Need Advise: First Time Buyer - a total newbie, confused and wanting to buy a property

Sunsaru

Bucki said:

Dear All,

Thanks for the comments, feedback and suggestions.

Indeed, it is and would be a perfect property to live there forever and have enough space for future.

One incoming wage is a struggle to convince the banks to loan such a huge amount.

The thought not being able to afford this, is driving me insane.

I have really done best to save the amount I have.

Just hypethetically thinking, if I only had have saved a total 100k then I would probably had a chance.

It be hard to find a property of such kind and close to my eldary parents.

I never have felt so stressed and sad at times...

I am sressed to 'why i couldt saved more' and it would not be a problem now.

We have a viewing for a property at 190K and will see if that changes my feelings.

as they say "if it is not meant to be yours, it will never be".

Thanks for your advise and suggestions.

I will try to get hold of a Broker to give me a clear picture of what I can borrow and afford.

If you keep worrying about the past you can never truly move forwards.

You are where you are and you have to act accordingly.

Bucki

Redwino222 said:

I really do recommend you pop on to the mortgages page and ask a quick question under there I’m a mortgage broker ask me anything thread.  You will get a really quick response and great advice.

Where do I find the Mortgage Page?
If you are a broker, can I get hold of you and have a ZOOM Meeting.

It would certainly ease things a lot.

Bucki

MaryNB said:

I'm not sure if it has been mentioned but before you go to your broker get a copy of you and your wife's credit reports. Have a good look at them and give a copy to your broker.

Experian - use MSE credit club for free access
Equifax - use clearscore for free access

TransUnion - use credit karma for free acces 

You can also request a free copy of your credit report from each credit rating agency. Look for "statutory credit report" It'll just be a pdf with all the data. 

Don't pay for access. Don't pay for any score boosting service. Your score is irrelevant. Lenders won't see it and will have their own internal scoring system.  History is important. Check reports from all three agencies. A lender can look at any or all of them. 

Check your data for any missed payments, defaults, incorrect info etc. If you and your wife are not on the electoral roll get on it asap. You can register to vote if you are a British, Irish, or commonwealth citizen for all elections or an EU citizen for just local elections. If you are in Scotland or Wales I think there's wider eligibility.

My scoring is relatively high.

I got over 900 score at Experian when I did a while back.

Never had any late payments nor any credits.

My wife just got the IRL status (she was on spouse visa until recently) and will check how to register her for the Elections.

Sunsaru

PS This dream of yours is already slowly turning into a nightmare... Therefore, this is not the dream you want.

MaryNB

Bucki said:

MaryNB said:

I'm not sure if it has been mentioned but before you go to your broker get a copy of you and your wife's credit reports. Have a good look at them and give a copy to your broker.

Experian - use MSE credit club for free access
Equifax - use clearscore for free access

TransUnion - use credit karma for free acces 

You can also request a free copy of your credit report from each credit rating agency. Look for "statutory credit report" It'll just be a pdf with all the data. 

Don't pay for access. Don't pay for any score boosting service. Your score is irrelevant. Lenders won't see it and will have their own internal scoring system.  History is important. Check reports from all three agencies. A lender can look at any or all of them. 

Check your data for any missed payments, defaults, incorrect info etc. If you and your wife are not on the electoral roll get on it asap. You can register to vote if you are a British, Irish, or commonwealth citizen for all elections or an EU citizen for just local elections. If you are in Scotland or Wales I think there's wider eligibility.

My scoring is relatively high.

I got over 900 score at Experian when I did a while back.

Never had any late payments nor any credits.

My wife just got the IRL status (she was on spouse visa until recently) and will check how to register her for the Elections.

As I said in my post your score doesn't matter. Only you and Experian see the 900 and Experian doesn't grant mortgages. Experian is basically a data base lenders use to retrieve data. The bank will look at your credit history and will do their own internal assessment that you are not privvy to. Your broker however will have a good idea of each lender's critera. 

You need to check all your information on all three rating agencies. They may not a have the same data. Some companies only report to one rating agency. One agency might be missing data that the others have. Your lender might not look at Experian but use the other two instead.

 Before I went for my mortgage I noticed neither Equifax nor TransUnion had me down as being on the electoral register despite being on it for 2 years at that address. Fixed it quickly with TransUnion. Took 3 months and many phone calls to get it sorted with Equifax.
Experian didnt have my credit card info, got it fixed with a phone call. 

AdrianC

Bucki said:

Indeed, it is and would be a perfect property to live there forever and have enough space for future.

You and a huge swathe of the country would like to be able to afford the "perfect" property...

One incoming wage is a struggle to convince the banks to loan such a huge amount.

It's not a struggle. It's impossible.

You want to borrow 6.1x salary.
It's simply not happening.
4x - 4.5x is the usual maximum.

The thought not being able to afford this, is driving me insane.

So stop letting it.

Just accept that it is more than you can afford, and move on. Look for what you CAN afford.

I have really done best to save the amount I have.

Just hypethetically thinking, if I only had have saved a total 100k then I would probably had a chance.

But you don't.

You have £40k saved, and £30k being gifted to you.

Even including the gift, you are still more than your annual salary away from that.

And, even then, you'll still be looking to borrow more than 5x your annual salary.

We have a viewing for a property at 190K and will see if that changes my feelings.
...
I will try to get hold of a Broker to give me a clear picture of what I can borrow and afford.

That's definitely your next step - get an AiP in place.

Bucki

@Sunsary, thanks for your concern.

@MaryNB can you a good advisor /broker on here whom I can contact asap?

@Redwino222 can I get hold of you today?

Bucki

@AdrianC have a question for you and seek your suggestion:

If I manage to get 100k of deposit (how, leave it to me) and it be legal.

Would I now have a better chance? or would this be suicidale and a bad move?

MaryNB

I didn't use a broker. Do you know anyone who bought recently that could recommend a local broker?

There are brokers in the Mortgages & Endowments section that often answer queries but don't provide a full service on the forum https://forums.moneysavingexpert.com/categories/mortgages-endowments

They aren't allowed to approach you and offer their services. You would have to contact them. 

SameOldRoundabout

You simply don’t have time for this property. You can’t make the changes you need fast enough. It is already sold, to one of the 4 offers. It’s sad, but it’s life. All of us would like to be able to afford a property that in reality is out of reach, but we sadly can’t and must find the best we can within our budgets. 

Go to the forum list on here and to the mortgages board. Post there asking for a broker to get hold of you. Don’t expect one to do so on a Sunday.