Mortgage advice

[TPeers]

Hi Terry

These last few months I thought you were male!

Terry short for Theresa! Happily married to Richard with two girls, Hazel and Philippa.

And two cats....
a tank of tropical fish.....
and five (!) hens......


Sorry to disapoint!

[Tracey]

Terry short for Theresa! Happily married to Richard with two girls, Hazel and Philippa.

And two cats....
a tank of tropical fish.....
and five (!) hens......

We have the same pets plus 1 corn snake! What breed of cats do you have? Ours are Moggies with some Main Coon in them. The're very cuddly.

[dan1979]

It could take up to 8 weeks for a lender to do all the admin and offer the loan

There is no reason why you can't have a mortgage offer inside a week.

What is going to matter is your credit history, whether you have any missed payments/defaults/CCJ's. It's not a great time to be a first time buyer, a lot of lenders are now credit scoring and insisting on three months bank statements as well as being a lot more reluctant to to offer high loan to value deals.

You can't get a mortgage offer without a property, since the offer is based on yourself and the property. You can get an 'offer in principle' known in the trade as an AIP or a DIP which will be based on you the client i.e your credit history and deciding the most they would be willing to lend you.

If you have any technical questions on mortgages, fire away.

[borage]

As am employee of a firm of independant financial advisers I would recommend using such a firm and getting an agreement in principle for a mortgage. A good mortgage adviser will not charge you as they will earn commission when your mortgage completes. All paperwork is completed on your behalf and any problems dealt with by them. If they are looking for a fee up front as well as the commission look elsewhere.

[Hazel at the Hill]

A good mortgage adviser will not charge you as they will earn commission when your mortgage completes. All paperwork is completed on your behalf and any problems dealt with by them. If they are looking for a fee up front as well as the commission look elsewhere.

Sorry Borage, my post wasn't clear - the £250 which my mortgage man earned was a commission from the lender and not a fee. I believe that transparency in the financial 'rules' now say that the Client (i.e. me!) must be made aware of these things.

[Two_Sheds]

...independant financial advisers ....A good mortgage adviser will not charge you as they will earn commission when your mortgage completes.

But, IFA's don't look at ALL mortgages do they? Only the ones on which they earn commission?
So we might miss out on a cheaper mortgage? (it's a minefield!)

[pigletwillie]

When it comes to finance, there is no such thing as a free lunch. You pay for everything somewhere along the line.

[Hazel at the Hill]

But, IFA's don't look at ALL mortgages do they? Only the ones on which they earn commission?
So we might miss out on a cheaper mortgage? (it's a minefield!)

No - a good IFA will look at all mortgages. If they do not earn a commission from the lender, they will charge you a fee for their work (they're not doing it out of love, after all!).

I think that that's why there are rules on showing the Client commissions/fees, I think, so that you can compare properly.

[Paul Wagland]

When it comes to finance, there is no such thing as a free lunch. You pay for everything somewhere along the line.

Not here ya don't!

[Shortie]

No - a good IFA will look at all mortgages.

I think you're after a 'whole of market' IFA to get that, others may look at a limited market.

Even with that, there will be a few companies that they can't check as some companies don't go use IFAs...

Martin Lewis has an article about it

[smallblueplanet]

There's nothing to stop you using the internet and the many financial sites with mortgage guides and 'Best Buys' and suchlike on them to find your own best mortgage deal.

I found the deal on our previous mortgage and pointed the deal out to our mortgage advisor. Where they did come in useful was over advice on filling in the forms and the type of info that the lender would look for (it was a self-cert deal).

[TPeers]

We have the same pets plus 1 corn snake! What breed of cats do you have? Ours are Moggies with some Main Coon in them. The're very cuddly.

They are English Blue/Persian crosses - Bournville is a very dark chocolate brown and if looked at in bright sun you can just see her tiger stripes, medium short fur. Crunchy is a mackerel tabby with the most incredible bell rope of a tail and his pelt is so thick that even though it is very short he has to be brushed every day.

Lovely cats.......... You can see Bournville in my avatar.

[HeyWayne]

When it comes to finance, there is no such thing as a free lunch. You pay for everything somewhere along the line.

LadyWayne's a financial bod person. I guess you could argue I pay for the "free" advice I get in some fashion.

[Shortie]

Tif looked at in bright sun you can just see her tiger stripes, medium short fur.

I thought I was going made before I read that... I have a black cat (and a ginger one) and he looks plain black until the sun's on him and you can see the same stripes as his brother. But it's as if it's just the lay of his hair or something, because if you look closely, there's no difference at all in the stripes vs non-stripes hair

Anyway, I digress....

[TPeers]

I thought I was going made before I read that... I have a black cat (and a ginger one) and he looks plain black until the sun's on him and you can see the same stripes as his brother. But it's as if it's just the lay of his hair or something, because if you look closely, there's no difference at all in the stripes vs non-stripes hair

Anyway, I digress....

Shortie - I know the middle of a mortgage discussion is the wrong place for this but.....

If you shaved you cat (please don't) you would find that the under fur grows out in two tones, light and dark with the guard coat being all one colour over the top. Some cats - Crunchy being one - there is a pigmentation difference on the skin, in that case you will see different colours in the guard coat.

I know.... science before a second coffee..... I'm sorry!