Feels like pressure from broker - Right to Buy

Ian_Griffiths_Halifax

*jobags* wrote: »

I don't think your mums disability will have any impact on the valuation

Sorry - is he charging £2,500 or £250??

Jo

Two seperate cases jobags. One is the OP and the other is sho_me_da_money.

AliceBanned

Leon_W wrote: »

With all due respect Alicebanned all of these issues and more have been answered again and again by various people several times over on threads (below) that were started by you previously. I know it's a big decision, but all of the advice given has been repeated many times now and I fail to see how repeating once again helps ?



http://forums.moneysavingexpert.com/showthread.html?t=892155

http://forums.moneysavingexpert.com/showthread.html?t=831993

http://forums.moneysavingexpert.com/showthread.html?t=829703

http://forums.moneysavingexpert.com/showthread.html?t=822773

http://forums.moneysavingexpert.com/showthread.html?t=692487

It is unfortunate that I have chosen pushy brokers who have lead me up the garden path, and therefore needed the invaluable help of some very kind people on this site. And although I may have posted quite a few times on similar issues, they are by no means the same situations. I am sorry if you feel I'm a time waster, but I don't see anyone else wasting their time gathering a list of my apparently identical posts and complaining about them.

AliceBanned

BrokeRage wrote: »

I agree - £2,500 is a rip-off. There are plenty of brokers on here who would do Alicebanned a mortgage for little or no fee. Please don't approach me as I am NOT looking for business (I am, unlike many, very busy at the moment). I came across one broker in Sussex who was mail-shotting council areas and putting everyone through igroup, who specialised in adverse credit and paid big commissions for high rate mortgages.

Thanks - the only decent offer I had was through Charcol - I will go back to them once my probationary period at work is up. These Right to Buy "specialists" are a rip off a lot of the time and it is the principle that bothers me. Would you believe it, another broker sent me, part K of an application form, asking me to sign it, saying he had filled the rest online! Therefore i was being asked by a broker to sign a form which I had not had any knowledge of previously, or seen the contents, for a £70k loan with Platform (of all lenders at the moment lol). I sent it back to him and asked to see the rest of the form. Honestly, some of them are desperate and will try anything!! Or they are hoping I'm desperate and will try anything without properly checking, which I'm not.

AliceBanned

silvercar wrote: »

Alicebanned, you must have an idea of what your flat is worth. Try houseprices.co.uk to see the price of similar properties or ring an agent and ask what a similar flat would cost (pose as a buyer).

My reservation with ex-LA flats would be if you are stung for high maintenance or area redevelopment charges.

What area are you in? I am in south Herts, if you want an opinion on what your property may be worth.

Hi

Thanks - I am in Hitchin, North Herts. It is a one bed maisonette on a council estate, about 1.5 miles from the mainline station so a bit out of the way for commuters. I have seen some prices for the same street quoted at £130,000 on the internet, but this may be the asking price- seems way to high. An independent surveyor quoted £95k and another £90k. It is in need of modernising but the structure, electrics, heating etc are all good and recently fitted. I think for the first five years there is a cap on the maintenance charges but need to look into this; it is about £5k but it is a worry as after that there is probably no limit, so I will have to get a conveyancing solicitor to look into this.

Dan_Collins_2

I cant find a flat on the market in Hitchin for under 99k, so if you can pick it up at 85k then you have a good deal. I am based in Knebworth and live in Biggleswade and know the area well. I have a friend/client who works in a estate agent in Hitchin and not a lot is happening.

http://www.rightmove.co.uk/action/publicsite.PropertySearch


Regarding the broker, you need to get your self a new one. You have plenty in the area to chose from, some good ones based in Hitchin.

AliceBanned

Dan_Collins wrote: »

I cant find a flat on the market in Hitchin for under 99k, so if you can pick it up at 85k then you have a good deal. I am based in Knebworth and live in Biggleswade and know the area well. I have a friend/client who works in a estate agent in Hitchin and not a lot is happening.

http://www.rightmove.co.uk/action/publicsite.PropertySearch


Regarding the broker, you need to get your self a new one. You have plenty in the area to chose from, some good ones based in Hitchin.

Ok thanks - my problem has been as it is right to buy and I have some adverse credit history (although now all is fine) some brokers aren't interested at all. London & County for instance, didn't want to know. Or perhaps as they are so successful they are just too busy to bother with anything slightly more complicated, I'm not sure. It just isn't easy to get anyone's interest it seems, but I will try looking again..

Dan_Collins_2

AliceBanned wrote: »

Ok thanks - my problem has been as it is right to buy and I have some adverse credit history (although now all is fine) some brokers aren't interested at all. London & County for instance, didn't want to know. Or perhaps as they are so successful they are just too busy to bother with anything slightly more complicated, I'm not sure. It just isn't easy to get anyone's interest it seems, but I will try looking again..

Well not many lenders will take on a local auth flat with adverse on a right to buy. Some will go up to 70% some 80% but it depends on what valuation figure, market price or R2B price.

Have a look or try to talk to firstnational. If they take the market val and your loan as the LTV then you may be ok.

Good luck

AliceBanned

Dan_Collins wrote: »

Well not many lenders will take on a local auth flat with adverse on a right to buy. Some will go up to 70% some 80% but it depends on what valuation figure, market price or R2B price.

Have a look or try to talk to firstnational. If they take the market val and your loan as the LTV then you may be ok.

Good luck

Hi

Thank you Dan. The offer I am talking about with the 2.5k broker fee, is with First National! So now I couldn't go direct to them, could I? The broker said they did an "exception". The rate is not bad for my circumstances - 6.74%. Also it is guaranteed, perhaps hence the extortionate fee (ie guaranteed in the sense that if they pull out there is no cost to me, just to the broker). In that sense perhaps it is a broker-only deal.

Looks like my trouble is the combination of bad credit and RTB; do you think I may not get another chance for ages?! Alternatively I could save a deposit and re-apply with perhaps 6k deposit by the end of the year. Would this give me much more choice?

Dan_Collins_2

Any broker can go to FN so if they say they will do it, they will do it. They are not charging the 2.5k the broker is.

The rate is about right for what your doing in this climate. You will get another chance, but will rates be any different??

rdsmortgageman

You should not be paying £2.5k in broker fees. Is he refunding the procuration fee to you?