First Time Buyer's Guide To Mortgages

namratasnv

orangina wrote: »

go to a broker who can offer you advice - unlike the banks. The broker can talk you through the options and help build up a "shopping List" of what will suit you best. Does your estate agenbt have a broker in house, I know they are often slated but they are usually very good!

Hi,

This is all very good to know as, if you are having a broker then it is not hard for yo to get what you want.

I want to know more about mortgages and refinance, it will be good for me if you let me know.

Thanks!

MigsyBigsy

Heres the order that i did things:

Spoke to a mortgage advisor to find the sort of rate i would be looking at.

It all seems so simple in a little list![/QUOTE]

and where would one find a good, reasonabley priced mortgage advisor?

rosenelson

Hi,
I am on HSMP with another 2 years to go to Permanent residence here in UK.
My husband is working here in UK on secondment since last 2 years. We are now planning to buy a house. Price around £145000. We have 30% deposit. Our monthly savings is £800. Bit confused with the mortgage types. Our aim to payoff as much as we can and as soon as we can with NO or as little overpayment fees as possible.
Could anyone please advise what mortgage type I should go for and from whom. Have gone throug various comparion sites and got confused with initial rate, APR etc..
Thanks for help in advance.

ionsysproj3

well, thanks for exploring so many different type of mortgages, i like your post since i was in search of such information.

likklegem

Just in the process of buying a house, had an offer accepted for £155k, which was £10K lower than the asking price. Obviously this was subject to survey

The survey has come back and said that the house is worth £145k and £10k more if the garage was stable. Have to get a structual engineer out to look at it, but it looks as if the garage will need to be removed in order for the sale to go ahead.

What I want to know, if anyone can help is will it affect the mortage?I've put down £21k with £3k for legal fees and stamp duty (wanted to complete by Xmas but that now seems unlikely so will have to pay it) and I've got £5k to replace bathroom and Kitchen (the house is a bit run down but in a great location with loads of potential plus family in the building trade so they're gonna do jobs for me at cost)

Do you think the vendor will negoiate on price now? He's lost 10k on the asking price, but the house acording to the surveyors is only worth 145k

Thoughts please!

planning303

Yeah i would have thought it would effect the mortgage, the mortgage company might (i would have thought) insist on there own survey and if they think you're over paying they wont pay out.

I would renegociate based on the survey with the EA/vendor

likklegem

liggins wrote: »

Yeah i would have thought it would effect the mortgage, the mortgage company might (i would have thought) insist on there own survey and if they think you're over paying they wont pay out.

I would renegociate based on the survey with the EA/vendor

Thanks Liggins! Great help! The mortage company said they will now only lend me £4k less than what we wanted - heres hoping the seller will agree to a lower price - surely he will???

planning303

if thats what the mortgage company has said, then they'll probably find noone will lend past that figure.

I had a interesting thing happen when i was an EA. basically 4 couples really wanted the house, they all bid and bid and bid (it was a lush house), untill the value was about 40K over real market value. noone's mortgage company would pay out as they would have all been in massive negative equity on day one.

PcTim

Great advice here!
Having browsed the forum at length a lot of advice is on affordability/good deals so a slightly different tack with this question.

I'm in a fairly fortunate position - have £20000 in a fund and have saved £13000 in ISA, plus another £8000 or so in savings accounts. I've got £10000 student debt (hasn't everyone). I have a stable job and earn £25k. I have a cautious (some might say adverse!:D) approach to risk so will not be looking at mortgages that I can't afford, but am longing to buy a house by the summer. Can probably get another £5k by then too

Question is, do I chuck all my money at the deposit and hit the mythical 75%LTV or more? I like having 3K for emergencies (you know, long term injury/car write off that sort of thing) Or do I keep the tax advantages of the ISA, ship more money there and go for a smaller deposit - what is best over the long term? What size house would you go for?

Enjoy!

daleuk_3

Right iv put an offer in on a house. However its definately a total renovation project. Needs new everything! Its priced to reflect this and my offer is £10k under.. I have a mortgage promised and a 20% deposit. However im afraid the mortgage company might stick on some retentions?

Does anyone know more about these? and what they would put them on for?