Mortgage broker, shop around or other option

[Curlyben]

So here's the scoop.
Our landlord wants to sell "our" house after the break down of her long term relationship.

Now as sitting tenants we have been offer first refusal.
Neither the wife nor I want to move especially as we are very settled, been here 6 years, and the kids are in local (pre) schools.

So we've already had one valuation and in the process of organising several more.
I've been using Zoopla ( Search UK property for sale, houses flats to rent and house prices - Zoopla! ) to get a general idea of the value and so far the first value is about 30K over comparable properties.

I digress.
Now I don't have a deposit so will be tapping the folks for that.
What I'd really like some advice on is obtaining a mortgage, what's the best route to take. ?

• Own bank (that's a joke)
• Broker
• Recommendation
• Shop around
• Other

Bear in mind I have some defaults (unlawful) and I'm a first time buyer, so should prove interesting.

On the plus side I earn well seeing as I'm in IT, but how secure that is is anyone's guess..
Also I have never missed any important payments, such as rent, council tax, utilities, etc.


So hit me with your words of wisdom.

Additional, she also wants to have the sale completed BEFORE the end of the year as that's when her own rental agreement runs out and she needs to buy a new place.
So sooner rather than later.
At least she gave us 6 months to sort things out, rather than simply hitting us with a 2 month leave notice..

[enaid]

Re: Mortgage broker, shop around or other option

There are so many different kinds of mortgages now CB you really need to find one that fits your needs.
I think the deposit situation is easing, but that is only my opinion and it may be that the mortgage itself will cost more. (hope that makes sense).
Think you may be limited to lenders tbh with the way things are and your situation.
Have a flirt round the comparison sites see what they come up with, I know your smart enough not to get caught out really, but we all wear blinkers at times when put on the spot.
Enaid x

[natweststaffmember]

Re: Mortgage broker, shop around or other option

i'd look at moneysavingexpert to be honest and see the advice there. The defaults is gonna have to be overcome, so are they likely to be removed?

[Paule]

Re: Mortgage broker, shop around or other option

I used an Independant mortage advisor when we got ours.
Even though we had a few nasties on our credit he got us with BoS.
We tried another 'independant' before him who could 'only find' higher rate mortgages, no doubt with a bigger kick back for him. He was supposed to have applied to the likes of Natwest, Nationwide, but no apps came up on our credit search.

So my advice would be a Main independant advisor, we used the Estate Agency one who we were buying the house from, as if they get it sorted, their agency gets a sale too - so it works both ways

[Curlyben]

Re: Mortgage broker, shop around or other option

Cheers guys.
By Nattie's suggestion I have also posted this on MSE.
A first none DCA related post for me on there

[Curlyben]

Re: Mortgage broker, shop around or other option

Well I know it's a sunny Sunday, but MSE is still busy and I have had ZERO responses !!!

I give up.

[Curlyben]

Re: Mortgage broker, shop around or other option

Now I remember why I tend not to post on MSE: Mortgage broker, shop around or other option - MoneySavingExpert.com Forums

Fecking judgemental muppets !!!!!

[Emerald]

Re: Mortgage broker, shop around or other option

How old are the defaults? Are they satisified?
What sort of LTV are you looking at?
What income multple will you need?
Who do you bank with?

[Curlyben]

Re: Mortgage broker, shop around or other option

How old are the defaults? current, 6 months and 2 end of last year.
Are they satisified? You're kidding right
What sort of LTV are you looking at? eh ?! if you mean how much I'm looking at 120K on a value of 180K(ish)
What income multple will you need? 3-4
Who do you bank with? LTSB who I'm currently reclaiming charges from

I'm working on having the defaults removed as we speak.
They are ALL unlawful, but as you well know this is hard going.

[Emerald]

Re: Mortgage broker, shop around or other option

Originally Posted by Emerald
How old are the defaults? current, 6 months and 2 end of last year. - could be a problem then - usually over 3 years old satisfied or mail order are ignored.
Are they satisified? You're kidding right
What sort of LTV are you looking at? eh ?! if you mean how much I'm looking at 120K on a value of 180K(ish)
LTV = Loan to value - so you will be looking at around 66%, and there will be booking fees and legal fees - which is likely to be another £2K
What income multple will you need? 3-4
Who do you bank with? LTSB who I'm currently reclaiming charges from
I'm working on having the defaults removed as we speak.
They are ALL unlawful, but as you well know this is hard going.
__________________

If you could get the defaults removed then you would be in position ot take a very good deal, but the defaults are going to be the stumbling block. A year ago it wouldnt have mattered, 3 years ago I got a 5 x income mortgage with 2 defaults and 4 CCJ's - and it was a flexible tracker - I am now paying just 1.39 but that lender no longer does adverse credit which is the same wit ha lot of them now.

Does your wife work? Are the defaults joint?
Someone like these http://www.moneynet.co.uk/Mortgages/Non-standard may be worth a call for a chat as they wont so a credit check initially.
I can alos dig out the number of my broker who has been fantastic over the years and actulayy stopped me getting repossesed and I've never looked back.
LTSB have some great deals but I think the defaults will be the stumbler - If you banked with Barclays then they are more lenient.

[Curlyben]

Re: Mortgage broker, shop around or other option

Wife's a SAHM with 2 under 4's so only Tax credit and child benefit there.
Clean CRA record mind, how I have no idea, but there you go..

So overall looks like a broker is the way to go.

[Paule]

Re: Mortgage broker, shop around or other option

Have a look at these,

Explora Mortgage Solutions | The first stop for all your mortgage solutions

The agents i used, have set up a dedicated service now