First Time Buyer's Guide To Mortgages

Goldust

With regards to the survey I'm about to take out a mortgage with Nationwide and I'm going to get the usual choice between basic, middle and top price surveys.

When I was ringing solicitors for quotes one of the solicitors went on to me at length that I should swerve paying for anything more than what the building society insists on and arranging my own private survey as he said the one Nationwide would give me would be rubbish and the bank keeps most of the money.

I'd much rather keep it simple but don't want to get into trouble by doing something I'd later regret so any advice much appreciated

stevie53

hi there, another 1st time buyer here.

I've been offered a new build flat, after they block was built they didn't seem to sell so what it looks like is a local estate agent has snapped up a few of them and is selling them himself. As per usual with me there's a catch, the properties have no builders warranty which makes me very wary of any potential pitfalls.
As being a 1st timer I'm not sure if this is a good idea or not to consider these properties or not, any adivce would be greatly appreciated.

:beer:

kingstreet

stevie53 wrote: »

I've been offered a new build flat

Before you start worrying about the lack of guarantee, do you have a deposit of 20%, preferably more?

I can think of no lender offering more than 80% on a newbuild flat and most offer less than that.

stevie53

kingstreet wrote: »

Before you start worrying about the lack of guarantee, do you have a deposit of 20%, preferably more?

I can think of no lender offering more than 80% on a newbuild flat and most offer less than that.

cheers for that kingstreet, I have just found out that disturbing news earlier today when I spoke with the mortgage broker.

answer to that question is no! I wish the mortgage broker had told me that way back at the start... then again I could've probably found that out myself if I'd done a bit of research earlier in the process.

:beer:

ChrisLUFC

Hi me and my partner are FTB so this thread has been really useful thanks.

At the moment we are considering going it alone direct with a lender as we believe the bank in question are the best for buyers with 10% deposit, and its a bank that mortgage advisors dont use as far as im aware. We will ask a mortgage advisor but doubt they could find better than this.

The main question i have is that my partner was on Maternity leave for most of 2010 and obviosuly you mention about P60's in the OP. Her P60 obviously shows her earning less in the year due to this so would this cause any obstacles?

My assumption would be that we would have to show her maternity forms to evidence that she was actually on maternity, and also maybe the previous years P60?

Thanks for any advice.

Chris

markjason

I already have my home but want to buy a home in hilly areas near Virginia as I am fond of camping and spending my holidays in some natural places.

kingstreet

Mark - this is a UK site. You may want to look for something a bit closer to home.

smileigh

Hi, wondering if anyone can offer me some advice.
My husband and I have around £12,000 saved so far. I'm going back to university in September for one year to do my teacher training post-graduate course. Until then I am earning approx. £900 a month working as a teaching assistant. My husband works on a contract basis (i.e. he is contracted and guaranteed work but they only have to give him a month's notice if they want rid, doesn't look like this is likely to happen however) He earns around £60,000 a year doing this job, so we are able to save each month. He has been doing the job for 18 months, since leaving the forces.

We have been renting for some time now and are sick of it! We are relocating so I can go to uni in September but really want it to be a move to a house of our own. We have been looking at house prices etc and we like houses that are in the £150k - £180k range.

My question is - is there any chance that anyone will give us a mortgage with the deposit we have (hoping to have £20k by summer) and me being a student again come September? We obviously have never bought a house before so we don't know where to start or who to ask, any advice would be great.

kingstreet

Find a good whole market or independent broker. The contractor issue is going to be the biggest hurdle you need to get over. There are specialist firms who deal with such cases.

As a student, you'll have no income, so your partner's income is going to have to support the application. His income looks ok.

The deposit needs to be at least 10% of the purchase price. More if you can get it. Plus, you'll need money for fees and stamp duty.

goodmorningsunshine

Hi all

My question is; If you have to finalise everything within 25 days ......

Do you arrange a mortgage yourself (Is it cheaper?) OR

Do you ask a financial mortgage advisor to arrange one for you as they would be able to finalise one quicker than trying to arrange one yourself. (Do they charge you for arranging a mortgage for you?)

Thanks from a confused FTB