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  • FIRST POST
    • sonub4ualt
    • By sonub4ualt 12th Apr 18, 10:55 PM
    • 7Posts
    • 0Thanks
    sonub4ualt
    Bank or Broker
    • #1
    • 12th Apr 18, 10:55 PM
    Bank or Broker 12th Apr 18 at 10:55 PM
    Hi all,

    Very new to the forum and looking for some advice regarding first house purchase.

    Currently employed since 8 years with NHS.
    Gross Pay: 34000 pa
    Starting new job next month
    Gross pay: 45k with annual bonus of 10% pa
    Debt: approximately 4k (all 0% balance tranfer credit cards)
    Dependent kids: 2 aged 5 and 3
    Deposit: about 10k + gift from brother 5k

    Partner details: employed part-time permanent
    Earnings: 7-8k pa
    Debt: 8k

    Recently had an AIP agreed for new house worth 160k with 20% help to buy and 5% deposit in Noví17. Changed my mind to buy old property with 10% deposit.

    Looking for a property worth 150k residing in West Midlands.

    What are chances of my approval if i approach bank directly or should i approach a mortgage advisor.

    If someone could share their experience with firstmortgage.co.uk

    Thanks,
    Sonu
Page 1
    • csgohan4
    • By csgohan4 13th Apr 18, 8:09 AM
    • 4,763 Posts
    • 3,000 Thanks
    csgohan4
    • #2
    • 13th Apr 18, 8:09 AM
    • #2
    • 13th Apr 18, 8:09 AM
    Bank you only limited to 1 lender, a broker will be able to match your circumstances to the best lender for you and higher chance of success


    Be mindful of the debt as that will reduce your affordability and what you can lend. The Debtfree wannabee forums are useful here
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
    • Mortgage_Adviser
    • By Mortgage_Adviser 13th Apr 18, 12:36 PM
    • 164 Posts
    • 65 Thanks
    Mortgage_Adviser
    • #3
    • 13th Apr 18, 12:36 PM
    • #3
    • 13th Apr 18, 12:36 PM
    Also different lenders will look very differently at your childcare costs which can massively affect the affordability
    • Caraway90
    • By Caraway90 13th Apr 18, 2:05 PM
    • 38 Posts
    • 22 Thanks
    Caraway90
    • #4
    • 13th Apr 18, 2:05 PM
    • #4
    • 13th Apr 18, 2:05 PM
    As a first time buyer last year I am so pleased we went through a mortgage broker. His fee was £399, but I think it was 100% worth it to have the ability to search through so many different lenders instead of being tied to just one!
    FTB 2017
    • firstbuyer
    • By firstbuyer 13th Apr 18, 2:13 PM
    • 46 Posts
    • 11 Thanks
    firstbuyer
    • #5
    • 13th Apr 18, 2:13 PM
    • #5
    • 13th Apr 18, 2:13 PM
    Broker!! We just had our offer through after 2 months and 4 different applications! None of this would have been possible without a broker. Although do remember they're not miracle workers and sometimes you just need to wait!
    • sonub4ualt
    • By sonub4ualt 13th Apr 18, 2:28 PM
    • 7 Posts
    • 0 Thanks
    sonub4ualt
    • #6
    • 13th Apr 18, 2:28 PM
    • #6
    • 13th Apr 18, 2:28 PM
    Hi, i have received a cheaper rate under 2% with a broker firm online, private broker quoted 2.29%. The only issue would be no face to face interaction with the online firm but with same charges!!!

    Can someone advice on mortgageadvicebureau brokers please.

    Thanks
    • firstbuyer
    • By firstbuyer 13th Apr 18, 3:32 PM
    • 46 Posts
    • 11 Thanks
    firstbuyer
    • #7
    • 13th Apr 18, 3:32 PM
    • #7
    • 13th Apr 18, 3:32 PM
    I never met my broker in the flesh - and its a 30min drive away, so I wouldn't worry about that
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