Associate
- Joined
- 18 Oct 2012
- Posts
- 439
Hey guys,
So I currently have a house which is sold subject to contract. Our completion date is 4th October and we are moving out and going to my in-laws. The reason for this, is we are buying a new build property and it isn't ready until December/January. We have secured our plot with a £500 reservation fee and need to get the ball rolling.
We have recently inherited some money which we have used to pay off our existing loan (today). When our sale has completed, we will use some of the money to pay off our credit card in full and will leave us debt free. The remaining funds will be used for our next deposit, stamp duty and legal fees - we will also have money left over for new furniture etc.
The developer is keen for us to start the ball rolling ASAP on the new house, however when we paid the reservation fee, we stipulated this is what we had to do in order to fund our new purchase.
My question to you guys is:
How soon can I realistically apply for the new mortgage, after paying off this debt? We are going to be using an independent financial advisor for the application process as we feel it be a smarter move when buying a new house using the help to buy scheme. They will look at our individual circumstances and pick the most suitable lender. I was hoping that we could start the application and paperwork the day after we complete and get things started sooner, rather than later.
I just don't want to make a silly mistake that will **** up our chances with purchasing a dream house. The affordability is there and the financial advisor has checked all of this. I am just worried the debt won't clear from our credit history and will be a computer says no situation. I know when we used HSBC for our first mortgage, evidence of debt clearance, wage slips and personal circumstance was sent to underwriters. This was also followed up by a written report on the two of us by the mortgage advisor. The decision was then made on the evidence provided on not the report generated.
Appreciate the help guys.
T_IT.
So I currently have a house which is sold subject to contract. Our completion date is 4th October and we are moving out and going to my in-laws. The reason for this, is we are buying a new build property and it isn't ready until December/January. We have secured our plot with a £500 reservation fee and need to get the ball rolling.
We have recently inherited some money which we have used to pay off our existing loan (today). When our sale has completed, we will use some of the money to pay off our credit card in full and will leave us debt free. The remaining funds will be used for our next deposit, stamp duty and legal fees - we will also have money left over for new furniture etc.
The developer is keen for us to start the ball rolling ASAP on the new house, however when we paid the reservation fee, we stipulated this is what we had to do in order to fund our new purchase.
My question to you guys is:
How soon can I realistically apply for the new mortgage, after paying off this debt? We are going to be using an independent financial advisor for the application process as we feel it be a smarter move when buying a new house using the help to buy scheme. They will look at our individual circumstances and pick the most suitable lender. I was hoping that we could start the application and paperwork the day after we complete and get things started sooner, rather than later.
I just don't want to make a silly mistake that will **** up our chances with purchasing a dream house. The affordability is there and the financial advisor has checked all of this. I am just worried the debt won't clear from our credit history and will be a computer says no situation. I know when we used HSBC for our first mortgage, evidence of debt clearance, wage slips and personal circumstance was sent to underwriters. This was also followed up by a written report on the two of us by the mortgage advisor. The decision was then made on the evidence provided on not the report generated.
Appreciate the help guys.
T_IT.
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