Hello,
My partner and I are currently trying to get on the property ladder and would appreciate any advice that we can get.
We have seen a property that we like and we have made an offer, which has been accepted today (subject to valuation and mortgage acceptance), of £102,000. The property has recently been valued by two estate agents at £110k and 112k so I don't think valuation will be a problem - I hope!
However, i'm quite worried about the mortgage acceptance side of things! We have saved enough for a 5% Deposit, Legal Fees, Product Fees/Valuation and Moving Costs.
We were hoping to get a better deposit and go for a mortgage towards the end of this year but now our landlord has given us notice (as he is selling the property) and we'd rather just buy now than move now into another rented property (having spent some of our deposit fund on estate agents, moving costs, up front rent/security bond etc) and then move in 6 months time again.
Applicant One
£24,500 Per Annum Salary
No Adverse Credit History
Experian Score currently 869 (Fair)
All current outstanding debt (Loan for car purchase, credit card and student overdraft) is up-to-date and never missed a repayment on any account.
Several settled accounts - Buy Now, Pay Later loan with Barclay's partner finance, two mobile contracts, British Gas etc
Applicant Two
£14,000 Per Annum Salary
Experian Score currently 795 (Fair)
All current outstanding debt (Loan for car purchase) is up-to-date but there have been late payments recorded on the account more than 36 months ago.
We have used Moneysupermarket to find a good deal on a 95% mortgage and are currently looking at Mansfield BS and have made an appointment with them but we also have an appointment with a whole of market broker at the weekend to see what they can do for us.
We need to complete within 8 weeks - 9 at the absolute maximum. So i'd really appreciate any help/advice!
My partner and I are currently trying to get on the property ladder and would appreciate any advice that we can get.
We have seen a property that we like and we have made an offer, which has been accepted today (subject to valuation and mortgage acceptance), of £102,000. The property has recently been valued by two estate agents at £110k and 112k so I don't think valuation will be a problem - I hope!
However, i'm quite worried about the mortgage acceptance side of things! We have saved enough for a 5% Deposit, Legal Fees, Product Fees/Valuation and Moving Costs.
We were hoping to get a better deposit and go for a mortgage towards the end of this year but now our landlord has given us notice (as he is selling the property) and we'd rather just buy now than move now into another rented property (having spent some of our deposit fund on estate agents, moving costs, up front rent/security bond etc) and then move in 6 months time again.
Applicant One
£24,500 Per Annum Salary
No Adverse Credit History
Experian Score currently 869 (Fair)
All current outstanding debt (Loan for car purchase, credit card and student overdraft) is up-to-date and never missed a repayment on any account.
Several settled accounts - Buy Now, Pay Later loan with Barclay's partner finance, two mobile contracts, British Gas etc
Applicant Two
£14,000 Per Annum Salary
Experian Score currently 795 (Fair)
All current outstanding debt (Loan for car purchase) is up-to-date but there have been late payments recorded on the account more than 36 months ago.
We have used Moneysupermarket to find a good deal on a 95% mortgage and are currently looking at Mansfield BS and have made an appointment with them but we also have an appointment with a whole of market broker at the weekend to see what they can do for us.
We need to complete within 8 weeks - 9 at the absolute maximum. So i'd really appreciate any help/advice!