Mortgages

[Francie 6,368]

Anyone in the know about the above, im looking to buy my council house, im getting a very good discount at the minute, so the land an registry are telling me.

Im waiting on someone from housing excutive coming out to value the house.

I know my credit score has to be good, an decent flow of cash going threw my bank, thats all good, is there any other criteria i should be aiming for?

Throw your hints an tips in if anyone has any, thanks

[kanny 20,724]

Probably worth going to a reputable mortgage broker wil cost you a little but they will get you a good deal and because your paying a set fee they ain't going to shark you like the bank's will 

[Francie 6,368]

Thanks for the reply kanny, what do you mean by set fee mate?

[Waz 4,274]

A mortgage broker will do all the leg work with lenders for you to find you the best deal. Ive heard they can get you a better deal with your own bank than you can get yourself! So will save you a fair whack over the course of the loan! The 'set fee' of the broker might even be able to be added onto the mortgage. 

Thats how I understand it anyhow. Best of luck 

[WILF 47,583]

They will want to know every last detail of your life and finances down to the pimples on your arse.......a pal of mine who is partners in a successful company just got asked how much pocket money he gives his kids!!.....I shit you not !! 

[kanny 20,724]

53 minutes ago, Francie said:

Thanks for the reply kanny, what do you mean by set fee mate?

Most brokers will charge you a set fee not that much really a couple of hundred plus ..as waz says they will do all the legwork they know the pitfalls and how to guide you round them 

 

 

As wilf says there going to want to know what you had for breakfast so be prepared and start praying lol

[WILF 47,583]

Buy a 90 grand car, it’s easier.......

[Born Hunter 17,809]

Just make sure you can afford the repayments. If you are a bit unsure it's worth increasing the term say from 25 to 30 years to reduce your monthly repayments. You should then aim to make overpayments on an average month but can fall back to the contracted rate on months that you might find yourself a bit strapped without any penalties.

Good luck mate, it's no great problem so long as you're sensible. 

[mushroom 13,244]

Get the biggest deposit you can muster.

Things to be aware of:

Contractual obligations, Fee for paying off early, different interest rates for different repayment years (as born said above,15 or 25 etc), agency/seller fees, how much work needs doing to the house (good way to get money knocked off the price), energy rating of the house, land ownership, any responsibilities attached to the house (land maintenance etc)

Never overstretch yourself and get a fixed rate, espif your salary or job situation is changeable month to month.

Get the best broker you can find and if he/she starts saying "oh we can do this to get you this" (basically outright lying on the application) run a fuuckin mile.

Good luck mate

[walshie 2,804]

Gone are the days when they accepted handwritten pay slips. 

[Francie 6,368]

Thanks very much lads for the advise, i only need a smallish loan around 35000, im getting a good discount on the house, ive been  in here 33 years, 

Thanks again

[Francie 6,368]

The housing exceutive sent me application form but im not sure what to write in it lol

[mushroom 13,244]

Francie you can pm me if you want a bit of advise on the form, take photo of it attach to the pm and let me know what's confusing you

For 35k you might get a better deal on a loan than a mortgage. If you have collateral, a good credit score defo a route to look at.

[Francie 6,368]

Thank you very much mush, il pm you later when i get a chance, i was thinking that myself instead of mortgage get a loan.

I was in contact with a broker, have to see him friday, do the brokers still sort the loans, or would i do that myself, thanks for your help lads.

[Francie 6,368]

Whats collateral mush, the amount i have in bank??