Having found a house we liked and a price agreed, it was time to go back to the broker with the good news.
There had been quite a few different numbers thrown at us since we had first made inroads into getting a mortgage; a £200k mortgage with a £30k deposit would be 85% loan to value (LTV) on a 2 year fixed rate of 2.14% = £1025/month
Another deal was based on £197k + deposit over 19 years with a 2 year fixed rate at 1.59% would be £1006/month
Both these were a little bit higher than I hoped; I thought of our mortgage we first took out back in the 90s that cost around £650/month and had we kept that mortgage, not only would it have been paid off by now, but we would own our home outright. I hate hindsight.
Having obtained every possible bit of financial information, our broker now asked for copy driving licences, passports, utility bills, council tax bills and wage slips.
A couple of days later the broker said the best deals he found were a 2 year fixed rate at 1.59% giving a £930/month mortgage payment or a 5 year fixed rate at 2.29% giving a £991/month payment.
This was closer to what I was hoping.
He sent a ‘link attached to a portal’ where we could log on to see what was happening to our application and he made an appointment to come and see us on the Saturday to go through the final details.
This was the closest we had been in over 12 years to securing our own home, there was a feeling of jubilation combined with trepidation but also doubt, it was all just a bit too easy.
But then we hadn’t yet heard anything from the East Devon District Council as to our application under Section 157.