Some advice please? Brand new to this and completed on my first home 3 days ago...

Benwithjamin123

Hello, thanks for reading and I hope I can at least get some advice.

I'm a first time buyer and just completed on the weekend. Mortgage was small of 87k and just a little one bed to get me on the ladder ( I'm 25 )
I paid my fees but feel very silly as ( and I'm normally very good at this ) but I don't have enough left to pay my broker fee (£985) with first choice finance ( mortgage is with Precise ) ... My old place I was renting had a flood and I went over budget with that which was stupid but I honestly thought all was paid.

What shall I do? Is it worth me speaking to the broker and offering to pay instalments? Will they take me to court? I'm so worried about it and I know I was silly not keeping track but I honestly thought after the valuation and solicitors and all, I had paid everybody - now I'm sick with worry

Just worried as to what the broker will do...

Thank you,

Ben

G_M

Honesty is always the best policy. You could simply not pay, wait for the increasingly persistant bills, and then get taken to court.

Or you could sit down with the broker, explain your predicament, and offer a reasonable payment plan that will convince him you are serious about paying eventually.

I have to say - it's not a good start. property ownership is a lot more responsible than renting. All bills come to you so
a) you need to keep track and
b) you really should have a contingency fund for unexpected (or forgotten!) bills. A bit late now, but as soon as you've paid him off, start putting a bit aside for future unexpected repairs etc.

Flood? Why did this cost you money? Surley either the landlord or your contents insurance should have picked up those bills?

AnotherJoe

Have you not got a credit card?

I wouldn't feel too guilty though since if this is how little money you had, IMO you shouldn't have been allowed to buy a property anyway so the broker is complicit. How are you going to pay gas, electric, council tax, any repairs needed if you haven't even got one months spare money in savings to tide over mini emergencies??

davidmcn

In case it's not obvious, the fact it's your mortgage broker is irrelevant, you're in the same situation as you would be if you owed the money to anybody else (other than your broker knows where to find you!).

G_M

davidmcn wrote: »

In case it's not obvious, the fact it's your mortgage broker is irrelevant, you're in the same situation as you would be if you owed the money to anybody else (other than your broker knows where to find you!).

What - he knows about the priest's hole under the stairs?

Kaius2009

£985 for a broker fee?!?! Where do you live?! Heavens - I just completed with a MUCH higher mortgage and it was £300.


Anyway. Like others have said, contact the broker, surely you built up some kind of relationship with them through your dealings, use this to your advantage. Explain the tizzy you've gotten yourself into, and hope to God that they are understanding. What can they do really? If you've offered to pay in instalments, they can't really take you to court and accuse you of not offering to pay anything!!


Let us know how you get on....

enthusiasticsaver

Not that it makes any difference now but why did you go to a broker to get a mortgage rather than a high street bank or building society? What interest rate did you get?

I suggest you contact and offer instalments but make sure they are affordable.

marksoton

enthusiasticsaver wrote: »

Not that it makes any difference now but why did you go to a broker to get a mortgage rather than a high street bank or building society? What interest rate did you get?
.

Because they can (potentially) offer whole of market and help OP through the process.

But £985 is ridiculous IMO.