House mortgage loan needed

[donovan]

I have been trying to find a home loan for a property. I have not had much joy because I don't seem to have and 6 month saving plan....... Even though I have a fairly large deposit. Please can someone who has worked through this situation let me know what to do or who to approach?

[www.infoebookstore.co.uk]

sorry, I don't quite understand what you mean about 6 month saving plan.

Can you clarify, thanks.

Jim

[Joyous]

Speak to an independent mortgage advisor as they'll be the best person to steer you through the huge range of potential lenders out there. I assume the six month savings plan is to ensure that if you lost your job you'll still be able to service all your debt for the next 6 months. There may well be some lenders who don't require this.

As I said a mortgage advisor will be the best person to advise you.

Regards

Joy

[www.infoebookstore.co.uk]

I agree with Joy, speak to an independent advisor.

I have two mortgages and I don't remember anything about a savings plan. The only thing I can think of is if you are going for interest only instead of capital payments, you need a repayment vehicle, but anyone can set up an ISA.

My personal tip is, even if you see an "independent" advisor always do your homework on moneysupermarket etc because ALL advisors work on a commission basis and they do get different commissions for different lenders, this shouldn't sway them, but it could do. the last application I went through the lender was offering "incentives", other than money, to the advisor to use them.

Jim

[flashback]

Originally Posted by donovan

I don't seem to have and 6 month saving plan

Could you explain more about this saving plan as I don't fully understand this

Originally Posted by donovan

Even though I have a fairly large deposit.

How large, as a percentage of the property, a deposit of aroun 10% should normally suffice if you are able to afford the repayments. Try a search on here [ spam url removed ] they search many mortgages, if your deposit is satisfactory you should find a mortgage on there.