Mortgage Success?

scaredycat94

Hi everyone,

I'm one of the many thousands of nervous FTBs who fervently frequent this forum to see if anyone has posted anything that sounds similar to any of the concerns I have as a FTB. I often read stuff and scare myself silly, so I'd really like for us to create a thread for people to tell us their success stories! Particularly from the people who were worried sick from the word go - like many of us!

Please tell us your success stories, or please tell us about your journey so far! I'm looking for some positivity

Thanks!

BoGoF

Beginning to think you are on the wind up.

This is the 4th 'I'm too scared to buy' thread you have started. Can't you keep it to the one thread.

ACG

The title of this thread is the name of our business - I thought this thread was about us for a minute.

rosieflowers

Hi scaredycat, you’re definitely not the only one.

We’ve seen a broker this week and started viewing houses. Saw one today that we really like and pending the ‘dad check’ at the weekend are hoping to offer. That’s when the really scary stuff starts!

I would say if it’s making you anxious stop obsessively visiting the site and Rightmove/ Zoopla/ mortgage lender websites, at times I have got carried away with it and it’s not good for you. I’ve definitely found this myself. As with many things in life I think this is one of those things where eventually you just have to rip the plaster off and then you know for certain.

Thanks for the thread through and I will update when I have something of substance.

ScottishSaver14

You should really get on the whole house buying thing pal you'll give yourself a hernia.

Ok I'll bite. So, the only difference between me and you a few weeks ago was that I anticipated the forum peeps would tell me to button it, so I restrained myself.

My SO and I have been in our current jobs since March/April, we were facing the prospect of bidding way over value to secure the house we wanted in our areas we wanted, and I had this unrelentingly bad feeling that SOMETHING would happen. Something bad.

I watched my friend go through 3 weeks of misery with her application. Statements upon statements etc. She was an anxiety machine. They got their mortgage offer. Fine. Good. It can be done.

We somehow managed to secure our dream house for an absolute bargain because it needs new carpets. Yes really.

Waited a week for my SOs June payslip because his new employer had effed up his pay so bad over the last few months I thought the bank would laugh at our broker down the phone. June payslip was still a bit iffy.

Submitted by broker on Friday at 6pm.
Opened by bank Monday morning.
Call from broker on Tuesday around 2pm it was accepted.

I thought it was a wind up.

Truth is, results may vary. I was convinced ours would take longer and my friends would be a walk in the park.

It depends on so many things. The house, the lender, your deposit,your financial history, that no one except the bank will ever be able to tell you or give you what you need.

For the love of God, in all kindness, GET IN TOUCH WITH A BROKER and talk to them.

Mortgage success stories happen every day, but just because something isn't smooth and easy doesn't mean it isn't a success.

MovingForwards

FTB, adverse credit history, saving for a 10% deposit, clearing my historic debts whilst trying to secure permanent work.

Got my broker ready and waiting on me. I keep him updated with what is going on and where my line of thought is.

Got a couple of law firms in mind.

I know the types of property I want, I know the layout of said properties, I've a large area to pick from as I'm not restricting myself to one location and I'm monitoring the property prices.

Maybe because I'm older it's not phasing me as it will happen when the time is right. I'm hoping this year.

All my ducks are in order.

ScottishSaver14

. All my ducks are in order.

Never underestimate the power of the ducks:j

ACG

ScottishSaver14 wrote: »

Never underestimate the power of the ducks:j

You sound quackers... and on that note, thank you and goodnight.

6.5x55

We've recently just had a mortgage offer through (Barclays).

Both FTBs. I was extremely nervous about applying (I just worry about everything!). Our broker was fantastic though and kept us (me) calm throughout the process. We hadn't expected to be making an offer on a house just yet but one came up that was perfect and we jumped at it despite not really having all the ducks in a row and only a 5% deposit ready.

I found this forum during a slight freakout I had when checking my credit file and finding a late payment on a credit card from August 2013. It turned out to be a non-issue.

When asked for the most recent 3 months' bank statements, I also realised that we hadn't made any effort to make these presentable, or perhaps palatable to a lender. My statements read like a repeating list of fast food establishments.

In terms of numbers, the offer accepted on the house was £335k. As I say, both FTB. I'm 30, my wife 27. I am on £72k, she's on £25k. She's part time and self employed. This was the only issue in the process. Our broker needed various tax documents from my wife and we spent a week forwarding the wrong things and misunderstanding what was required! Eventually, our broker called our accountant directly at our request... and resolved the document issue immediately. Just took the idiots out the equation :-). We don't have any debt currently. I have a credit card that I use for work travel and pay off in full every month.

Anyway... once the broker had all the correct documents, the offer was available two days later (one week ago today). So still some way to go... but the bit I was dreading is done.