First time buyer's guide...?

ukmonkey · 30 May 2006 at 11:34PM

MSE_Martin wrote:

Funnily enough I just finished the MoneySavingExpert Guide to getting a mortgage today - the new free printed one that will accompany the remortgaging guide

Should be available after its laid out and been to the printers in 6 weeks or so

Martin

Martin, thanks for that.

I do think that this is something that you REALLY ought to push, as it seems that knowledge in people my age (22) is scarce to non-existent. We don't all have someone that we can talk to about these things.

Any chance of being able to send me an electronic copy martin? The email address in my registration is valid, and I'd really appreciate it if you could, though I'd understand if you said no.

Thanks again for everyone's help.

We're going to wait until the other half gets a new job which will hopefully give more stability and a higher (by about 4k) wage. Meanwhile we can learn about the things involved and shop around for the best deals etc etc.

ukmonkey · 30 May 2006 at 11:47PM

Also, I have checke dthe housing association for this area and tey don't offer Shared-ownership schemes on any property anywhere around here. :-(

AndrewSmith · 31 May 2006 at 7:23AM

@ukmonkey

What sort of information would you like to see in an 'idiots guide to mortgages and housebuying'?

List the sort of things that you want to know, or that you think should be available to you, and I willput together a short list of answers for you similar to the 'housebuying tips' thread I wrote.

Cheers

Andy

ukmonkey · 31 May 2006 at 9:10AM

Different types of mortgages:

"normal" mortgages (whatever they may be...)

100% Mortgages

125% Mortgages

Capital & Interest

Interest only

Fixed rate Vs Variable rate

"Tracker" mortgages (again, if such a thing exists)

Setting up a mortgages

Usual upfront costs involved (i.e what cannot be added on to the mortgage, money that you will need to have before hand)

Finding a mortgage broker

What they will lend you (3x wage, 5x wage etc etc).

Credit score - how this can affect things

How long does it take for the mortgage to be completed

What you'll need to get a mortgage (in terms of pay slips/bank statements etc)

Buying a house

How to approach the seller (i.e if you see the estate agent's advert in the local paper what do you do)

What to ask (key questions to ask the vendor)

Viewing - things to do, things to ask the vendor, things to look for.

Surveys - what is it? How much does it cost? Who do you contact? Why do you need one?

How to make an offer - what sort of offer to make (i.e to try and get it cheaper but not taking the p*ss)

What happens when your offer is accepted (completion, echanging etc etc. What does all this mean?)?

What can go wrong once your offer is accepted?

Solicitors - how to find one, typical costs, what to ask them etc

Stamp duty - how much and how is it paid?

What happens once you've exchanged?

Costs

I imagine most people who don't own or rent their own property at the moment have little or no idea of costs.

What does council tax cost (I know it varies from area to area but I think there is a website that gives this info...)

Utilities - how to organise getting gas, electricity etc. How much do they cost (general esitmates for different size houses and families).

Insurance - What type, how much?

Moving fees?

I think that is it for now. That is certainly all I can think of anyway. I know for the costs that you cannot give exact figures, but obviously you can give a handful of examples...!

Any help greatly appreciated.

AndrewSmith · 31 May 2006 at 9:26AM

Tell you what,

I am going to be at the computer most of the day so, if you don't mind waiting a bit I will write a guide similar to my other one throughout the day and post it later.

Any good?

Andy

chicarg · 31 May 2006 at 10:09AM

Yes, pleeeeeeease!!!!

(an other FTB lurking around...)

mdb99jh · 31 May 2006 at 10:36AM

I'll third that :-)

Andy you're the man

george_by · 31 May 2006 at 10:36AM

ukmonkey wrote:

Also, (sorry), how likely do you think it is that house prices will drop by enough so as to put us "in the sh*t"?

As one of the previous posters noted, you are heading straight into it by getting 125% mortgage, as you would have borrowed 25% more than you house is worth. Dropping house prices whould not make any difference for you in a short term.

ukmonkey wrote:

Would we be in the preverbial if this were to happen (I think we would be, but only if we wanted to move house)?

It is all well if you don't want to move house, but we don't always do what we want. What about jobs, changing personal circumstances, rising interest rates etc? With 125% it may take quite some time to be back into positive territory. Nevertheless, plenty of people doing well on 100-125% mortgages, so good luck with whatever you choose.

ukmonkey · 31 May 2006 at 10:55AM

AndrewSmith wrote:

Tell you what,

I am going to be at the computer most of the day so, if you don't mind waiting a bit I will write a guide similar to my other one throughout the day and post it later.

Any good?

Andy

Fantastic! You're a star!

batley1 · 31 May 2006 at 11:54AM

Can you send me a link to your ftb guides, I'm well on my way to exchanging, 14th june, but you never know what you might have missed!!!

First time buyer's guide...?

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