FTB - Help Please!

erique7

Hello,

This could end up being quite long and rambling lol so either get a cuppa or be prepared for a nap half way through!

My OH and I never thought we'd be able to get a mortgage - we both have a less than good credit rating (he has 4 ccj's). By the end of March all our debt (cc's, overdrafts everthing) will be paid off. The ccj's were the first thing to be paid off and we are just awaiting the certificates of satisfaction.

Anyway we found a house that we love, spoke to a mortgage advisor who found us a 100 % mortgage with Future Mortgages (after being refused by halifax for a vendor pays deposit), we've put an offer in and its been accepted! Wohoooo!

However being a ftb I'm a little unsure of the best way to proceed - we only saw one mortgage advisor (who is whole of market) he is through an estate agent who offer the whole solicitor, valuation etc in one package.

The estate agent who the house is for sale with has asked if we would like to see there mortgage advisor and compare there conveyancing fees etc.

Now (getting to the point) do you think we should keep our options open and see there mortgage guy too or do you think having had problems with getting a mortgage in the first place we should just go with the one we've got?

Also having read some comments and reviews on this and other sites I've seen that Future Mortgages are not exactly highly praised lol.

Thanks

Emma
(House buying virgin and generally worrier lol)

PasturesNew

To see another advisor at this stage will delay your purchase.

However, taking the first offer is also financially irresponsible as you need to get the best deal you can.

I'd post a question on the Mortgage Board here giving the brief details of your past credit history and the details of your mortgage offer and ask directly if anybody knows of anything that will beat it.

Maybe Future Mortgages aren't highly praised, but if they turn out to be the only people who will lend you the money then you're stuck with it.

On another issue: with house prices stagnating now, is now the best time for you to be taking on more debt, even if it is good debt? If you spent the next 2 years hammering down your debts, house prices won't have moved much/at all and will (in my opinion) even have dropped a noticeable amount. That would give you less debts (none?) and enable you to get a better deal for a mortgage.

Also, it's worth heading over to the Debt Free Wannabe Board here and post your SOA (income/outgoings) to see where you can cut your outgoings further to kill the debt quicker.

Good luck

sniperpenguin

Anywhere nice... care to post a link?

Again, Im in the camp of "is it wise to take on debt" in this era, especially if you have a need to hunt out a specialist 100% mortgage - do you have the funds necessary for fees / conveyancing etc or are you just throwing them in with the mortgage (making them MUCH MORE EXPENSIVE)

Maybe the answer would be to sit back for a year, build up a deposit, and buy in 12mths with better prices, a deposit (5% - 10% hopefully, so you can get better interest rates) and a rebuilt credit history.