Advice please – could I get mortgage now or should I wait?

Caffca

self-deletion

MortgageMamma

Hi There

Blimey you need some stability!!

I'd say hold off for another 4 months until your out of your probationary period as very few lenders will accept that and you will end up paying higher than normal rates for those that do

Four months is nothing in the grand scale of things. which part of lancs are you in? I've just moved to the south east from Colne (nr burnley)

herbiesjp

You should be fine getting a mortgage.

The probation could cause problems with some lenders but to be honest, there should be plenty that will be ok with it

The default is over 4 years old and again should have little impact on your mortgage ability - what was the amount defaulted?

You have a great deposit and a good income, so it should be the relatively straight foward

If your mind is set on buying then, go for it!

MortgageMamma

Yeah I know where horwich is, I used to go shopping on the big retail park there and often took my mountain bike up rivington pike in my young and fit days.

I dont agree with herbiesjp (no disrespect herbs) I think because you have moved around a fair bit this past year that you will be seen as a potential risk. Not just that but there ARE less lenders willing to lend if you are on a probationary period, and I do think it would affect interest rate,

Herbiesjp may well know something I don't but the lenders I used to use for this type of thing are all a bit tougher these days.

I think the key to you making a decision where to jump or not is to get some professional advice. There are lots of mortgage advisers in Horwich that could help you...

MM

herbiesjp

No probs MM

I didn't say there were not fewer lenders, just that there are lenders that will agree during the probationary period

The lenders I deal with for these cases offer the same high street rates - no different

There has been pretty much continuous employment fro the OP, even if the past year has been a bit varied.

The £211 default should not cause too many problems either

MortgageMamma

Herbs do me a favour and PM me who they are, historically I have used chelsea, accord, skipton for this and they have been a bit nightmareish lately when presented with the same situation. It really does my head in sometimes, lenders who will lend on day 1 of a permanent position will not lend during a probationary period, and lenders will not lend to a temp with 12 months history at the same firm!! argh!

herbiesjp

MortgageMamma wrote: »

Herbs do me a favour and PM me who they are, historically I have used chelsea, accord, skipton for this and they have been a bit nightmareish lately when presented with the same situation. It really does my head in sometimes, lenders who will lend on day 1 of a permanent position will not lend during a probationary period, and lenders will not lend to a temp with 12 months history at the same firm!! argh!

Ah, so you know the lenders then. lol

Same ones really - all lenders have gone a bit doolaly lately - par for the course -just a case of do best by your client and deal with the lender hassles as and when they occur (which I know you do)
:beer:

Don't know if it's against the rules or not but could you recommed any advisors in Horwich?

Against board rules - best bet is have a look at the code of conduct at what can and can't be done

MortgageMamma

Hi

Its a pleasure to help

Whats propertybee is that some northern thing? can you link it for me?

poppy_f1

if theres anyone in your work who have just got a mortgage you could always ask for their recommendations

MortgageMamma

ooooh that sounds good. although I've no idea if putting another browser on would knacker my laptop, sounds good though, is it similar to propertysnake?

beecher

Just wanted to say that I too have become addicted to propertybee! Only installed it a week ago and already seen quite a few dramatic cuts in prices.

Good luck with whatever you do Caffca - have you thought of renting for 6 months to get your own space?