Hi everyone!
So, my partner and I are looking for our first property and I would really appreciate a little clarification on some points. Our current situation is as follows:
My partner is making a solo application and has a MIP of £81000 with a deposit of £9000. I won't be on the mortgage as I have the worst credit rating possible (uni cost me £11000 for 3 months - not a good idea!!) so we have a total budget of £90000.
What I can't find any straight forward answers for are:
How is the mortgage paid - does it go in to an account (like a current account) and then we pay that to the seller or is it done a bit like a student loan and get paid to the seller/seller's solicitor without us ever touching it?
If we get a mortgage for £81000 and have our deposit of £9000 and we get an offer accepted on a house for £70000 - do we only get a mortgage for £61000 or can we still get the extra £20000 to make improvements on the house - put in new kitchens, permitted development etc?
If we have to pay a deposit on exchange (eg the typical 10%), is that our cash £9000 or can that come out of the mortgage?
I understand alot of what people ask questions about - the merits of differnt surveys, the importance of doing full checks on builders, how to shop around etc but I just can't find the answers to these (most probably) basic and simple questions!!!
Many thanks in advance for any help
So, my partner and I are looking for our first property and I would really appreciate a little clarification on some points. Our current situation is as follows:
My partner is making a solo application and has a MIP of £81000 with a deposit of £9000. I won't be on the mortgage as I have the worst credit rating possible (uni cost me £11000 for 3 months - not a good idea!!) so we have a total budget of £90000.
What I can't find any straight forward answers for are:
How is the mortgage paid - does it go in to an account (like a current account) and then we pay that to the seller or is it done a bit like a student loan and get paid to the seller/seller's solicitor without us ever touching it?
If we get a mortgage for £81000 and have our deposit of £9000 and we get an offer accepted on a house for £70000 - do we only get a mortgage for £61000 or can we still get the extra £20000 to make improvements on the house - put in new kitchens, permitted development etc?
If we have to pay a deposit on exchange (eg the typical 10%), is that our cash £9000 or can that come out of the mortgage?
I understand alot of what people ask questions about - the merits of differnt surveys, the importance of doing full checks on builders, how to shop around etc but I just can't find the answers to these (most probably) basic and simple questions!!!
Many thanks in advance for any help