I just bought my first house

[al4x]

Mine is offset because I was starting a renovation and had a fair pot of money to go against the mortgage. If you were looking to overpay it means you can have the money in effectively a savings account earning your mortgage interest rate tax free. i can link about 5 accounts with mine so my current account is also against it. It does make a difference and also means you can have instant access to money were you to need it. 5% is probably too high at the moment, but it does give long term security, sadly this last week has seen most of the rates go up so you've been a bit unlucky

[jayward]

Good luck with using that solicitor "came highly recommended by people I trust "

No offence but i was not inferring you should use mine merely stating that Many lenders require you to use a nominated solicitor or even a convayencing firm ..

I had a pal that had this experience after weeks and weeks of getting nowhere i cant recall there name but it nearly costing him a great priced purchase

He then opted to use his own Or should i say my recommendation !! as the vendor had other offers and was making noises he was about to take them !!

it cost him extra from his own pocket but worth every penny for him ...

 

So what i was saying is the solicitors/convayencing firms that banks/Lenders use are on the whole not the best and as effectively your not paying them the mortgage company are and probably at a fixed reduced rate !! You simply don't get the same level of service ...

[bobt]

Make sure the house has been signed off by the council.

 

you would be suprised the number of builders self builds that get to the last few days before they exchange contracts before someone asks about completion certificates planning, and warrentys.

[Marcus]

Many thanks for your help. Do you mean i should shop around for these services?

 

Yes, im not sure what route you have taken to buy the house, but if via an estate agent they will often have an in house mortgage advisor who they will want you to use, often can be pushy and quite persuasive to get you to go through them. The estate agents also have solictors they like to push. Not always the best route.

 

So I would suggest looking in your local area for a mortgage broker etc People buy people as they say, you may find you like one, is helpful, not to pushy etc. Make sure they are fully independant, some work off a 'panel' of lenders and can only recommend from the panel. This is not as good as a true independant who can look at the whole market to look for the best product / deal for you (this should be fully disclosed upfront, if its not ASK) Panel advisors will 'dress' it up a bit saying they deal with all the big lenders, making out you dont need to look elsewhere, but it still wont be as good as an independant. This point also applies to the life cover etc, some will be tied and only sell from one company, or a selection. Some will be independant and again can check the WHOLE market for the best products.

 

All advisors will try and 'close' you there and then, be prepared for it and say you want to go away and consider things first. That way you can make good decisions in your own time

 

All of the above you can do yourself if you feel confident enough (apply for mortgage and protectiopn products) same rules apply, but as you have asked you probably need the advice route.

[Psyxologos]

Thanks everyone. As a matter of fact, I have seen three different mortgage advisers (all whole of market and independent) and spent hours on the FSA and the money matters websites comparing mortgages. I will revisit all three tomorrow (one after the other) armed with printouts of the best deals they found for me and I found for myself.

 

The estate agents the vendor is using did not say a single word to me about mortgage advice or solicitors. Maybe the fact that I told them that I am well on the way of signing a deal (a bit of a stretch on the truth but I was aware of all the things you guys pointed out) convinced them they would be wasting their time. The solicitor came recommended from my current land lady. She has used this lady for all 10 houses she has bought in the last three years. I trust her as she was a friend before she became my land lady so I have no concerns.

 

The mortgage advisers made no suggestions with regards to solicitors and conveyancing. Similar story with the solicitor. Not a word about mortgage advisers. In both cases the fact that I come across confident and knowledgeable (my behaviour isnot far from OCD when I engage in new things) perhaps made them think they needn't bother.

 

When it comes to arranging my buildings insurance I will again shop around on the internet and get the deal I feel is best for me. There is no way any salesperson can influence me as I always do my homework and show up knowing what the situation entails.

 

@bobt: I thank you for your point. I had no idea whatsoever. I will make sure I stress the point to my solicitor so she in turn can demand to see all relevant paperwork.

 

@jayward: No, you missunderstood me. I saw you are in Blackpool and I thought i become more specific in my description of where I found the solicitor and where she works.

 

P.S: I just found in the FSA website a 10 year fixed deal from the cooperative on a 5.29% Tempting....

[mct]

While you state 4-8weeks I had to wait 12weeks as a man in work was off due to being a drinker this man also sorts out our pay hoilday's etc....

so he held the whole thing back.... however yes, it's normal having to wait this length of time. You could also phone them on the 6-7weeks saying that

if they don't pull there finger-out your for pulling from the sale.

 

 

Best of luck

[Psyxologos]

You could also phone them on the 6-7weeks saying that

if they don't pull there finger-out your for pulling from the sale.

Best of luck

 

Many thanks. Call them after 6-7 weeks? I call them everyday ever since we got our offer accepted. I will make them move fast even if they do so in order to get rid of me! :blink: