Advice needed please FTB

sagara

Hello there. Just had an offer accepted on a house at £100k. My wife and I have a meeting with HSBC on Monday - having already had an initial consultation last week.

I know they are going to try and sell us stuff but I'm not sure what - can anybody tell me and give me some idea of
1, what we need, and
2. how much we should be paying.

I guess one thing is life assurance and after looking at Cavendish online, I believe we should't pay more than about £15 for a 25yr life assurance policy at 150,000 payout (non smokers).

Secondly, when the Estate Agents rang they quoted £350 + vat for solicitors fees. Is that any good? Or where should I go?

Also, after looking at this site I see we could probably get the arrangement fee for the fixed rate reduced. However they know we need a mortgage quick and because of our circumstances are unlikely to get a quick decision elsewhere. Any ideas?

I've got a thousand questions. What I really need is a book called "Buying a house made easy". Has anyone written one?

Robert_Sterling_3

"I guess one thing is life assurance and after looking at Cavendish online, I believe we should't pay more than about £15 for a 25yr life assurance policy at 150,000 payout (non smokers)."

Do you mean £15 per month, year or altogether???

"I've got a thousand questions. What I really need is a book called "Buying a house made easy". Has anyone written one?"

This book may have a thousand answers

Here

Fairdo_2

It's the age old, "sorry we would need more info before giving specifics" reply.

However, in general, you may be suprised by what could be available to you.

Why are you just going to HSBC?

Have you spoken to a broker to give them a full picture of your circumstances, as they may be able to find more suitable options for you?

If you are going to take protection from HSBC, they are very likely to be more expensive than through Cavendish Online.

You will be likely to be offered the following from them: Life Cover, Critical Illness, Income Protection (long term), Accident/Sickness/Unemployment and Buildings & Contents.

Without making sweeping generalisations, my experience has been that people who set their mortgage up directly with HSBC have been pushed all the above and on a single life basis each. It has also been made assumptive that it is part of the package. If you are unsure, or not happy with the options presented then do not sign!!!

Say you will think about the options.

Speak to a Financial Adviser or broker about the protection options if you are open minded about what protection to take and take the advice if there are good reasons for it. Cavendish Online are "Execution Only" I believe, so you are not paying for advice, which is fine if you know you only want life cover for example, but it is often a good idea to take sound advice from a professional.

Solicitors sound reasonably priced to me. Big mistake many people make is go solely on price for solicitors. Sometimes you get what you pay for. Speak to them before instructing them and phone another couple of firms to see how they seem in comparison.

You have a thousand questions? See a Broker and they should be able to answer them, most of them before you ask I expect.

sagara

I will speak to others - thanks. I have a quote from HSBC now:

mortgage repayment cover (£650) is 38.61/month
Life cover (no details) is £60.66 - seems high?
Income (no details) protection is £48.41

valuation fee £135
completion fee £30
booking fee £399

Fairdo_2

Definately worth looking at others.

Also worth finding, in wirting, what they have suggested covering within this quoted Life Assurance. For Example, Joint policy for both lives, or single policies each, combined as one premium; Any Critical illness cover, waiver of premium, etc.