Application timeline

Heisenberg01

Afternoon all.
My situation, I an mid 40s looking for first mortgage, earn 40k per year and with 20-30% deposit on up to £150k price no debt but a terrible credit file with 1 ccj and several defaults. I have contacted a broker who has viewed my credit file and said it won't be a problem as all the credit file stuff is 3 years old+ nothing recent.
My source of deposit is selling my current house which is an inheritance of which I'll get approx 70k, (30k) ISH deposit.

My house just up for sale this week.
He's advised not applying yet and waiting untill I get an offer on mine, but obviously been looking around and some new builds available, shared ownership at £116k for 75% which I like the look of.

So my question is when do I start things moving, do I need to waiting for a sale on mine before I can start looking at properties and applying?

Might sound naive I know but never had a mortgage.

Is the proof of future sale enough to get promise of a mortgage?

Lotak

An application takes around a month for the average borrower.
What takes longest is verifying income / affordability checks and valuation.

In your case, the bad credit might prevent you from getting the mortgage you want, but if the lender is happy with your current situation, I don't think it will affect how long the process will take.

If you are REALLY lucky, it can be done in as little as 2 weeks, but you will need all the stars to align.

kingstreet

Heisenberg01 wrote: »

do I need to waiting for a sale on mine before I can start looking at properties and applying?

Yes. You aren't in a proceedable position.

Ask your broker about the merit in obtaining an agreement in principle now (soft search) so you can be confident you can proceed when the time is right.

Heisenberg01

Thanks men.
Broker did say he could "getme one" in 48 hours, not sure what he meant by that I assume agreement in principle?

So I will need the sale to complete on mine ( money in bank) Before being able to proceed? That will mean having to rent 6 monthhs surely?

LRmortgage

Once you are under offer then you can find a place and get a mortgage arranged.

No need to rent, you can exchange and then complete simultaneously on both transactions.

Let your Broker and Solicitor guide you if you’re not experienced.

kingstreet

Heisenberg01 wrote: »

Thanks men.
Broker did say he could "getme one" in 48 hours, not sure what he meant by that I assume agreement in principle?

So I will need the sale to complete on mine ( money in bank) Before being able to proceed? That will mean having to rent 6 monthhs surely?

No. Firm interest, such as an acceptable offer and/or a sale agreed will do.