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This is probably a silly question......

albanchick
albanchick Posts: 15 Forumite
in Mortgages & endowments
My hubbie & I are first time buyers and all geared up to see a mortgage broker. We have about a £20k deposit to lay down but I've heard that if we are get approved, find a property, make an offer and then the vendor were to pull out for any reason before contracts were signed that we, as first time buyers, would lose our deposit???? Is this true?????? :eek:

Any clarity would be appreciated!

Comments

  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Not true - anybody can pull out before exchange of contracts. You will not lose your deposit before exchange of contracts
    I am a Mortgage Adviser
    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.
  • albanchick
    albanchick Posts: 15 Forumite
    Many thanks! Is a relief cos that would be very scary if that did actually happen.

    Sorry if was a stupid question btw, first time buyer nerves I think!
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    No silly questions on this board

    Just a quick question - where are you buying?

    If you are in Scotland the rules are a bit different
    I am a Mortgage Adviser
    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.
  • albanchick
    albanchick Posts: 15 Forumite
    We're buying in England, around the Watford area.

    Will prob be a flat, around the £170-180k mark hopefully.... if we get accepted on a mortagage ok? My hubby's on £36k and me on £19k. Checked Expedian and Equifax and both have excellent credit ratings. Do you foresee any probs???
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    What deposit do you have?

    Do you have any other debts in the background (credit cards/loans/HP etc)?

    On the income front you look fine
    I am a Mortgage Adviser
    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.
  • albanchick
    albanchick Posts: 15 Forumite
    We have the £20k deposit and no debts, we've been living with my parents and paying everything off so we can apply with no debt baggage!
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    You look like you are in a pretty strong position then, and should have a good choice of mortgages to choose from
    I am a Mortgage Adviser
    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.
  • albanchick
    albanchick Posts: 15 Forumite
    Many thanks, really appreciate the advice.

    This forum has been so helpful to us gearing up towards going for a mortgage, recommend it to anyone!
  • pollyanna24
    pollyanna24 Posts: 4,391 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Wahey! A fellow Watfordian!
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Do I count if I go to the Harlequin centre? lol
    I am a Mortgage Adviser
    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.
This discussion has been closed.
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