Worried - Appointment with Mortgage Advisor this weekend

armchaireconomist

I really must contest the "spur of the moment" comment. You're spending £200,000 - I would think you'd put a little more thought into it.


Also, I suggest you look into reviews of Persimmon homes. They're throwing up hundreds in my area and I wouldn't touch them with a barge pole.


Slow down, breathe & think before you become any more invested in this new home

enthusiasticsaver

saxo_appeal wrote: »

Hi there, sorry just looked back at the thread

We have already completed a Budget Planner online but I will give the one you suggest a whirl also, I presume it will all just be the same?

My bank account for the past few months only shows, for gambling terms, National Lottery deposits that’s about it nothing else
September - 0 as we are now budgeting
August - 18th £20, 14th £20
July - 17th - £20
June (pretty bad, maybe not) 30th £20, 5th £40, 5th £40.

Looking back at my months statements, all the most money goes on is takeaways and eating out, something which we have totally cut down on now. I look at the June’s Lottery money as a bit of fun that’s all, I don’t drink and don’t smoke and neither does the other half (good lifestyle)

Just estimating the utility bills, council tax, car expenses and any existing debts/commitments should be sufficient. Takeaways are not a problem showing on bank statements as they are discretionary. My advice until you have the mortgage agreed though is to cut back as far as possible on all discretionary spending to build up some extra savings and prove to your mortgage advisor you are living within your means.

saxo_appeal

We have not spent anything on any rubbish only on main things, another good thing is that I work away 3 on 3 off so we save money that way also.

This is where most of our money goes on, when looking through the statements a lot of money is on food/takeaways and eating out. We have totally cut down on this and if we do decide to have the odd meal out it’s paid in cash

@armchair, we are already too deep in it, no going back now!

Yes we’ve been reading many many comments on Persimmons, but then we’ve read the same sort of complaints on other major building companies. Think they’re all the same, you never hear many of the good, it’s all the bad things

enthusiasticsaver

If the stoozing link I sent you earlier does not work (apparently there have been problems today). Here is an alternative for doing an soa.

http://www.debtadvicefoundation.org/personal-debt-analyser

Cattail

Hi,
Don't stress until you have advice from your mortgage person.
I would highly recommend you speak with a broker as they have loads of experience and can match you with lenders appropriate to your circumstances.
You can use a mortgage broker for feek and it wouldn't harm to get a "second opinion!"
Good luck!

Cattail

Sorry..
Meant for free

saxo_appeal

Hi Cattail

Yes this is what we are doing, we have a telephone call tonight form them, most probably to ask a few questions and what to bring tomorrow

The meeting tomorrow is when we pass over everything and go through it all with the Mortgage Advisor, and this is also when the Mortgage application is placed with lender

Car1980

goodwithsaving wrote: »

If you are living in your overdraft now, how will you cope with repairs etc?

Dipping into your overdraft doesn't mean you're one step away from the poor house. Geez.

glasgowdan

Won't your 180k mortgage repayment be close to a grand a month? If you're living pay slip to pay slip on £500 rent this needs serious thought, especially given you've decided to buy a new house which is more likely to lose value than an older home if you sell one day.

Crashy_Time

glasgowdan wrote: »

Won't your 180k mortgage repayment be close to a grand a month? If you're living pay slip to pay slip on £500 rent this needs serious thought, especially given you've decided to buy a new house which is more likely to lose value than an older home if you sell one day.

...and that is before interest rates rise. A sensible lender is going to decline this?