First Time Buyers

[l8onjones]

Re: First Time Buyers

I have a credit history which has helped me obtain the mortgage but there is a lot of emphasis on being on the electoral roll etc when credit apps are made which I wont be at the new address which it looks like the address ill have to make the app from.

I was hoping to be able to start the ball rolling whilst serving notice here and have the electoral roll etc on my side and advise them of the change of address

[Sapphire]

Re: First Time Buyers

I understand, and personally I would wait till after you move in, you really do not want anything muck up the mortgage do you, just try to wait a couple of weeks.

[l8onjones]

Re: First Time Buyers

I will be waiting im taking niddys advice on bored, just I'm always a big bag of nerves so just don't know how the finance company will look at the difference of address etc... Ah well time will tell I guess

[PlanB]

Re: First Time Buyers

Ive been in touch with the solicitor today and from the sounds of it the 2 week window I would have had for the car is rapidly disappearing

What do you mean by a "two week window"? You haven't exchanged contracts yet (or have you?) so you're not likely to complete on the purchase of the property for at least another month (4 weeks between exchange and completion usually).

Is this a Vauxhall car bought with GMAC finance through a dealer? Is there a possibility it has a balloon payment to settle soon which is why your Dad's fretting because he hasn't got the lump sum to do that?

The vehicle is in your Dad's name so why not ring GMAC and ask them whether in principle the loan could be transferred into your name and how you would go about it. Make it very clear that you are only doing your research on the logistics so that they don't go through an application with you over the phone and run a credit check.

[l8onjones]

Re: First Time Buyers

We are due to exchange tomorrow or Monday, the car is a vauxhall bought from a dealer through gmac and it's not due a balloon payment it's a 0% interest free deal, dad's just keen to me have it in my name as he thinks it hinders his credit, and I have applied to gmac before when I had no positive credit history etc and was turned down over a year ago.

But I'm just conscious of how highly things like being on the electoral roll matter and if I have to apply at the new address nothing with be registered there

[PlanB]

Re: First Time Buyers

Is this a Vauxhall car bought with GMAC finance through a dealer? .

the car is a vauxhall bought from a dealer through gmac

I've told you before I'm psychic


Actually I'm not, but Vauxhall is owned by General Motors and GMAC is also a subsidiary of GM. That's the only reason they provide credit in this country and then only through car dealers.

If GMAC turned you down a year ago that doesn't mean they'll turn you down again and they won't have told you why they rejected your application before. It might have been those PDLs that you had and nothing to do with lack of positive credit. In fact nowadays too much credit can be a reason for rejection if the lender thinks you can't handle any more.

What can your father do if you don't take over the loan pronto? He's not going to set fire to the car is he? You need to relax and do everything in the right order. If he starts to give you earache then put your fingers in your ears.

[l8onjones]

Re: First Time Buyers

Haha I'll have to invest in some ear plugs, im just not too keen to let him know where or when I'm moving because he's hot headed to say the least but like I said I'm happy to take nids advice don't want to jeopardise the mortgage just want everything to be simple haha and thought they may look at the fact I'm not on the electoral roll etc at the old address as the negative

[PlanB]

Re: First Time Buyers

im just not too keen to let him know where or when I'm moving

I'm sad to hear that

[Sapphire]

Re: First Time Buyers

Whats most important is getting into your house and getting settled, if dad turns stroppy and keeps the car then fine, you might just have to buy another, it might not be the one you want, but it will get you about till you can afford the one you want, if that makes sense.

[l8onjones]

Re: First Time Buyers

It's quite sad to even say that but his temperament doesn't help matters, yeah I'd prefer he didn't take the car back because i know it would leave him worse off because he wouldn't be able to afford the payments, I try to help him but it falls on deaf ears

[PlanB]

Re: First Time Buyers

We are due to exchange tomorrow or Monday

Did you exchange contracts today

[l8onjones]

Re: First Time Buyers

We didn't so hopefully Monday, I was a little confused when I spoke to the solicitor to be honest he said wed exchange contracts he'd do his searches then we'd complete I thought he do the searches first then exchange and complete, i hate being a house buying novice haha

[PlanB]

Re: First Time Buyers

I was a little confused when I spoke to the solicitor to be honest he said wed exchange contracts he'd do his searches then we'd complete I thought he do the searches first then exchange and complete

The searches are always done before you exchange contracts because until you've seen those you can't be certain the sale should go ahead. The searches will reveal if the property is built over a disused mineshaft or whether there are plans to compulsory purchase the house to knock it down to make way for a motorway or airport runway etc.

You should also be sent the questionnaire completed by the vendor which tells you what fixtures and fittings are included in the sale and whether there have been any disputes with the neighbours etc.

There's a lot of paperwork flying around when buying a property and this usually takes at least three months to gather.

[l8onjones]

Re: First Time Buyers

Another question that has arisen today my credit card company has written to me saying I can raise my limit from 750 to 1800 and if I don't reply they'll do it automatically.. Simple question is do I? It's something they offered not what I requested

[Never-In-Doubt]

Re: First Time Buyers

Just ignore the letter.

That WON'T affect you as you didn't request it / it's not new credit