First Time Buyers

[Never-In-Doubt]

Re: First Time Buyers

That's good to hear

Does this mean you applied for that car loan before you completed on your mortgage?

IIRC I suggested he did it a few days before but I'm sure l8onjones can answer

[Never-In-Doubt]

Re: First Time Buyers

Hi guys just to let you all know car and house sorted so chuffed

Brilliant. Sometimes listening to others (500 emails later) it pays off being patient.

Well done

[PlanB]

Re: First Time Buyers

just to let you all know car and house sorted so chuffed

That's good to hear

Does this mean you applied for that car loan before you completed on your mortgage?

[cymruambyth]

Re: First Time Buyers

That's great, it was worth being patient! Was everything sorted with your dad?

[IF]

Re: First Time Buyers

Brilliant news l8onjones, I'm so pleased for you

[l8onjones]

Re: First Time Buyers

Hi guys just to let you all know car and house sorted so chuffed

[l8onjones]

Re: First Time Buyers

The completition date given was this Friday coming and he said the draw down day will be the day before the thursday

[PlanB]

Re: First Time Buyers

Spoke to the solictor we can go and sign on wed and set a completion date

Did you sign your contract last Wednesday?

Was it just a 'signing' of the legal document ready for when the solicitor needs it in future, or did your solicitor actually exchange contracts which is done by a phone call with the seller's solicitor?

Once you've got your completion date you can make plans on how to sort the car loan.

On the day you complete on the sale the mortgage funds will be drawn down by your solicitor and that's that.

You can then immediately apply for that car loan safe in the knowledge that your mortgage won't be affected. Some lenders do a last minute CRA check so don't make that application even a minute before you know the funds have been released to your solicitor.

[l8onjones]

Re: First Time Buyers

Spoke to the solictor we can go and sign on wed and set a completion date

[l8onjones]

Re: First Time Buyers

The letter says I have 40 days to respond anyway so hopefully the house will be sorted by then so the 6 weeks plus 40 days is plenty of time

[Never-In-Doubt]

Re: First Time Buyers

Yes but you can tell hbos you didn't know - plus it won't show on your CRA record till the update AFTER the increase, approx 6wks.

[l8onjones]

Re: First Time Buyers

So just let them up it then? Because that's what they'll do just want to make sure it doesn't affect the long term goal of the house and car, plus I read that your credit utilisation is key so this will increase that won't it?

[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

[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

[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.