First time buyers

G&G

Hi,

We're new to the forum, and after some wisdom if that's ok?! We've had an agreement in principle, we asked for £60k and they've offered up to £174,000, although we've no intention to borrow this much! This is a mainstream lender and, even though I've only been in my new job a month, they only require a month'a bank statement and also a month's wage slip to proceed. I also have a bank loan and a small amount on a credit card, but a large amount of savings and a high credit score- partner is pretty similar, without the savings.

It just seems a bit too easy and, although I know hat the AIP has no real weight, it doesn't seem that there's much in th document that they have requested that would change their decision.

I'd be really interested to know people's thoughts, much appreciated

PedroSwfc

depending on the high street lenders the AIP might only be a soft search. what you really need to do is have a sit down with either the lender you have chosen or a broker they will go through habit more info with you work out affordability etc.

like most people on here credit score doesn't mean a great deal, as long as you run your account well pay your bills on time etc you will be fine

G&G

Thanks! Yes I've never had any defaults etc I've used my overdraft over the last month as I've changed jobs and didn't want to use my savings, but that will be cleared when I get paid- that's not indicative of my usual account behaviour.

Is it ok to start viewing properties, I don't want to waste anyone's time, or is it better to do the application first? I just don't want lots of searches on my file.

Thanks!:rotfl:

AnotherJoe

If they've offered up to £174k and you are only looking to borrow £60k you have a lot of leeway, so that works in your favour.
Go and look at some houses.
If asked how much you can borrow do not say £174k as this isnt going to help with negotiation !
Once you get serious, if asked, you need to get a letter stating you have sufficient without giving too much away. This is where a broker helps.

G&G

Thank you! Does anybody know any reputable brokers who are reasonably priced?

AnotherJoe

G&G wrote: »

Thank you! Does anybody know any reputable brokers who are reasonably priced?

unbiased.co.uk is usually mentioned as the place to go to find one. I dont think its allowed to recommend brokers here.
Also very location dependent, no point me recommending a broker where i live in Reading if you are in Newcastle.
Not all brokers charge, the one I know doesn't.

csgohan4

I used a broker who was based in Manchester, did it all via phone and email

G&G

Thanks both, I'll take a look.

Will the recent overdraft use be an issue, as I say it's only been as I switched from weekly to monthly pay, then received a part month pay. My salary is good and the mortgage would be less than the rent paid at the moment. It looks as though the company we have the AIP from only want the last month statement and one full wage slip, so if I waited until the end of next month the banking would be fine- I thought that they went back months through bank statements etc.
What happens when you go to see a broker?

csgohan4

a good broker will do a fact find and go through your credit files.


A better broker if they charge will do so when you have a mortgage offer.


Brokers generally hand hold you through the process of mortgages.

PMurphy

We used independent broker who have been really good all the way through (so far), but there wouldn't be a point in me recommending them if you were in birmingham and not the southwest like me.

Go and look at some houses. Trust me, you could be looking for a few months!

AnotherJoe

csgohan4 wrote: »

I used a broker who was based in Manchester, did it all via phone and email

I'm sure remote is possible but face to face better for some of the extended discussions you may end up having.