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  • FIRST POST
    • s.Smith
    • By s.Smith 26th Nov 17, 10:09 AM
    • 7Posts
    • 0Thanks
    s.Smith
    FTB General Advice
    • #1
    • 26th Nov 17, 10:09 AM
    FTB General Advice 26th Nov 17 at 10:09 AM
    So my fiance and I (both 29 with 2 small children) have been given 6 months by our private landlord so he can sell the house on.
    All though a bit of pain we have started saving up for a deposit anyway after 12 months of clearing credit cards etc - completely debt free as of now.
    We dont have a lot saved by any means as living and saving is tough.
    As of today
    We have £3200 in help to buy ISA's one each.
    £1000 cash.
    our deadline is may 2018
    By april i have budgeted - realistically we will have £5000 in help to buy and £1250 cash

    Now my questions as first time buyer it all seems extremely daunting, Do we have any chance of buying for our deadline? do i go see a mortgage adviser now or is it pointless and go see nearer the time?
    Is there any chance at all we could afford to buy the house we are in (EST. £150,000) ?

    I understand we need 10% for mortgage but conflicting evidence/people say we should be fine with that kind of deposit.
    My earnings are £25k and the MRS is £12k

    Help to buy we initially didnt want - i work on a popular house building site! however buying our house instead of re-renting is more important so if we have to/its our only option then so be it.

    Re-renting will cost another months rent up front and all the cost in bills, not to mention our we are paying £535 pcm for a 3bed detached that should be £650+ in our area then it will cost us significantly more if we re-rent.

    Please any general advice - people to talk to - places to go are much much appreciated. Thanks
Page 1
    • YHM
    • By YHM 26th Nov 17, 10:25 AM
    • 439 Posts
    • 154 Thanks
    YHM
    • #2
    • 26th Nov 17, 10:25 AM
    • #2
    • 26th Nov 17, 10:25 AM
    You need to be sitting down with a broker now, as they will guide you on your mortgage options.

    You should have plenty of options available where you only need to commit 5% deposit. Once again, a broker will guide you on this.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • s.Smith
    • By s.Smith 26th Nov 17, 10:35 AM
    • 7 Posts
    • 0 Thanks
    s.Smith
    • #3
    • 26th Nov 17, 10:35 AM
    • #3
    • 26th Nov 17, 10:35 AM
    Where do i start broker wise?
    Do i go to my bank an estate agent? Please bear with me I am very new to the house buying scene. I have read plenty on the details but not how to get the ball rolling
    • YHM
    • By YHM 26th Nov 17, 10:58 AM
    • 439 Posts
    • 154 Thanks
    YHM
    • #4
    • 26th Nov 17, 10:58 AM
    • #4
    • 26th Nov 17, 10:58 AM
    Best brokers will come through word of mouth.

    You go to a bank, they will only offer advice on their own products. You go to an estate agents, they are usually (not always) on a restricted proposition in terms of mortgage products they can access / advise on.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • s.Smith
    • By s.Smith 26th Nov 17, 11:06 AM
    • 7 Posts
    • 0 Thanks
    s.Smith
    • #5
    • 26th Nov 17, 11:06 AM
    • #5
    • 26th Nov 17, 11:06 AM
    Best brokers will come through word of mouth.

    You go to a bank, they will only offer advice on their own products. You go to an estate agents, they are usually (not always) on a restricted proposition in terms of mortgage products they can access / advise on.
    Originally posted by YHM
    thanks yhm, i have found vouched.com through the broker section on here, filled in the details and il be seeing who comes through there.
    thanks
    • ACG
    • By ACG 26th Nov 17, 11:18 AM
    • 16,113 Posts
    • 8,289 Thanks
    ACG
    • #6
    • 26th Nov 17, 11:18 AM
    • #6
    • 26th Nov 17, 11:18 AM
    Expect a few calls. They are basically a lead selling website.

    Affordability should be fine.
    Deposit should be fine (assuming a purchase price below £120,000(ish).
    Assuming no bad credit as YHM says you should have enough options.

    May is plenty of time, I normally say to allow around 2 months.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • juniordoc
    • By juniordoc 26th Nov 17, 4:50 PM
    • 257 Posts
    • 230 Thanks
    juniordoc
    • #7
    • 26th Nov 17, 4:50 PM
    • #7
    • 26th Nov 17, 4:50 PM
    Remember the other costs associated with buying, survey and solicitors being the major ones. It sounds like you may not be able to afford to buy by your deadline with these costs considered.
    • s.Smith
    • By s.Smith 7th Jan 18, 1:19 PM
    • 7 Posts
    • 0 Thanks
    s.Smith
    • #8
    • 7th Jan 18, 1:19 PM
    • #8
    • 7th Jan 18, 1:19 PM
    thanks guys just a quick update,
    through meticulous saving etc we have managed to gather enough to go ahead, i have 2 contingencies in place (2 family members who are happy to lend if i do come up short) i have factored in estimations of the legal fees etc already and thats just sat in the bank waiting separate to our deposit. We have changed our advisor from the vouched.com one to the company appointed by the house builder as they liase directly with the builder too.
    we have put our preliminary details down and our advisor thinks we shouldnt have a problem.
    • ACG
    • By ACG 7th Jan 18, 1:26 PM
    • 16,113 Posts
    • 8,289 Thanks
    ACG
    • #9
    • 7th Jan 18, 1:26 PM
    • #9
    • 7th Jan 18, 1:26 PM
    Most advisors will liaise with the developer/agents.

    To be honest, I would prefer to do that anyway as agents usually apply loads of pressure to the buyers for no reason at all, where as they tend to treat me like a normal person.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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