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Buying a home and don't know how anything works

AnnO'Neemus said:
Eek! That's steep. Luckily, my flat's in a block of three, no lift, no cladding. There's no secure parking, no CCTV, no concierge, no gym, nothing fancy - it's ex-council stock transfer to ALMO housing association, and they're pretty much all incompetent, hence when the roof was replaced my contribution was capped at £250. I think I lucked out on that score. (Although nightmare neighbours made my life hell.)

Knowing what I know now, I'd be very reluctant to buy another leasehold property.

I really feel for folks who've been sucked in and fleeced by unscrupulous freeholders.
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Leasehold in a small block of flats is definitely less problematic and easily managed/less profiteering on the service charge
 
Puddy_Tat said:
if it's an area where there has been mining, the searches should pick this up, but you're spending money by then

and this assumes that the mining was done in an era when proper records were kept.

worth searching local news archives for anything that might be relevant (sinkholes etc)
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Most mining in the peaks was lead mining and has been going on since Roman times. Most are small shallow shafts and don't tend to go far.
 
FFS :mad:

I knew my partners income was going to cause a problem and I fucking livid with London and Country this morning. They were great when I bought our current place, but I wonder if this guy is a bit more wet behind the ears. Although my partner has run her business for many years, just under two years ago she switched from being self employed to not for profit limited company, that pays her. We explained all this and were told from the banks point of view it counted as self employment. Fair enough. Long phone call explaining the situation prior to putting in any offers. Now put in an offer and supplied what has been asked for, she's been asked more stuff that doesn't exist. Shows that he wasn't listening or didn't understand what he was being told. I'm hoping that because of the situation we have time to get this sorted, but if it was on the last house where time was critical, we would have been stuffed. I'm a bit annoyed at myself we didn't keep it all in writing, but it seemed like we were going round in circles with him not understanding the difference and it was the best way to sort it.

More frustratingly my income would be enough for most of the mortgage, we only need hers to borrow a bit more.
 
hash tag said:
UnderAnOpenSky If you need to, you could try Chelasea Building Society who used to be quite flexible and understanding over such things.
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From my understanding it's better to have a broker for these things.

There is the Mortgage Hut who say they have more experience with these things, I might try them later, it's just a bloody pain co-ordinating 3 people through a work day. Daft thing is every one is trying to sell me a mortgage at the moment. I really wanted to have this all nailed before we were here.
 
hash tag said:
A broker can be a good idea if ou are not sure what you can get from where, on the other hand they are just another cog in the wheel of admin who can be full of empty
promises while muddying the waters, while trying to flog you life insurance, pensions etc.
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Yeah last time I went to my building society of many years and got a flat no. I think the problem with this approach is not only do you not have someone finding the best deal for you, but if you get declined, then it's hit on your credit score.
 
You can only ask :( (if you just talk and don't make a formal application, it will not touch your credit searches).
 
I used a local broker, they were excellent at getting a range of quotes for the weird thing I wanted to do, did the application and were great when my mortgage provider started to go down the: what was your grandmother on your mothers side's shoe size.

Best £300 (I think) of the whole process. Happy to PM anyone details and I'm not on any kind of commission! Husband and wife team so not big.
 
WouldBe said:
How about talking to your current lender? They should already have most of the info from your current mortgage.
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I've changed jobs a couple of times since then and my partner isn't on the mortgage. I don't mind using a broker, I had top notch service last time and I believe they can save you money. However more importantly I knew this was not going to be cut and dried because of her running a business and not have three years accounts for the current company structure, so I want some extra help!

A380 said:
I used a local broker, they were excellent at getting a range of quotes for the weird thing I wanted to do, did the application and were great when my mortgage provider started to go down the: what was your grandmother on your mothers side's shoe size.

Best £300 (I think) of the whole process. Happy to PM anyone details and I'm not on any kind of commission! Husband and wife team so not big.
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That doesn't sound terrible. Place my sister recently used quoted me almost a grand. L&C are "free" however, but if I have to pay, I have to pay. I'm just so surprised as they were really good last time.

He's spoken to his manager and seems to think it can all ahead. I'm still not sure he's totally got it. :hmm:
 
UnderAnOpenSky said:
I've changed jobs a couple of times since then and my partner isn't on the mortgage. I don't mind using a broker, I had top notch service last time and I believe they can save you money. However more importantly I knew this was not going to be cut and dried because of her running a business and not have three years accounts for the current company structure, so I want some extra help!



That doesn't sound terrible. Place my sister recently used quoted me almost a grand. L&C are "free" however, but if I have to pay, I have to pay. I'm just so surprised as they were really good last time.

He's spoken to his manager and seems to think it can all ahead. I'm still not sure he's totally got it. :hmm:
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From Memory I think they charged £50 at the point of making an application and then £300/£350 at agreement in principle. These were flat fees.
 
Yeah a broker is supposed to take the stress out of dealing with lenders for you not adding stress because you lack confidence in them!
 
UnderAnOpenSky said:
I've changed jobs a couple of times since then and my partner isn't on the mortgage. I don't mind using a broker, I had top notch service last time and I believe they can save you money. However more importantly I knew this was not going to be cut and dried because of her running a business and not have three years accounts for the current company structure, so I want some extra help!



That doesn't sound terrible. Place my sister recently used quoted me almost a grand. L&C are "free" however, but if I have to pay, I have to pay. I'm just so surprised as they were really good last time.

He's spoken to his manager and seems to think it can all ahead. I'm still not sure he's totally got it. :hmm:
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If you google 'bank name lending criteria intermediaries' you should be able to find exactly the same information that the broker will be using and it will give you the full details of what is allowed and what proof will be required etc.

For eg - Halifax

www.halifax-intermediaries.co.uk

Criteria

Find out all about our lending criteria for new clients.
www.halifax-intermediaries.co.uk www.halifax-intermediaries.co.uk
 
And when the time comes, get the fact that she has passed her probation in writing, even just an email stating that she's now permanent.
 
Obviously different lenders have different requirements (and they really do) so just fyi, this is the info re probationary periods using the lender I randomly plucked out -

Probation​

Income from probationary employment is only used where the probationary period is part of a permanent contract. If the contract is purely probationary with the employer having the option to terminate the contract then this income cannot be used.

It is important that probationary contracts are keyed accurately as follows:

Where the applicant receives an offer of permanent employment and the contract states an initial probationary period e.g. three or six months, it should be keyed as 'permanent'. The income will be used in the affordability assessment.

Where the applicant is offered a probationary contract, e.g. for three months, at the end of which the employer has the option to determine if a permanent contract will be offered, it should be keyed as ‘probationary'. The income will not be used in the affordability assessment.
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If that is all ok, though, it looks as though there is currently no other requirement on length of service (although you MUST check that!) -

Length of Employment / Self Employment.​

  • Employed - Current employment details collected
  • Self Employed - 2 years history requested however, where the business has been trading for less than 2 years eg 1 year self employed and so self employed income is not available for 2 years, we will still consider these applications. You must record all full relevant years' income accurately on the mortgage application.
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ETA -

Also, Nationwide -

Employment criteria | Nationwide for Intermediaries

So I would say you are right to breathe easier :thumbs:
:)
 
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Sorry to hear this UnderAnOpenSky

I used a broker for my recent purchase can’t recall how much they cost but I think in region of £1000 though that was for 2 properties I could have done without the expense given all the other costs but I had a few issues to resolve which I did far more easily with the brokers help.
 
On brokers.

I've actually spoken to 2. L&C and MAB. All seems pretty good. However, is there any particular reason to go with a broker if say, someone in this case, a family member who's pretty clewed up, bought and sold a few times, has found me a deal which matches what the brokers have dug up?

Basically, brokers vs just applying for what looks like a good deal with a well established lender?

I'm leaning towards just applying for that one, as fortunately I don't need to borrow a lot in LTV terms and it seems there's not too much in it between what's on offer.
 
I don't think you need a broker if it's not complicated. We had a slightly complicated situation (self-employed and had taken covid support grants plus our deposit is partially a loan from a relative rather than a gift) and our bank turned us down straight away, so a broker was worth it.
 
I almost broke my broker. He was on the case for over a year. I can remember saying hang in there I’m sure it will happen in the end
 
Occasionally, brokers used to be able to get a special deal with a lender bit it a preferential interest rate or a more relaxed approach to lending and they are in it for the money/sale of product/ commission. In most cases they are so unnecessary.
 
hash tag said:
Occasionally, brokers used to be able to get a special deal with a lender bit it a preferential interest rate or a more relaxed approach to lending and they are in it for the money/sale of product/ commission. In most cases they are so unnecessary.
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I think the idea is they save a lot of ball ache. There's enough going on without finding the best deal and then reading the fine print about if you will be accepted.
 
Mine was pretty good this week in the end. He found me a product with a 5 year fixed rate and I said we'd do the application that night. Got a load of panicked phone calls from me telling me to it today as the intrest rate rasing slightly over night. It would have only been £7 a month, but still, was worth finding the time in a quiet work day. :)
 
hash tag said:
Occasionally, brokers used to be able to get a special deal with a lender bit it a preferential interest rate or a more relaxed approach to lending and they are in it for the money/sale of product/ commission. In most cases they are so unnecessary.
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Depends. When I was in a permanent full-time job, it was easy and I sorted it out myself.

When I was a contractor (and applying at a time when i was between contracts), I used a broker. He was really good and knew who was and wasn't worth applying to. He was very efficient and got me a really good deal. Was definitely worth it.
 
So apparently I’m completing on Wednesday.

Except nobody bothered to actually tell me this, I only know because of a chance call from my mortgage broker and none of my deposit funds are in place and probably won’t be in time. I still don’t even know what I’ll be paying a month.

Fuck this bollocks, every last bit of enthusiasm or joy at buying my own place has long gone and I wish I’d never started.
 
beesonthewhatnow said:
So apparently I’m completing on Wednesday.

Except nobody bothered to actually tell me this, I only know because of a chance call from my mortgage broker and none of my deposit funds are in place and probably won’t be in time. I still don’t even know what I’ll be paying a month.

Fuck this bollocks, every last bit of enthusiasm or joy at buying my own place has long gone and I wish I’d never started.
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Hang in there
 
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