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Well think its about time i sorted out a house for myself now, looking to get onto the property ladder so im just looking for as much advice as possible really.

what things are a must, what things to avoid etc.

who is the best mortgage company which ones to avoid etc.

any unfor seen costs that might trip me up.

any advice to a newbie would be a great help, thanks in advance
 

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QUOTE(SCOTT1 @ 19 Jan 2010, 09:37 PM) <{POST_SNAPBACK}>Well think its about time i sorted out a house for myself now, looking to get onto the property ladder so im just looking for as much advice as possible really.

what things are a must, what things to avoid etc.

who is the best mortgage company which ones to avoid etc.

any unfor seen costs that might trip me up.

any advice to a newbie would be a great help, thanks in advance


I bought my first house approx 18 months ago and to be honest the best advise I can offer is to get yourself a recommended solicitor. Mine was fantastic, everything was taken care of EXCEPT finding the mortgage. We are with Nationwide however deals change by the week! Get yourself a newspaper on Sunday and check the mortgages pages. Do this before going to see any type of mortgage advisor, and take your newspaper deals with you (impartial advisors are NOT impartial they dont include all mortgagaes/companies, bit like an internet comparison website!)

Make sure you have all areas sorted before you sign (sounds simple but we had a slight boundary query that nobody could answer, resolved amicably with the neighbour now).

Also DO NOT buy the first thing you go to see even if you love it. I did this before the sale fell through and luckily got another chance to look.
 

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Scott...

I find the best people who help are those who have helped your friends / family.

Ask around at work for a good financial advisor who has helped your colleagues obtain a good mortgage. They are impartial and therefore can offer a huge amount of advice as they are not tied into one mortgage company / lender.

Depending on how much you want to pay will depend on the fee's involved.

I wish you good luck, I am also in the same position at the mo with Laura & I looking at buying!!


Have a look at this link:

CLICK ME
 

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Get a proper Survey not just a valuation survey

Find a good local Solicitor, not the cheapest local

View the property at 3 different times of day and keep going back after (silly things like the place next door is a knocking shop come out)

Remember to insure the property from the day you exchange contracts, you are committed to buy whether its a house or a smoldering pile of rubble

Use every negative point as a negotiating point

Never ever offer asking price

Make sure any extensions or changes have been approved by planning or building control

Dont use the estate agents Mortgage Adviser, remember the estate agents relationship is with the Vendor not you and the higher the price the more they make

Most of all don't fret, it is with a bit of planning is an easy thing to do
 

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Never gone through the first time purchase phase just yet, some fool told me to buy a bright orange car first
But anyway, I have a few beliefs on the subject:

Never set aside more than a third of your household monthly income for mortgage repayments. All sorts of rediculous bills crop up and although you may like a house on first second and third viewing, that kitchen/bathroom may start to
you off and costs you a few grand to replace.

Randomly visit the area you are looking at buying the house in at different times, does that lovely looking village green suddenly get overrun with drunken pre-teens at 22:00 every fri and sat night?

If you're feeling reeeeaaaaallllly brave, take a bike and lock and stash the bike somewhere ... see if it gets nicked.
 

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Ive just got my 1st house 7mths ago. My advise would be fine a house ur happy dont buy a OH ITLL do OUR friends regret what they bought due to getting fed up of looking. And with and any work you want to do like building walls etc DONT do it all in one go(iam learning the hard way nearly 8months on and nearly finnished will be glad to move in as ive still payed board to my dad etc so paying the morgage and board is a pain.

On the money side id say get a fixed morgage then u can get used to paying a fixed amount and know 100% how much to buget for. Id also say from my own experiance listen(as others have said on here) Listen to friends and family.
I used a financal adviser who did my house insureance,morgage and everything she made a commistion of me and my partner but she didnt push the ones she got more money from. We found using this person was far better than 2hours of being sat in a bank and getting know where and being sold NOT advised on what was best.
I think the company we used was 'your morgage' i know her name was Jane and she was ace came to our house advised us sorted everything out phoned us through all the stages of each buying process my house buy was a total pain as it was classed as a family buy which also limited us who would lend us money. We ended up with woolwich(part of barcleys) and they keep us informed every 6months on our morage payments and how much we still owe etc etc i really carnt fault them.
We ended up paying a £1K fee for our morgage others were free but they actualy worked out more money so dont be too put off the fee morgages.

Hope ive made sence if not pm me.
 

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Hi,
I am a fully qualified Independent Financial Adviser and also have full mortgage advice qualifications. The points raised by others are all relevant but the first thing to do is to find out how much you can borrow. In the current climate, mortgage providers are not generally offering 100% mortgages and the higher the deposit you can put down, the better deal you'll get. For example, if you're looking at buying a property costing £150000, you'll need to have a deposit of £7500 (95% of value) or £15000 (10% of value). or more if possible.

One thing you could do right now is go onto one of the biggest building society websites and check the "mortgage calculator". You'll need to enter your salary and any payments you make for loans and credit cards and any other liabilities. All this will do is give you an idea of what you might be able to borrow. Remember, its just to give you an idea, no more than that.

If you're satisfied that its affordable and realistic, find yourself an independent mortgage adviser. Don't walk into the nearest High Street building society. An independent adviser may charge for finding the mortgage suitable for you, but they are not restricted to one company's products so you'll likely find a better deal, tailored to your requirements.

If you need any help, please feel free to PM me.

Lizzy
 

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Stay well clear of endowment mortgages and try and over pay your monthly repayments, you will save a fortune in the long run.
Even though interest rates are low, set yourself a max amount and don't stretch yourself in case the rates rise rapidly.
I bought my first two bed house at 18, did it up on a budget. The best investment you can make.
 

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Bought mine 4 years ago, ended up paying full price as another bloke was after it. But could see the estate agent could easily take advantage og their position.

Get a repayment mortgage. I am going to switch mine soon to find a lower rate and as part of that hunting for a cheaper mortgage (obviously a new in your case) im trying the mortgage search people on here http://www.moneysavingexpert.com/mortgages/ (useful info here too)

I dont think mine was necessarily the cheapest solictor but they sorting out the survey,searches etc.

Definte agree on popping down the area a bit and at different times!

Hope it goes well
 

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Discussion Starter · #10 ·
thanks for the replies so far, another question for you,

would you go for a fixed rate repayment or variable??

im looking for the pros and cons of both please

thanks
 

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QUOTE(SCOTT1 @ 28 Jan 2010, 06:57 PM) <{POST_SNAPBACK}>thanks for the replies so far, another question for you,

would you go for a fixed rate repayment or variable??

im looking for the pros and cons of both please

thanks


With the mortgage rate being so low at the moment a good term fixed rate will give you the security of knowing what your repayments will be for the first 2-5 years! After the fixed rate finishes you can look round for a better deal!
 
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