Mortgage for first time buyers

In message , Simon Finnigan writes

What are their salaries?

What they get paid for doing their jobs.

~20k and ~14k

In message , Simon Finnigan writes

They will have no problem getting the mortgage. Go to a GOOD IFA mortgage broker.

Having problems finding one. Spoken to two so far, both reccomended by more than one friend each. One took our "absolute maximum monthly payment" as a starting figure and ended up putting a few hundred quid a month on top of it (this was when we where deciding how large a mortgage to take out, given the available money each money). The second suggested two different types of fraud in a single sentence! Anyone suggestions for a GOOD IFA in the Liverpool area please? Ideally one who won`t try and get us to commit fraud. :-)

In message , Simon Finnigan writes

Is there something you're not telling us? 85k on a 140k prop with salaries of 20 and 14 really shouldn't be a problem.

I said I`m having problems find a good IFA. A mortgage would be no problems, but I`d like to minimise the interest rate obviously enough. I`ve seen more than a few mortgage companies that would give the 20k earner the

85k mortgage on the property. :-)

I suggest that you check out some comparison websites to find the best deals.

Try:

and

The are some money saving articles about mortgages here, though I haven't actually bothered to read any of them myself:

In message , Simon Finnigan writes

Eh? What was your maximum figure?

What lies were needed? Its a straightforward case?

(BTW Liverpool is great! I come from there!)

Looking at about 350-400 a month as an affordable maximum, leaving room for emergencies, saving for wedding etc.

Selling the house for 125k when it`s worth 140 to avoid the stamp duty (which the general consensus on here was fraud, and the advice of our solicitor was essentially to throw the guy out the house :-) ).

There are MUCh worse places to live. Lived here most of my life, but Manchester was a good place to live a few years back. not been there for a while though.

I thought you were buying a house, not selling it?

We are buying, but we`re buying from a family member who has agreed to arrange the deal whatever way we reccomend (subject to the advice of her solicitor of course) to try and make things go as easily as possible. It just seems that there is a conspiracy to wind us up and stop us actually buying the house! :-)

I`d rather get someone in who knows the market and can do the searching for me, there are a lot of different options out there, and a good IFA will be able to help us decide exactly what mortgage is best for us. Any suggestions for an IFA (ideally personnal reccomendations) in the Liverpool area?

Thanks.

In message , Simon Finnigan writes

Hmm at the higher figure that is only an interest rate of 5.6% which should easily be beaten.

Too right!

I know! I know live near Blackpool!!!!

I think you've just been unlucky. What you want is absolutely straightforward, you should be able to get an interest rate of about 5% without much probs and no penal early redemption penalties.

I think we`re cursed :-) After all the messing about, I rang my bank to speak to them about getting a mortgage (yes I know it`ll cost a bit more, but I`m fed up of messing about, and we need to try and hurry things along). Made an appointment, and got a message asking if it would be OK for the person to put us through to a call centre when we turned up, as she had been double booked. Seriously, how difficult is it meant to be to get a mortgage these days? The bank (The Halifax) keep on increasing my overdraft and credit limits, which I never approach. I think I`m destined to rent for the rest of my life :-)

Just glad we`re able to contact our solicitor and have a friendly chat about things whenever we need to - it`s the fiances auntie who has been very helpful so far. Doesn`t mince her words, and she`s certainly looking out for us :-)

Ahhh, the joys of the M55. Not my favourite motorway to say the very least. Very dull! :-) I try to avoid Blackpool itself whenever possible, I think I make the right choice :-)

It is a BIT more complicated, in that between us we owe about 25k in debts. These are entirely student based debts run up by ourselves and to be honest in the long term are a good investment (certainly for the other half, who will be a solicitor in a few years once she`s got a training contract under her belt) - not debts run up buying expensive holidays, cars and women :-). At the moment we`re having to pay them off, which does make a fairly large hole in the budget. Everytyhing is still affordable, andf there is enough flexibility in the budget to cover interest rates rising (as well as unemployment. Got enough to cover ~3 months with no money coming in at all, hope to build this up to 6-9 months over the coming year, and eventually bring it to a full year). Just getting fed up of living to a budget and not being able to take advantage and buy the bloody house :-)

In message , Simon Finnigan writes

Those debts can cause some lenders some problems but easily solved on the income you quote. Can you give a bit more detail, i.e. how much is 'student loan' and what is the minimum monthly payment on everything?

The advisors in Liverpool are apparently a little thin on the ground at the moment - checking a couple of branches, we were being given dates weeks away, but we broadened the search and got an appointment at the one in town on Paradise Street (next to McDonalds) the same day IIRC

Old Swan, Huyton, and Bootle Strand were struggling IIRC, can't remember which other branches we tried first :-}

(this is based on our experiences about a month ago)

Ermmm, ~17k is student loan, 2k overdraft and 6k is a professional development loan to support her through the LPC course. Minimum monthly payments come to a total of about 300, give or take a few quid. Although we are both able to defer paying the student loans, we can afford to pay them off and still afford the mortgage with everything else that is needed, so we`d rather carry on paying them off than defer to reduce our monthly outgoings.

Yeah, it`s the Huyton one messing us about. I`m just trying to avoid the city centre at the moment, I`m really not in the mood for finding parking etc. :-) Plus I`m on lates this weekend. Might get her to give them a call and see if there is an appointment in Pareadise street tomorrow morning. Not got to get to work until2, and it`s only in Warrington.