Colin
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Registered: 4th Apr 02
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Anyone tried applying for one recently?
Is it really as tight as is made out?
I want to find out if its going to be possible to move to a new build in my town, ive got a couple folk interested in my place already, just from word of mouth & I will be able to put down around 1/3 of the value as a deposit. Against us, Jades possibly going to be changing jobs & im not yet on a fixed permanant contract, though i do have a note from my employer detailing my projected salary over the next 2 years.
Im just not wanting to go in & get blown down where I stand as ive heard lenders are tightening up, but just how much?
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Cosmo
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Registered: 29th Mar 01
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The fact you'll have a good deposit will really help. Rejections are at an all time high and the number of actual mortgages to choose from is a lot less now so great deals arent easy to come by so if you do get one it really wont be a good deal for you.
I'd just suggest going to see an independant mortgage advisor and see whats out there, its really not the best time to be moving though!
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Colin
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Registered: 4th Apr 02
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Hmmmm my sis went to see a independant advisor about 18 months ago & because shes on 1yr rolling contracts he said there wasnt much he could do for her. He said she would be best going to her own bank as thats where she does her banking so they might be able to do something....which they did.
Its a bad time to buy, but theres plenty deals out there for new homes.
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Cosmo
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Registered: 29th Mar 01
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Its a bad time to sell too!
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stubbsy05
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Registered: 23rd Oct 02
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Surely you could get a mortgage where you self certify?!
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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I might be looking to buy when my rent contract ups in May next year. People reckon the house prices will be down even more by then? Going to try and save up some sort of deposit, maybe borrow extra money from relatives if we can scrape a half decent bit together?
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Cosmo
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Registered: 29th Mar 01
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Yeah house prices, depending on area and price range, will more than likely fall slightly between now and next May. You might be lucky and see a few new mortgage deals on the market by then too as the economy recovers a little - if its not too soon anyway.
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Robbo
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Registered: 6th Aug 02
Location: London
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Everything is bad atm, mortgages approve dare down like 70% on this time alst year etc etc
Movign to a new build is a good bet tho as there are laods of incentives etc and they will be desperate to try and help get u a mrotgage
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Kathryn W
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Registered: 12th Oct 03
Location: Widnes, Cheshire
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We applied for one just before the market went tits up..
Most companies don't allow less than a 10% deposit now, something which you dont really need to worry about.
Our financial advisor, said that the mortgage company wouldnt take a 'temporary' job into account, so the mortgage would be just based on whoever is on a permanent contract and for a stable amount of time.
There aren't many mortgages which dont require upfront fee's (higher lending charge i think), we were able to get the fee required onto the final amount of money borrowed so we didnt need another £2k plus upfront.
They're also not offering fixed deals at the minute, a lot are only offering 1-2 years fixed rate.
We got ours for 5 years fixed which was good.
Best thing to do is go and see a financial advisor that has been recommended, they know all the ins and outs and are able to go onto the fsa and find out a lot more than we can browsing the net/banks etc!
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dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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Looking for a non-chain (so pretty uch new build) hopefull with at least 5% deposit. If anything we will extend our rental for another 6 months to wait for the right place and the right mortgage. Surely with us being first time buyers we are the most attractive to have as they can bend us over on interest 
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Kyle T
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Registered: 11th Sep 04
Location: Selby, North Yorkshire
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quote:
Originally posted by dannymccann
Looking for a non-chain (so pretty uch new build) hopefull with at least 5% deposit. If anything we will extend our rental for another 6 months to wait for the right place and the right mortgage. Surely with us being first time buyers we are the most attractive to have as they can bend us over on interest
Thats pretty much my story.
First time buyer, got a shitty mortgage deal but managed to borrow 100% of the amount. New Build so no chain, however technically it's only an 85% mortgage since the builders lent me 15% which is repayable over 10years.
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Dan
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Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
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Ive just got one. Went through fine no hassle what so ever.
Got it started in feb though, but it fell through, they requested more wage slips last month, and it was all fine.
Were borrowing 102k, and putting down 11400. (10%). We put down we earn 35K a year joint, which is without her commision, which is over 6K a year, and without my overtime which is about the same, and 99% gtd.
Mortgage will be £602 a month
No higher lending charge, £495 product fee, which is for a 3yr fixed at 5.6%
We did get the rate at the right time tho, as its now 6.79% for the same product.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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Contract Work - History of it being renewed for more than a year or contract in place for atleast a year - thats how some lenders look at it but EVERY lenders credit policy is different
Go to an advisor they will know lender policys and have a direct line into lenders to discuss cases on an individual basis!!!
they know the market better than anyone at the min its thier job!!
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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quote:
Originally posted by Kathryn W
There aren't many mortgages which dont require upfront fee's (higher lending charge i think), we were able to get the fee required onto the final amount of money borrowed so we didnt need another £2k plus upfront.
Higher Lending Charge isnt an upfront fee I think you mean arrangement fee? HLC can be added to borrowing I think thats what you were trying to say? Arrangement fee basically secures the deal and is non refundable if you pull out. Not all lenders charge either of these but most of them do so your very lucky to find one who doesnt. Once a case is underwritten and valuars are instructed you more than likely get a valuation charge too 
They're also not offering fixed deals at the minute, a lot are only offering 1-2 years fixed rate.
Is 1-2 years fixed rate not a fixed deal then??
We got ours for 5 years fixed which was good.
How is that good? you will be gutted if in 6 months time all the rates drop and you are stuck on your 5 year fixed deal
Best thing to do is go and see a financial advisor that has been recommended, they know all the ins and outs and are able to go onto the fsa and find out a lot more than we can browsing the net/banks etc!
I am not sure what you mean about go on the FSA? That wont tell them anything about lenders just about thier own compliance and regulation!
Bless I know you are trying to help but I think your a little confused in some areas!
Also I dont think some people realise that lenders arnt just pulling out of the market because times are hard the market is moving all the time and lenders have to move with it to balance the books.
For example when 1 or 2 lenders starting pulling 100% mortgages all the high risk 100% market moved more towards the lenders that still offered it and they didnt want all the risk so followed suit and pulled it also. This in effect has caused the increase in deposit sizes!
I can tell you that the mortgage lender I work for has never been busier and we have hit our years target months ago so things arnt all that bad!
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Colin
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Registered: 4th Apr 02
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Get me a mortgage please
I guess im going to have to ask to find out, im just worried that my current employment status will result in a NO.
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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You dont know til you ask Colin!
I see mortgages going through every single day without a problem and under all sorts of circumstances!
You should see some peoples bank statements 
[Edited on 16-07-2008 by Kerry]
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Colin
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Registered: 4th Apr 02
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quote:
Originally posted by Kerry
You dont know til you ask Colin!
I see mortgages going through every single day without a problem and under all sorts of circumstances!
You should see some peoples bank statements
[Edited on 16-07-2008 by Kerry]
Yeah s'pose.
Bank statements? Good/bad? 
Things ive got going for me is ive been a homeowner for over 3 years & Ive got a hefty deposit.
Who do you work for?
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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Bad OMG
Its my fave thing looking at peoples bank statements  Makes me feel good anyway 
And yes Colin that will definitely put you in good stead! I am presuming you have clean payment history?
I work for Royal Bank of Scotland but we have 4 mortgage brands which are Natwest, RBS, First Active and The One Account
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Colin
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Registered: 4th Apr 02
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Yeah I guess it would be interesting to have a nose.
My bank accounts always tip top, never in the red, pay off credit card every month in full etc, never missed a payment of any sort in my life. I do most of my banking with the Halifax (RBS) - so would I probably be best approaching them?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by Kerry
quote:
Originally posted by Kathryn W
We got ours for 5 years fixed which was good.
How is that good? you will be gutted if in 6 months time all the rates drop and you are stuck on your 5 year fixed deal
I can understand you picking other parts of her post to bits, but you cant really pick this bit apart.
Considering the current market, when she got her mortgage and the forecasts for atleast the next year (but lets not kid ourselves it going to be a while before the markets fully recover) the fact she has got a 5yr fixed (before the recent increases) is a great deal at this very moment. And your comment that the rates will drop in 6 months is a bit far fetched, even you cant see that happening surely!!!?!?
[Edited on 16-07-2008 by Cosmo]
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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I didnt say it was gonna drop in 6 mths that was just a figure plucked out of the air for example!! And only last week we dropped our rates so who knows whats going to happen!
Im just pointing out that imo i wouldnt want to be tied into 5 years with a rate thats not that great and tell everyone that it is 1 or 2 years definitely. And I also know that 5 year deals are not popular in the market at the moment too
for example rbs offer a 2yr at 6.44% and a 5 year at 6.79%
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
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How are the variables looking? I'm .59% over BR at the mo...
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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7.19%
Ian are you on a 5.59% standard variable then?
i thought most were usually around 2% above
[Edited on 17-07-2008 by Kerry]
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Ian
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Registered: 28th Aug 99
Location: Liverpool
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It's Barclays rate not BoE but yeah, I think so.
I keep trying to contact them to confirm that their rate moved with BoE but no success yet, they're not great on answering questions relating to my proximity to the best deal.
The scoundrels actually quoted me BoE then set the deal up on theirs, which isn't really cricket. I'm quite sure they don't move downwards as fast as they should.
Edit - got it summer 07, I think rates looked like they were going up, guy said he hadn't approved any variables at all that week and that I was a bit mad give my monster LTV. Didn't work out so bad. Fixed was 6 ish at the time.
[Edited on 17-07-2008 by Ian]
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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well bank of england base rate is 5% and has been since it dropped .25% in april and like i said most lenders usually have thier standard variable about 2% above and only really move it when the base rate changes and generally move at the same rate
[Edited on 17-07-2008 by Kerry]
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