The FTB club

dottiepeas

Ooh!!..Very exciting HockeyD!!! Only a couple of weeks to go till you get those keys!!! Fingers crossed that everything will be plain sailing from now on!!!:j

nudda

Fellow FTB's, how to you go about getting a mortgage ! Did you guys go through a broker or direct to the lender ?

HockeyDuo8083

nudda wrote: »

Fellow FTB's, how to you go about getting a mortgage ! Did you guys go through a broker or direct to the lender ?

Hi Nudda,
Welcome to the board. We went through a fees-free independant mortgage advisor. Basically she makes her money via commision from the Lender when we take out our mortgage. Look for an advisor who will do whole of market advice. I am in Scotland and used a company called First Mortgage.

I wouldn't go straight to lender unless you are totally completly financially savvy IMO.

Also read Martin's Mortgage Guide which is available to download; it helps to break everythign down into easy chunks.:money:

SelenaLouise

nudda wrote: »

Fellow FTB's, how to you go about getting a mortgage ! Did you guys go through a broker or direct to the lender ?

I'm using an independent financial advisor. I thought I was financially savvy but my IFA has been educating me throughout the process.

As Hockey says if you want to get one then look for those who are fees free and do whole of market.

dottiepeas

nudda wrote: »

Fellow FTB's, how to you go about getting a mortgage ! Did you guys go through a broker or direct to the lender ?

We went direct with our bank- they offered a better rate than the mortgage person we spoke to at the EA. But definately do loads of research- and speak to afew brokers/banks to get a good idea of what is being currently offered.

nudda

Thanks all.

Actually, I already have read Martins Mortgage guide and am pretty much up to scratch with all the different typres of mortgages etc. I have a sound understanding of it all theoretically but am unsure how/who to approach for the actual mortgage!

I guess I just need to take the plunge , look in yellow pages for a local IFA and discuss ?

dottiepeas

nudda wrote: »

Thanks all.

Actually, I already have read Martins Mortgage guide and am pretty much up to scratch with all the different typres of mortgages etc. I have a sound understanding of it all theoretically but am unsure how/who to approach for the actual mortgage!

I guess I just need to take the plunge , look in yellow pages for a local IFA and discuss ?

Nudda- I think it's a case of you calling round and asking what they can offer? Whoever you choose, they will firstly assess your situation- like asking what house/flat you are intending to buy, at what price, what deposit you have, how much you wish to borrow, are you working full time etc..outgoings/ingoings/overdrafts/existing loans etc etc....and then go through the rates available/monthly payment figures etc...and give you a form of agreement in principle.
Then you will still need to formally apply for the mortgage. (when you find the place you like and had an offer accepted- that's what happened with us anyway!!)

They will go into detail for alot of things....so be prepared to be on the phone for at least half an hour!

Sometimes it's worth checking out deals from the bank directly as some of the banks don't work with brokers, so you can only get their special deals direct.

But definately a good tip to be prepared when you ring them up!...as I wasn't when I first called and had to call them back after I figured out all mine AND my husbands outgoings!! Heehee!

Radsteral

I was brave to ask for a discount from 269 asking to 230 on a semi 3 bed with garage, not a bad state at all.
from october till february ,and much negotation was agreed 238 k ..and think , the guy has divorced and his wife has run away in JAmaica i think. but i wasnt able to secure mortgage so no joy.
Seems after a month he has sacked his dodgy estate agents , and a new one are in...
asking price = 230 k
displayed as '' under offer '' on thier website
calling estate agents and asking her, she says '' no its not under offer..who told you that''
well another dodgy EA then.
seems by the time i do my company accounts and raise my wages at a fred godwin level in order to get a mortgage, the house will be for 170.000 and '' airport stamp duty free ''
i am foreign, i understand the market dictates prices here, but 230.000 is too much for a house that doesnt have a seaside view and a swimming pool beside it
so lets wait for them getting down

MsConfused

Woohoo Hockeyduo - thats great!

Just thought Id update you all. We decided to stay with just the mortgage valuation rather than get a homebuyers report in the end. The valuer called me personally and said he wouldn't bother personally, so we're happy with that. So since then we've had our mortgage accepted by Nationwide - so thats all official. Only thing is all the paperwork keeps saying leasehold so need to get onto the solicitors about that. Our solicitors have been rubbish. I emailed a couple of questions and we had to call again three times till we got an answer (for three days) - and they were really basic questions! We sent all our ID documents off to them recorded delivery and even though we know theyve been signed for they havent told us theyve got them - and they havent returned them even though its been over a week. So a word of advice, get reviews of solicitors first! I dont know where we are now. I figured the solicitors would contact us to let us know what happens next - but as no word from them...? Are we supposed to have a completion date set up? Guess we'll be on to them again next week to see what we're actually paying them for - especially as they seem very overpriced compared to some.

tcb1973

Hey,

FTB here - offer accepted/valuation done/waiting on formal offer.

Can I ask - is anyone else sh*ttng it that now is the wrong time to buy and we should be waiting?

I've been renting for 5 years and defo wanna move - but recently learnt the term 'bull trap'

any thoughts?