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    • LighterWallet
    • By LighterWallet 17th May 17, 7:47 PM
    • 4Posts
    • 1Thanks
    First Time Buyers, fees and sources...
    • #1
    • 17th May 17, 7:47 PM
    First Time Buyers, fees and sources... 17th May 17 at 7:47 PM
    Hello all,

    I've signed up to this to hopefully put my mind to rest and stop the restless nights I am having worrying about buying my first home.

    A little background, I earn around 50k a year and have no dependents, I have a mortgage (in principle) of around 170k and should have the entire deposit in hand by exchange of contracts.
    Basically the house I am buying is part of a chain where the sellers are buying a new build that isn't yet complete, this was fine for me as a few months of extra saving helped with my deposit, it appears the process is moving faster than expected with exchange looking to be a month prior, fortunately a sizeable family 'gift' materialised which has helped immensely.

    Anyway, as a FTB I was (perhaps naively) suckered into a buyers incentive deal whereby for a 'lifetime fee' I got Mortgage broker and home conveyancing services but have recently come to the realisation that this doesn't actually include any 'conveyancing' but merely the fact they will push my application to their preferred (read: highest bid) solicitor.
    I now realise this is an additional 1.6k (approx inc fees etc I have not had the fees communicated yet) that I hadn't factored in and now I am stressing about finding these 'upfront costs'.

    My question is how can I fund these fees? I do have access to a fair amount of credit with offers e.g. I have an MBNA card at 18.9% but that has a cash transfer offer of 0% for a set period or 4.9% for a longer period.
    My only current debt is a 2.5k balance on a credit card (balance transfer at 0%) which already has a system in place to pay off within the year, and I can easily afford both this card and the other without breaking the bank.

    Presumably after the 'credit check' has been approved for my mortgage I'm ok to use these sources for any 'fees' or other costs associated with the upfront costs? I didn't want to be seen to take extra credit before my mortgage was approved etc.

    Thoughts and advice please! Thank you
Page 1
    • cjv
    • By cjv 17th May 17, 10:07 PM
    • 199 Posts
    • 99 Thanks
    • #2
    • 17th May 17, 10:07 PM
    • #2
    • 17th May 17, 10:07 PM
    I have no experience of Mortgages, but if you are able to pay your fees by credit card after your application has been approved there are several really long duration 0% interest purchase cards available on the market.

    Might be worth looking into
    • csgohan4
    • By csgohan4 17th May 17, 11:12 PM
    • 4,358 Posts
    • 2,719 Thanks
    • #3
    • 17th May 17, 11:12 PM
    • #3
    • 17th May 17, 11:12 PM
    lenders may do a credit check before completion and any new credit/ loans will be taken into account.

    I understand the mortgage offers are based on the now, not you will get all the money by completion.

    Never ever use services by EA, unfortunately you have found this out the hard way.

    Always read the T+Cs for what ever service you agree to. Lifetime fees are a con, they simply dissolve the company and have a new one in place and you are no longer covered.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
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