils down to how much you really want the house!