Hi all,

Wondering if you anyone has any advise, we are first time buyers looking at new built properties currently getting built in our area and I was wondering how you get a mortgage for one of these as we do not have any mortgage experience, also I have picked up a couple of defaults in the past would this cause a problem?

Cheers.

Hi... a number of lenders are reducing the loan to values they will lend on new build properties, this is because of the uncertainty as to the true value based on limited evidence of previous sales. Ask the builder of there are any incentives, such as deposit paid, stamp duty paid or help with mortgage payments for a limited period. Once you are armed with these figures see a local fees free broker to see what is suitable, the market is changing daily and it is impossible to advise on a lender until this info is to hand. Defaults over 1 year and less than 250 quid are acceptable so long as they have been paid with some lenders otherwise the First National route mat be the only way forward unless you have a large deposit??

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Regards

Ian

Hi,

Thanks for reply, what do you mean by the First National route? only deposit we have is £3500 so far......

First National are the only lender that will allow high loan to values and defaults.

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Regards

Ian

Okay how do I contact them do they have a website?

Only available through brokers, but their site is firstnat.co.uk.

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Regards

Ian

okay thinks, not sure what the best thing is to do, currently rent a one bed flat, want to start a family but need a bigger property, we are struggling with looking at mortgages so thought maybe a brand new house as its fixed price for up here in Scotland.

Hi...in the present climate it may be wiser to rent a larger property, the cost of purchasing could well get a bit too much. See a broker to find out what your options are and make some realistic costings and make the correct decision for yourself. If the default has been satisfied and a period of time passes than the availability of mortgages with better rates may give you more options???

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Regards

Ian

The of renting here is crazy to!

Do you think the mortgage market will improve? If so when?

The cost of renting here is Crazy!

Do you think the mortgage market will sort itself out?

If so when?

So which companies am I best trying?