Advice

herbiesjp

Not strictly true - with most lenders that I deal with, if I need to discuss a case before sending, or after placement, I can normally get to speak to the underwriters to discuss any issues

A lot of advisers have problems, but soemtimes its down to the way you ask;)

Conrad

Jil - I mainly use lenders direct so have no problem speaking with underwriters. I suppose a broker that places an over - reliance on packagers might have this problem. Why some brokers place thier business entriely in the hands of packagers is completely beyond me and not the hallmark of a fully functioning sharp broker.

I place cases regularly that packagers inform me could'nt be done!

The worst packagers are the larger ones with high staff numbers - they really have'nt a clue.


TO THE OP:
You say you've missed debt repayments so why do you think you will not miss the payments on a vastly increased debt burden encompassing not only the new mortgage but a loan to boot!

Oh, and you wont easily be able to convert an unsecured loan to a secured one in the current enviroment. Alexander Hall are a commision based broker so Im not surprised they imply you will easily be able to convert the loan into a secured loan. All they want is thier mortgage and life assurance commision - they will want nothing to do with you when you come back complaining you are'nt able to convert the loan.

mrjaffa

The reason why we are not wanting to wait till she finishes her studies is because she is going to be studying medicine, so it may be many years before she's on a full time wage.

As for us not being able to afford the re-payments if we did get a mortgage, well, we would have to look at it this in serious detail but she still will be working part time and will have a fair amount of money for her studies. And as for us missing payments in the past, well we were both very stupid and I know for sure I would never, EVER get another store card, or even a credit card. I never even used to have direct debits set up which is why I would miss payments, in other words, we're much more sensible now.

Thanks for all the replies, certainly food for thought. But no one still really answered my question of IF we were to start the ball rolling, where would we start?

Thanks again.

lynnexxxo

IF you really want to set the ball rolling bet thing to do is to start looking for a property you'd like to buy.

If you see something you like, use one of the online calculators to see if your income and the amount you'd need to borrow are in the same playing field.

Please read around this board and the houses, selling, buying and renting board so that you can get a bit more savvy about the whole process. You seem really keen to buy but I'd hate to see you end up overcommiteed finanically and unable to offload the property in a falling market.

PS medicine is a very demanding course, she may not be able to work part time especially in her later years.

mrjaffa

Thanks Lynne. We have already looked at properties and worked out if we could get a big enough mortgage for them.

We will definitely think this through hard though.

Thanks.

UK007BullDog

I think you are making a very big mistake ttying to buy whilst one of you is going to be a student. You will be sorry. Mark my words!!!!

First of all BEFORE looking at houses speak with an independant whole of market broker. Do NOT get a personal loan. It will work against you.

What you should be doing is paying off your debts and concentrate on saving. Money for students is to help them pay for their studies, not a mortgage.