New build mortgages

marcg868

marcg868

marcg868

Associate
Joined
16 Oct 2016
Posts
424
Location
East Lancashire
After missing out on two of the four plots we are interested in on a new build estate we are trying to get a head start by being a bit more organised.

The plot we are interested is looking like July/August for release and build complete early 2019

Now the house builder is advising that we Need to speak to there mortgage advisors (Meridian Mortgages) before we reserve.

Do we have to use them or can we use someone different? Have looked up London & Country but anyone in Lancashire area know of any other local ones.
 
I'm guessing Barratts / David Wilson?

They require Meridian to confirm your eligibility / affordability. You don't necessarily have to use them for the actual mortgage but have to go through the hoops to confirm you can afford the house.

We went with Meridian for the mortgage aswell as they have done lots through David Wilson so knew the contacts / processes and gave confidence we were serious.

Do you have a property to sell? They wouldn't let us even put a deposit down until we had sold STC.
 
Gleeson homes. Just trying to get out of this dreadful rented house which is falling to bits.
Landlord is useless.
Both mid thirties and on 27k (me) and 32k(her)
I have a old default from 2013 which was settled and she has a couple of missed payments from 2012 on a TV from curry's.
 
As said you'll need a phone interview with their financial advisors to just ensure you're serious and eligible.

Where abouts in Lancashire are you? I used an independent guy (no fee so not fully independent) but he was very good and did everything for me. Specialised in New Builds and Help to Buy etc if you're using that.
 
marcg868 said:
After missing out on two of the four plots we are interested in on a new build estate we are trying to get a head start by being a bit more organised.

The plot we are interested is looking like July/August for release and build complete early 2019

Now the house builder is advising that we Need to speak to there mortgage advisors (Meridian Mortgages) before we reserve.

Do we have to use them or can we use someone different? Have looked up London & Country but anyone in Lancashire area know of any other local ones.
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We was told the exact same before we bought ours and was pushed down the meridian mortgages, we didn’t use them and found our own and completed with no issues. They’re only pushing you down that route and they’ll be some payback down the line for them out of your deal.
 
TripleT said:
As said you'll need a phone interview with their financial advisors to just ensure you're serious and eligible.

Where abouts in Lancashire are you? I used an independent guy (no fee so not fully independent) but he was very good and did everything for me. Specialised in New Builds and Help to Buy etc if you're using that.
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So just tell them yeah we have spoke to them and reserve the property when it's released?
I'm in Darwen.
 
marcg868 said:
So just tell them yeah we have spoke to them and reserve the property when it's released?
I'm in Darwen.
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No, you will have to arrange a call with them and they'll just go through affordability over the phone. Not as in depth as applying for a mortgage but enough to see that you're not a timewaster that's all :)

Defaults and like stay on your file for 5 years I believe so the missed payments from 2012 should be gone and the default soon dependant on when it was.

I used David J Winnard in Leigh for my New Build Mortgage, he came out to see me and I'm further than you. Most was done via phone and e-mail anyway. There will be others I'm sure but he came recommended to me and I couldn't fault him. You'll need to get your mortgage done asap really.
 
Ah right I did speak to them in the past (June 2017) and they went through our incomes expenditure etc and came back with a few dip but we weren't keen on the area the house was in (Burnley) that house was £117k the one we ate after is £15k more.
I'll give him a whirl. We keep missing out because we wait till plots are released and then speak to mortgage advisors and the house gets sold.

Need to speak to advisor first, then when plot releases reserve it and contact the advisor to get going and sort out a solicitor. Need a recommendation for one of them also.
 
Mull3t said:
We was told the exact same before we bought ours and was pushed down the meridian mortgages, we didn’t use them and found our own and completed with no issues. They’re only pushing you down that route and they’ll be some payback down the line for them out of your deal.
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If the Op has already missed out on 4 plots and the houses are in high demand I wouldn't say agreeing to something that gives the developer more incentive to sell to you is necessarily a bad thing...

We were only interested in one plot that hadn't been released and was by far the best plot on the development so made sense to jump through their hoops. We still got a mortgage at the same rate as looking round ourselves.

We reserved our plot within 15 mins of it being released and all the decent plots are reserved the same day on the development.
 
marcg868 said:
Ah right I did speak to them in the past (June 2017) and they went through our incomes expenditure etc and came back with a few dip but we weren't keen on the area the house was in (Burnley) that house was £117k the one we ate after is £15k more.
I'll give him a whirl. We keep missing out because we wait till plots are released and then speak to mortgage advisors and the house gets sold.

Need to speak to advisor first, then when plot releases reserve it and contact the advisor to get going and sort out a solicitor. Need a recommendation for one of them also.
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Mortgage offers are good for 6-12months so best getting one sorted in principle at least. Although you may need the plot to get the full offer actually.

Regarding Solicitor's, builders sometimes have a "preferred" one and it's useful to go with them as things are faster and if there are any problems with slowness etc it's the builders fault not yours :p (Price dependant but prices were similar I found and you don't want to skimp to be honest).

Failing that I used https://www.cohenfilippini.co.uk/ based in Altrincham, again no need to see them as it's all done via e-mail and phone (although I did pop in as I work not far from them). They were very good again, very proactive.
 
Yeah we had our eye on 4 plots. Two of them were released and sold within 48 hours. The last two are on the opposite side of the street to the ones we had as first and second choice.
If we miss out on these we will have make so with the alternatives.

The sales lady said they are due about june/july for release.
 
TripleT said:
Regarding Solicitor's, builders sometimes have a "preferred" one and it's useful to go with them as things are faster and if there are any problems with slowness etc it's the builders fault not yours :p (Price dependant but prices were similar I found and you don't want to skimp to be
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I would advise that you always use your own solicitor.......I work in Building Control and have been involved in a few cases where a sale has been completed without the correct paperwork in place due to the solicitor working more in favour of the developer. Have had many conversations with distressed owners who have found out that they have parted with a lot of money for a house that hasn't been issued with a completion certificate from Building Control or an Approved Inspector. Always use a solicitor you have employed who is solely acting on your behalf.
 
2004typer said:
I would advise that you always use your own solicitor.......I work in Building Control and have been involved in a few cases where a sale has been completed without the correct paperwork in place due to the solicitor working more in favour of the developer. Have had many conversations with distressed owners who have found out that they have parted with a lot of money for a house that hasn't been issued with a completion certificate from Building Control or an Approved Inspector. Always use a solicitor you have employed who is solely acting on your behalf.
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They shouldn't be the same solicitor but it's still a semi valid point. Just look at the Taylor Wimpey leasehold scandal for example, the majority of buyers used their recommended solicitors, none of which pointed out the fact the ground rent would be become unaffordable to most within 30-40 years..
 
TripleT said:
No, you will have to arrange a call with them and they'll just go through affordability over the phone. Not as in depth as applying for a mortgage but enough to see that you're not a timewaster that's all :)

Defaults and like stay on your file for 5 years I believe so the missed payments from 2012 should be gone and the default soon dependant on when it was.

I used David J Winnard in Leigh for my New Build Mortgage, he came out to see me and I'm further than you. Most was done via phone and e-mail anyway. There will be others I'm sure but he came recommended to me and I couldn't fault him. You'll need to get your mortgage done asap really.
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Defaults drop of your credit file 6 years after the date they were recorded. So a 2013 default will drop of 2019 sometime. I'm pretty sure late payments also show for 6 years.
 
marcg868 said:
After missing out on two of the four plots we are interested in on a new build estate we are trying to get a head start by being a bit more organised.

The plot we are interested is looking like July/August for release and build complete early 2019

Now the house builder is advising that we Need to speak to there mortgage advisors (Meridian Mortgages) before we reserve.

Do we have to use them or can we use someone different? Have looked up London & Country but anyone in Lancashire area know of any other local ones.
Click to expand...

Is this by anychance with persimmons ? if it is..
We got out house with them, and they insisted we had to use Meridian Mortgages, Now speaking from exp, They are shocking!! The guy we delt with was so un-professional and just plain old rude! but you don't have to go with them at all! you can use your own mortgage adviser

sorry I just read ahead!
 
Just to update we have reserved our property, due for completion in August.
It's on build stage 5 of 22 which is the start of the brick 1st lift.
We used meridian and got a dip with precise through them, due to my default from 2014.
Mortgage application doesn't start till build stage 7.
Absolutely bricking it and hope we get a mortgage off, be devastated if we don't.

Sales lady has said stop worrying as we have people on the site who used precise with a far worse credit history than ours.
 
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