Anyone else trying to get a mortgage at the moment?

[magickate]

Its definitely worked out ok for some, we've had lots of friends move recently so it must have done!

Sadly for us we're in a bit of a rubbish situation. If any dibbers wish to donate 25k-30k to me then get in contact 😏

[Sew109]

Originally Posted by DadToThree

This is a very good post.

I’m actually really happy with what’s happened. Rather than pushing ourselves to buy at the very top of our budget we are instead putting 15% down which means more in the house straight away (rather than less deposit and more loan to pay back)

And the good thing for us is that our mortgage payment is only increasing marginally which means even if interest rates go up in 3 years time (after our fixed rate ends) we’ll be able to afford it even if we have to fix at a higher rate at that point.

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It’s funny at 20 I was an owner at 40 I was in rented and could not see a way out (did have BTL’s) things happen and work and in my experience things usually work out for the best. Good luck and I hope that you get the house that you want

[magickate]

We've actually considered moving back into rented for 18mths but I think we could get stuck if we did. Hard to know what to do for the best.

Let's just hope nobody else buys 'my' house while we try to sort it out.

[Sew109]

Originally Posted by magickate

We've actually considered moving back into rented for 18mths but I think we could get stuck if we did. Hard to know what to do for the best.

Let's just hope nobody else buys 'my' house while we try to sort it out.

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We did this in around 2002 thinking prices would drop bad mistake probably the worst I have ever made over the next 10 years houses went up probably 20% and we paid £120k plus in rent.

[magickate]

Originally Posted by Sew109

We did this in around 2002 thinking prices would drop bad mistake probably the worst I have ever made over the next 10 years houses went up probably 20% and we paid £120k plus in rent.

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Thanks, sorry that happened to you. I think we'd be risking finding ourselves in a similar position.

[Lisa123wm]

We’ve just remortgaged with our current lender at a lower rate.
So, we’re actually paying less now than we were.
No problems at all, very straightforward and fast, especially in these current times.
I’m guessing if the LTV is high then it’s harder to get a good rate or even an offer at all.

[Sew109]

Originally Posted by magickate

Thanks, sorry that happened to you. I think we'd be risking finding ourselves in a similar position.

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Thanks, I am not sorry now made me realise my mistake, things were probably too easy until then. It made my determination immense I now live in my dream house with a mortgage of about 10-15% of the value. It’s a bit tough at the minute because of work and COVID but I will never go back to where I was and if the worst happens and I have to sell the house I know I have enough money to buy another and have a pile of cash. Things usually work out

[CarolynU]

Choose your mortgage broker wisely. My son in law who usually researches beyond imagination just picked one at random in the town earlier this year whilst my daughter was shopping. He didn’t even tell her until she came out of Debenhams!
He turned out to be completely useless. Super slow and didn’t chase anything.
A few weeks later when he still hadn’t done much my son in law rang their estate agent and their broker took over and the same day they had their offer and the following day it was finalised!

[Leggibone]

Originally Posted by CarolynU

Choose your mortgage broker wisely. My son in law who usually researches beyond imagination just picked one at random in the town earlier this year whilst my daughter was shopping. He didn’t even tell her until she came out of Debenhams!
He turned out to be completely useless. Super slow and didn’t chase anything.
A few weeks later when he still hadn’t done much my son in law rang their estate agent and their broker took over and the same day they had their offer and the following day it was finalised!

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I’d agree with this - choose wisely, as even speeds of work between advisers in the same company can vary and mortgage brokers are quite busy at the moment!

[Bellasmummy]

Originally Posted by CarolynU

Choose your mortgage broker wisely. My son in law who usually researches beyond imagination just picked one at random in the town earlier this year whilst my daughter was shopping. He didn’t even tell her until she came out of Debenhams!
He turned out to be completely useless. Super slow and didn’t chase anything.
A few weeks later when he still hadn’t done much my son in law rang their estate agent and their broker took over and the same day they had their offer and the following day it was finalised!

See more...

I’d say that as a general rule if you use a broker associated with the estate agent dealing with either sale or purchase should mean that they’ll deal with things as quickly as possible. The agent would be chasing them as they want to get to completion ASAP to get their money.

That obviously doesn’t mean that they would do the best job though just that they’d do it quickly.

We researched to find the best deal for us, used the agents broker who also picked the same deal so we went direct to the lender to save the brokers fee.

As ours was a straightforward deal it made sense for us.

Brokers are great if your mortgage isn’t so straightforward, high loan to value, self employed etc.