Mortgages

[CityStu]

Looking to buy for the first time in the summer and wondered if anyone had any mortgage tips, hints or advice as I feel well out of my depth, despite having read up an awful lot!

Anything on the house hunting/buying prices would also be appreciated, though I understand there is a current thread on a similar topic.

 

[Blue Hefner]

Get a financial/mortgage adviser - Depending on where you are I could put you in touch with one(City fan). PM if interested

 

[CityStu]

Get a financial/mortgage adviser - Depending on where you are I could put you in touch with one(City fan). PM if interested

I'm currently based in Oxford, work in London and am looking to buy in Bicester, so not local!

For a bit more information, I should have enough for at least a 10% deposit and will be looking to borrow at most 4 times mine and my girlfriend's combined salary.

 

[Gareth Barry Conlon]

Finacial advisers are not necesary IMO, there are plenty of search sites and best buy tables out there and if you deal direct you can stay on top of it yourself. When we bought our first house the IFA nearly lost us the deal beacuse of his incompetence and i have never used one since.

Don't get too hung up on the terminology of a mortgage. You could read vast amounts on fixed v's variable without realising a fix is normally 2 years so in reality a 30 year mortgage if you chose a fix will be 2 years fixed and 28 years variable or chose a variable loan and it will be 30 years variable i.e. there is very little difference in the grand scheme of things.

Mortgages tend to be priced based on the amount of deposit. If you have a 10% deposit look at the best buy table to get an idea for fees and interest rates for the best deals that lend 90%, try your own bank to see how close they can get to the best deal – it should be easier with your own Bank who have all your details etc.

 

[Tragic meat van guy]

When speaking to an estate agent for the 1st time, be sure to be as rude and confrontational as possible.
This will show them that you mean business and are an expert in all things property and thus make them want to help you as much as possible.

 

[denislawsbackheel]

Absolutely no need to see a mortgage adviser.
Just go to a few building societies and banks to see what they would be prepared to offer.

 

[NipHolmes]

Looking to buy for the first time in the summer and wondered if anyone had any mortgage tips, hints or advice as I feel well out of my depth, despite having read up an awful lot!

Anything on the house hunting/buying prices would also be appreciated, though I understand there is a current thread on a similar topic.

Natwest offer the best mortgage as of last month for a 1st time buyer according to my broker mate Karl.

I also cannot atress the importance of a good conveyancy lawyer, I had a shit one, I Convey aka BPL, piss poor they were.

 

[Blumers Bloomers]

We re in the process of moving and have used a mortgage broker to get us the best deal ....complete waste of money, do it yourself by researching the best deals on the Internet and save yourself 500 quid

 

[RACHACE]

Just get together the biggest deposit you can possibly get then work out the absolute maximum you can afford each month, make a reduction on that figure to safeguard against interest increases that will happen at some point and you should be fine.

We bought our house last summer after 2 years of living with her parents. That 2 years helped us get together a decent deposit of 15%.

As you're a first tie buyer you'll also be the preference for any seller as you'll have no chain. Bear that in mind if the estate agent tries to get you involved in a bidding war on a property that you like.

Also don't come across too keen when viewing. (We did and wished we hadn't as we felt a lot of the power then went to the agent & seller)

 

[Stuuuuuu]

Don't get too hung up on the terminology of a mortgage. You could read vast amounts on fixed v's variable without realising a fix is normally 2 years so in reality a 30 year mortgage if you chose a fix will be 2 years fixed and 28 years variable or chose a variable loan and it will be 30 years variable i.e. there is very little difference in the grand scheme of things.

This is simply untrue. After your 2 years' fixed rate is up, you have the right to renegotiate a new fixed term with the lender of your choice. So you're not stuck with a 28 year variable rate. In theory you should have a fixed rate for the entirety of the loan period, since you renegotiate to get the best deal every time the fixed rate period expires. To let it go into the variable rate is madness, because the rate will usually go up drastically.

I also disagree with all the people saying to avoid independent financial advisors. OK, you might have time to check every single lender out there (and there are hundreds) but these guys subscribe to MortgageBrain etc, so have access to the entire market in minutes. The least you could do is speak to the in-house advisor at the estate agent; they often have exclusive deals.