My Journey as a First Time Buyer!

bob79

Saver-Rob wrote: »

I wish we had got things sorted a bit earlier now. How long would it take for example if we were to go into Halifax tomorrow - could they give us an offer there and then and we would then be in a position to actually make a formal offer on the property?

Yes, you can get a 'mortgage in principle' (Halifax calls it a 'Mortgage Promise') in a branch in a matter of minutes. Tomorrow might not be a good day though, banks are usually closed on Sunday:rolleyes:.

kbrownmini

Ooooooooooo
this is all so exciting
I'm currently living with my parents and same for my partner
both aged 20 nearly 21!
looking for our first house
please keep this blog up
so nice to hear what situation everyone else is in
Wow saver rob your depsoit is huge! lol

wb kt x

p.s good luck with the bank
just a question have you considered going to a mortgage advisor
they have programs that search like everywhere for the best deal?

Saver-Rob

bob79 wrote: »

Yes, you can get a 'mortgage in principle' (Halifax calls it a 'Mortgage Promise') in a branch in a matter of minutes. Tomorrow might not be a good day though, banks are usually closed on Sunday:rolleyes:.

Ahh thats interesting! Banks close on Sundays! How selfish of them! But its good to know about Halifax. If we want to go ahead quickly with making an offer then something like that may come in handy even if it is not the absolute best deal around there would be no harm in getting a fixed rate for 2 years and ensuring after that period I have fully 'shopped around' and would move it elsewhere for the best deal?

kbrownmini wrote: »

Ooooooooooo
this is all so exciting
I'm currently living with my parents and same for my partner
both aged 20 nearly 21!
looking for our first house
please keep this blog up
so nice to hear what situation everyone else is in
Wow saver rob your depsoit is huge! lol

wb kt x

p.s good luck with the bank
just a question have you considered going to a mortgage advisor
they have programs that search like everywhere for the best deal?

Hey. Yeh I am planning to go to a mortgage advisor - I am going to spend some time today getting some phone numbers locally and will try and, phoning them tomorrow, make some appointments for this coming week.

The reason this bit seems like such a rush is because we are seriously considering making an offer on a property we have seen. Another offer has gone in and been accepted by the bank but the buyer is making the offer solely on the basis he gets permission to use half of the garden to build another house on! Luckily after to speaking to a neighbour it seems that the big tree right in the middle of the plot has a protection order on it and would ruin any plans to build a house! :T

kbrownmini

Saver-Rob wrote: »

Ahh thats interesting! Banks close on Sundays! How selfish of them! But its good to know about Halifax. If we want to go ahead quickly with making an offer then something like that may come in handy even if it is not the absolute best deal around there would be no harm in getting a fixed rate for 2 years and ensuring after that period I have fully 'shopped around' and would move it elsewhere for the best deal?



Hey. Yeh I am planning to go to a mortgage advisor - I am going to spend some time today getting some phone numbers locally and will try and, phoning them tomorrow, make some appointments for this coming week.

The reason this bit seems like such a rush is because we are seriously considering making an offer on a property we have seen. Another offer has gone in and been accepted by the bank but the buyer is making the offer solely on the basis he gets permission to use half of the garden to build another house on! Luckily after to speaking to a neighbour it seems that the big tree right in the middle of the plot has a protection order on it and would ruin any plans to build a house! :T

Looks good then
hopefully the other people won't get it
Hadn't thought of the mortgage thing that way
Giood idea specially if you got a property in mind
and want to get in there quick!

bob79

Saver-Rob wrote: »

no harm in getting a fixed rate for 2 years and ensuring after that period I have fully 'shopped around' and would move it elsewhere for the best deal?

Only consider doing that if you were after a 2 year fix already. A 'mortgage in principle' isn't binding on either party. Since you seem to be in a hurry, you might quickly want to get a mortgage in principle from some bank or building society just to show yourself and the vendor that you can get a mortgage for the amount that you need. Once your offer on the house is accepted, search for the best deal (this may not be with the bank or BS which gave you the mortgage in principle, but since the mortgage in principle isn't binding, that doesn't matter). A great site to use for this is the one of the FSA:
http://www.fsa.gov.uk/tables/bespoke/Mortgages
Remember that nowadays banks often sell their best mortgages only directly and not through brokers. So a 'whole market broker' doesn't actually cover the whole market! So if you wish visit a mortgage adviser, but do your own research as well (using the FSA website for example).

Saver-Rob

Thank you both for the very useful replies. Its good to get some positive replies as sometimes there can be alot of negativity around! But your posts are appreciated.

Saver-Rob

Well I have just arranged a first trip to a Building Society and see what we can get arranged in principle. This will enable us to make an offer somewhere if we choose, however in the meantime we shall also be speaking to brokers and other BS to see if we can get a better deal elsewhere.

Its all getting a bit serious now!

They have asked us to bring along:

1. 3 months worth of Payslips
2. Driving Licence (proof of address)
3. Passport (proof of ID)

I shall also take along a breakdown of our finances though I wont be able to take physical statements as everything seems to be online these days with no paperwork involved.

hethmar

Very good luck Rob

Saver-Rob

hethmar wrote: »

Very good luck Rob

Thanks alot. :beer:

nig0609

Good luck! When do you go see them?