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Anyone applied to Principality as a FTB ??
lacoste1985_2
Posts: 182 Forumite
hi all
myself and my partner are both first time buyers and have just applied for our first mortgage with principality.
the house we are looking to buy is 159, 995 new build. we have applied and been accepted by help to buy wales who will be funding 20% of the purchase price. we have 8000 as a deposit and are trying to get a mortgage of 119k.
we have used a broker recommended to us by a friend who has already gained an AIP that passed and said 135k!
mortgage application submitted 5pm tues eve. broker asked me to pay upfront £330 for the valuation which I thought was odd as thought this was only done once a mortgage offer has been made (subject to valuation).
I have instructed a solicitor to start doing searches etc for us today and paid them £200. they work on a no win no fee basis so would not charge us more if mortgage fell through.
i earn a salary of £19938 plus have additional part time regular work of around £2200 a year.
my partner works part time and earns around £8236 a year as his main job. he also has secondary jobs that probably give him extra income of £1000-1200 a year on top of this.
I am worried something may happen and we may not get this, partner had debts of 12k which have now been reduced to £5500 thanks to my mum who paid them off for him to enable us to be considered for this mortgage. he now only has a fixed loan left of £156 a month and I have a HP on a new sofa of £1000, that is it. we dont have any credit card debt and have closed down loads of old credit cards this year.
has anyone had any experience of applying to principality and what was the result? what timescales do they work towards before making you an offer?
as im buying a new property they want us to exchange a month from reserving it which is 17th oct, im panicking that we are not going to make this!
HELP NEEDED!
myself and my partner are both first time buyers and have just applied for our first mortgage with principality.
the house we are looking to buy is 159, 995 new build. we have applied and been accepted by help to buy wales who will be funding 20% of the purchase price. we have 8000 as a deposit and are trying to get a mortgage of 119k.
we have used a broker recommended to us by a friend who has already gained an AIP that passed and said 135k!
mortgage application submitted 5pm tues eve. broker asked me to pay upfront £330 for the valuation which I thought was odd as thought this was only done once a mortgage offer has been made (subject to valuation).
I have instructed a solicitor to start doing searches etc for us today and paid them £200. they work on a no win no fee basis so would not charge us more if mortgage fell through.
i earn a salary of £19938 plus have additional part time regular work of around £2200 a year.
my partner works part time and earns around £8236 a year as his main job. he also has secondary jobs that probably give him extra income of £1000-1200 a year on top of this.
I am worried something may happen and we may not get this, partner had debts of 12k which have now been reduced to £5500 thanks to my mum who paid them off for him to enable us to be considered for this mortgage. he now only has a fixed loan left of £156 a month and I have a HP on a new sofa of £1000, that is it. we dont have any credit card debt and have closed down loads of old credit cards this year.
has anyone had any experience of applying to principality and what was the result? what timescales do they work towards before making you an offer?
as im buying a new property they want us to exchange a month from reserving it which is 17th oct, im panicking that we are not going to make this!
HELP NEEDED!
0
Comments
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You need to post on the mortgage board to get a true appraisal of this lender.0
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We have a mortgage with Principality and were FTBs just over a year ago, however not using help to Buy scheme or had any debt. Mortgage amount just over £120k so similar amount.
Like you we went through a broker and it couldn't have been smoother. All documents were sent off, there was a slight issue with the payslips for my partners second job which we were informed about in a matter of days.
As part of our deal we got a free home buyers survey, they instructed a local firm very quickly which was very appreciated.
Whole process from Seeing the broker initially to getting the actual mortgage offer was less than two weeks.
I couldn't fault them, they are always very useful on the phone, the call centre is in Wales and I've never had to wait in a queue for the phone to be answered.
Overall very happy customer.0
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