Mortgage Applications 2.0

As we left off here I spoke about the hidden things that first time buyers seem to find out as their trying to apply.

Luckily for us that at the moment we’re not at a stage where we have to rush and time is on our side, but if you’ve got say 3-4 weeks before you want to complete? Watch out and act quickly.

We had our interview with our broker and she went through several different sections that took around 3 hours in total, make sure you have time for this appointment.

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She spoke about 2 or 5 years fixed rates, luckily we had already discussed this beforehand. She did however make 2 years sound a good thing and to some, in different situations it defiantly would be, but after a 12 hour day and an influx of information we seem to have been going with what she thought would be best rather than what we’d discussed in-depth and agreed on. We later changed our mind and contacted her to change it to a 5 year like we’d originally wanted, not her fault but ours.

So tip num1, discuss fixed terms and percentage rates to know what you want to do and are comfortable with then unless something comes up that you didn’t know about and would make a major difference, stick to your choice, no one knows you or your situation better than you.

At the appointment she needed several different financial forms from us to take away. This wasn’t made clear to me, in the email it just said to ‘have the following information gathered for your appointment’.

So tip 9174797; make sure that if they give you a list that you have copies they can take. She ended up having to spend a further 30 minutes scanning things and took some originals that she’ll have to return at a later date.

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I am self-employed, this can further complicate things. From everything I’ve read and been told all I was supposed to have was 2 years of certified accounts and I would be good to go.

Wrong.

I don’t do my accounts, I pay a qualified accountant. It’s too much pressure and I’d rather not mess it up and get into trouble with HMRC. So long story short, I thought it was all fine. Until the appointment where I was told that my accounting books basically mean nothing and I needed to contact HMRC and get my tax year overviews and SA302’s from them directly to prove that I earn what I say I do and I pay tax.

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Fine and understandable but to be told it on the night was aggravating especially since I’d double checked via email a week before and told that my books would be fine. Not instilling much confidence there. I contacted my accountant that said she can get these for me but they could take up to two weeks. Another big delay.

Tip 3-003 if you are self-employed, I would recommend, as I’ll be doing now; that you get copies of these at the end of every tax year. This way you’ll always have them, it doesn’t matter how long they take to come and if say 2-5 years down the line you re-mortgage or re-locate you’ll have years worth if they want them!

I’ll carry this on in part 3.

Hope that you’re enjoying this and that some of you may even be finding it a little helpful!

k

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My Perfect Cookie

Lately my life has been hectic, I’ve been feeling very stressed and unable to switch off. Lack of sleep until I’ve literally just heaped into an exhausted bundle that only my partner can wake me from.

So what do I do? To switch off? Unwind and ignore the world? I bake.

I’ve for years failed to bake a cookie. I normally get cake like consistency, they all melt into each other and/or they burn into a big tray bake. This has annoyed me for a long time but never deterred me!

So today as its sunday I normally like to watch re-runs of The Great British Bake Off and bake.

I had on my list today:

CHOCOLATE CHIP COOKIES!

I was determined to crack them and crack them I did. The recipe I used:

150g salted butter, softened

80g light brown sugar

2 small- medium eggs

2 tsps vanilla extract

1/2 tsp bicarbonate of soda

225g plain flour (I used self-raising and still turned out great!)

200g of mixed dark and plain chocolate chips

To make:

Preheat oven 190C/170F/Gas 5.

Cream the butter and sugar until very creamy. Beat in vanilla and eggs.

Sieve the flour and bicarbonate. Add the chocolate chips and stir well.

I personally used a stand mixed and just wacked it on until I had quite a stiff mixture.

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Using a teaspoon, I found this size best. Scoop a small mound onto a lined baking tray and cook for 10-12 minutes.

I ended up doing 4 to a large tray and 3 to my smaller one. I probably made about 7-8 batches. The trick I found to this, be patient.

You really want to wait until they’ve cooled totally before taking off the baking paper so that the centres don’t fall out where they stick.

Hands down the best recipe I’ve ever used and I’m really happy with how they turned out!

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k

Mortgage Applications

How is life going for you all?

I hope its good.

We’ve having some crazy weather here. 30 degree’s one day and then flooding the next! Just give me the beautiful season of autumn, inject some Halloween and I’ll be ace.

So life the last few weeks has been stress. I mean limited sleep, long work hours, evening appointments, phone calls, emails, online accounts.

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We’ve started the process of our mortgage application. Amazing and we are so excited!

The thing I don’t like: Intimately sharing so much of our financial lives with several people. I imagine like any of you that have moved out and had to save money for a down payment may also be protective of that money and not want to share the ins and outs with others. You know, it raising the risks right?

This is something that I’ve just had to suck up and get over if we want to actually get anywhere. So we’ve shared everything with solicitors, mortgage brokers and the bank, at least 5 people have been involved so far in the financial side.

I’ve gotten very intimate with paperwork and making life altering situations. It has literally been a learn as we go thing. My brother-in-law is a god send, I am honestly gonna buy that man such a present when this is over!

He’s answered all my stupid questions, explained things several times over to me, I mean several times and has been great in helping us hunt and recommending the time we get a mortgage as it’s at an all time national low.

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There’s hidden things though. Things that can cause delays for weeks. Now if like me you’ve read the basics, you know that you need:

*Good income.

*Good deposit, the more the better.

*You’ll borrow money from a bank depending on your earnings, better credit score, more likely to get a better chance at being lent to.

*If self-employed you’ll need 2-3 years of certified accounts for most banks.

Simples right?

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Wrong.

I’ll be making this into a little series over the next few weeks as we go through it. Please let me know what you think, either through likes or comments and I’ll go more in-depth with it for people.

Personally I’ve found very little blogs out there that have a personal experience in regardst to buying for the first or even second time; that aren’t written by a lender/bank/broker etc.

Let me know, I’ll release part 2 soon!

K