foxnet22 Posted March 17, 2016 Report Share Posted March 17, 2016 After a long delay finally got round to apply to buy my house.we have come to the point were we have been giving a price including discount.I'm a first time buyer and decided to go ahead and make the purchase at the price I cannot refuse really. Could I ask what advise would you give on the next move ie mortgage.would it be a case of just going to see a mortgage advisor or looking into myself. Quote Link to comment Share on other sites More sharing options...
la bala Posted March 17, 2016 Report Share Posted March 17, 2016 When i purchased mine many moons ago, i just popped in to my local Halifax, job done. I paid £6700, bit different now i would think. Quote Link to comment Share on other sites More sharing options...
walshie Posted March 17, 2016 Report Share Posted March 17, 2016 There's 2 trains of thought on that. You can go straight to a few banks and see what their rates are OR Use a mortgage broker. Although he'll charge you a fee, he can probably get you a lower rate. Personally, I'd go to the bank myself and cut out one link of the chain. Quote Link to comment Share on other sites More sharing options...
bruno22rf Posted March 17, 2016 Report Share Posted March 17, 2016 Go to an independent mortgage advisor as they have access to many more different products/mortgages, go for a repayment and get a fixed rate for as low as you can for as long as you can. If you have been offered a good discount then mortgage companies should be falling over themselves to offer you a loan as their money is pretty safe....shop around for life insurance if the mortgage company demand that you have one. Pay for as much as you can up front i.e. don't add solicitors costs to your mortgage, again, shop around as some solicitors do the job online far more cheaply. Good Luck. Quote Link to comment Share on other sites More sharing options...
Jbob Posted March 17, 2016 Report Share Posted March 17, 2016 Go to an independent mortgage advisor as they have access to many more different products/mortgages, go for a repayment and get a fixed rate for as low as you can for as long as you can. If you have been offered a good discount then mortgage companies should be falling over themselves to offer you a loan as their money is pretty safe....shop around for life insurance if the mortgage company demand that you have one. Pay for as much as you can up front i.e. don't add solicitors costs to your mortgage, again, shop around as some solicitors do the job online far more cheaply. Good Luck. +1 Im in the process of buying my second property and I use a Mortgage adviser who does all the leg work for me. I would be well out of my depth if I had tried to do it myself. Yes they charge a fee but two payments of £175 for all the work including setting up the life, income and home and contents insurances seams like a cheap cost compared to the stress and hassle involved on top of your working life. Also things are changing a bit next week (something I found out on Tuesday when putting in my mortgage application) so having someone else doing the application and hunting for the best rates makes even more sense. I agree also with keeping the solicitors separate form the mortgage, shop around and see what costs what. Quote Link to comment Share on other sites More sharing options...
Vince Green Posted March 17, 2016 Report Share Posted March 17, 2016 When my mum's friend bought her council house the council took care of everything. I don't suppose that happens now. Quote Link to comment Share on other sites More sharing options...
daveboy Posted March 17, 2016 Report Share Posted March 17, 2016 leeds building society have started doing a ten year fixed mortgage,rates depend on amount of deposit. Quote Link to comment Share on other sites More sharing options...
foxnet22 Posted March 17, 2016 Author Report Share Posted March 17, 2016 Thank you for all the good advice so far fellas Quote Link to comment Share on other sites More sharing options...
dougall Posted March 17, 2016 Report Share Posted March 17, 2016 1.go to your bank 1st ,they know you and will confirm you are good to go.Get written quote with all costs 2.Go to independent mortgage broker and say beat 1) above net of your fees. £ is seriously cheap right now but cant last forever,if budget fairly tight look at long term fixed(cheaper now than ever in history of Uk banking)but arguably will rise at some point over next few years. 3.As it is so cheap right now look at overpaying/having shorter term repayment(make hay while sun shines). 4.Go see local solicitor,there are some legals you shall need/liasing with mortgage company etc,get quote to include their fees/local searches/land registry etc 5.Survey your choice,you know the house as you;ve lived in it!...if clueless on buildings have a surveyor confirm it aint falling over/going to cost you lots... all best. Quote Link to comment Share on other sites More sharing options...
bruno22rf Posted March 17, 2016 Report Share Posted March 17, 2016 Dougal.....surely a survey is compulsory before any mortgage company will even consider lending money against it + why go to a local Solicitor? - he's not going to pop into your local to meet up with the lender and shopping around is the name of the game. Quote Link to comment Share on other sites More sharing options...
loriusgarrulus Posted March 17, 2016 Report Share Posted March 17, 2016 Here are a few sites to have a look at first. Save you a bit of legwork. http://www.money.co.uk/mortgages.htm http://www.moneysupermarket.com/mortgages/ http://www.comparethemarket.com/mortgages/ Quote Link to comment Share on other sites More sharing options...
AVB Posted March 17, 2016 Report Share Posted March 17, 2016 Dougal.....surely a survey is compulsory before any mortgage company will even consider lending money against it + why go to a local Solicitor? - he's not going to pop into your local to meet up with the lender and shopping around is the name of the game. Nope. The mortgage company will do a valuation on the property but nothing else. That may be no more than a drive by of the property. Quote Link to comment Share on other sites More sharing options...
al4x Posted March 17, 2016 Report Share Posted March 17, 2016 Nope. The mortgage company will do a valuation on the property but nothing else. That may be no more than a drive by of the property. Indeed, the last few houses I have bought with the lowest possible survey purely as I knew we were going to renovate entirely and can spot the usual signs of falling down. Mortgage wise obviously the independant guy earns his money flogging mortgages and extra products so do your research. I have tended to use my bank for mortgages and bought everything else online. Watch both the headline interest rate and the period you are fixed in for as arrangement fees have crept up massively over the years. The best thing I ever did was got a Barclays lifetime mortgage as its there and I can get out of it at any stage but don't have to pay more fees every few years. Contrary to opinion they won't just lend because you are paying less than market value, get your own credit report done before going too far and clean it up as much as possible. The better it is the lower interest rate you will be able to get. Quote Link to comment Share on other sites More sharing options...
dougall Posted March 17, 2016 Report Share Posted March 17, 2016 Dougal.....surely a survey is compulsory before any mortgage company will even consider lending money against it + why go to a local Solicitor? - he's not going to pop into your local to meet up with the lender and shopping around is the name of the game. a valuation for lenders benefit will be done by lender,it is chocolate teapot to the buyer. a local solicitor 'cos may well be best to go and see sign papers get advice....not expensive dont know if buying alone/jt tenants etc........if you want to save £72 going online dealing with some spotty part qualified twit go ahead. Quote Link to comment Share on other sites More sharing options...
subsonicnat Posted March 17, 2016 Report Share Posted March 17, 2016 Well Done Young Man.. You will Not Regret it, in 5 years time the rents will have overtaken you,, and will seem like a drop in the ocean in 10 years.. Best of Luck,,, You Did Right.. Well Done.. Quote Link to comment Share on other sites More sharing options...
billytheghillie Posted March 17, 2016 Report Share Posted March 17, 2016 get onto council and get all repairs done before you buy. Quote Link to comment Share on other sites More sharing options...
hawkfanz Posted March 17, 2016 Report Share Posted March 17, 2016 when i bought mine in the late eighties,got the mortgage with tsb who i banked with,and the mortgage payments were less than the rent i was paying.despite an interest rate of about 12%. Quote Link to comment Share on other sites More sharing options...
bruno22rf Posted March 17, 2016 Report Share Posted March 17, 2016 So all online Solicitors are "spotty part qualified Twits" ? Mmmmmmmm . Wish I had known that when ours charged us £750 less than our local guy. Quote Link to comment Share on other sites More sharing options...
Bry-M Posted March 18, 2016 Report Share Posted March 18, 2016 london & country are fantastic mortgage brokers, they don't charge a fee and if you look on moneysavingexpert they are the top recommended broker for mortgages. I've had 3 mortgages through them, each time they found me deals much better than i was able to find myself. banks were useless by the way, very expensive. Quote Link to comment Share on other sites More sharing options...
buze Posted March 18, 2016 Report Share Posted March 18, 2016 A mortgage advisor looks better to mortgage companies -- they are SUPOSED to make sure you are solvable etc, and will deal with the nitty details.. Another advantage (not in your case but...) is that when you approach agencies to visit/buy a house, they often IMMEDIATELY want to know your financial details (the swines, like I'd trust them with that) -- if you have a mortage advisor, you can just givem then his details and he can vouch for you /without giving away your personal data/ -- That's a HUGE advantage in my book... Quote Link to comment Share on other sites More sharing options...
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