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Getting on the ladder Woes
SneakyBadgerUK
Posts: 1 Newbie
Hi all,
My first post here, but wondering if anyone else has had or is having the experience I'm currently having.
I've been thinking about trying to buy a house for some time. So with that in mind - I went to visit Halifax to see how the AIP turns out. Unfortunately, it came in rather low, and I don't really have a hope of buying a house around the area I live in (South West).
Other than the obvious, saving more for the deposit - which currently is around 25K, I'm not really sure where to go. I'm employed and wages aren't terrible, but they aren't brilliant either.. I'm feeling kind of hopeless about it all. I'm also singularly applying for a mortgage, which presents problems itself.
Feeling a little dejected as I was told to take along 3 months of statements, payslips, credit cards etc to the meeting but none of this was actually looked at except the pay slips.
To clarify, I have one credit card - which is a cashback card, paid off in full every month. I have no loans or HP agreements which would cause a problem with a mortgage. I guess I've just fallen victim to the salary -> Lending cap which most lenders have. It seems to be the same with all the lenders unfortunately.
Is anyone else experiencing similar issues, or has anyone experienced these in the past? The adviser I met with suggested that flats were a bad idea (service charges etc, which can apparently negatively affect the money lenders will provide when moving away from such properties - which seems backwards).
As I said, feeling a bit lost and hopeless, and it would be great to know its not just me who has experienced this. I am of course pulling out all the stops to make the money I've saved work for me (santander 123, Halifax reward account etc).
Cheers,
SB
My first post here, but wondering if anyone else has had or is having the experience I'm currently having.
I've been thinking about trying to buy a house for some time. So with that in mind - I went to visit Halifax to see how the AIP turns out. Unfortunately, it came in rather low, and I don't really have a hope of buying a house around the area I live in (South West).
Other than the obvious, saving more for the deposit - which currently is around 25K, I'm not really sure where to go. I'm employed and wages aren't terrible, but they aren't brilliant either.. I'm feeling kind of hopeless about it all. I'm also singularly applying for a mortgage, which presents problems itself.
Feeling a little dejected as I was told to take along 3 months of statements, payslips, credit cards etc to the meeting but none of this was actually looked at except the pay slips.
To clarify, I have one credit card - which is a cashback card, paid off in full every month. I have no loans or HP agreements which would cause a problem with a mortgage. I guess I've just fallen victim to the salary -> Lending cap which most lenders have. It seems to be the same with all the lenders unfortunately.
Is anyone else experiencing similar issues, or has anyone experienced these in the past? The adviser I met with suggested that flats were a bad idea (service charges etc, which can apparently negatively affect the money lenders will provide when moving away from such properties - which seems backwards).
As I said, feeling a bit lost and hopeless, and it would be great to know its not just me who has experienced this. I am of course pulling out all the stops to make the money I've saved work for me (santander 123, Halifax reward account etc).
Cheers,
SB
0
Comments
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Providing do you your research carefully what's wrong with a flat? Perhaps not your ideal choice but at least gets you on the property ladder.0
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First of all, plenty of people can't afford to buy, so you are not alone with that.
Secondly, I find the comments about flats from this adviser inexplicable. Maybe they just have a personal bias against them? As long as you can afford the annual charges, and as long as it's not one where the leasehold has an increasing ground rent and service charge that over time becomes astronomical,why not, they are a common starting point for people.0 -
AnotherJoe wrote: »Secondly, I find the comments about flats from this adviser inexplicable.
The flats comment from the Halifax 'Adviser' sounds like something to say when you don't have the knowledge or experience to say anything else to the applicant.
Our applicant should look at affordable housing schemes such as Help to Buy and Shared Ownership - and don't worry about starting with a flat.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Whereabouts in the South West are you looking to buy?0
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Along with where you are looking to buy, it would help if you mention ur income and how much are you looking to0
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