First Time Buyer's Guide To Mortgages

AndrewSmith

misriko wrote: »

Andy (that ok?) quick question, bit confuse about conveyancing and whether the solicitors deal with these things? also i ahve been quoted 2 rates for the above for about £1000 everything included, does this sound right? Many thanks

Hi, yes Andy is ok :rotfl:

What things exactly are you confused about and what is the breakdown of the solicitor's quote?

Thanks

Andrew

Saile

Dear all,
I am 27 years old and I am one of the lucky ones so far. I’m on a good job, I am earning a lot and I am saving about £5000/year. I am completely debt free actually I never been in debt apart from my overdraft a few times. Obviously I don’t have a mortgage so far, so then my question is:
When the time comes that I need a mortgage or any other loan will I have a problem getting one?
Regards,
E

jammie61

My daughter is anxious to get a mortgage, and has worked out she can obtain one on her salary. The problem being that she has a very large debt on her car, and is paying this off at around £400 per month. She wants to sell the car, but is having difficulty doing this. Is there any other way she can reduce her loan, which would then mean she can get her mortgage?

victory

Andy can you tell me what I should be looking for when the conveyancy quotes come in, which one to go for, I know I should get 3 and compare but I am not sure what I am supposed to be comparing?
Many thanks

AndrewSmith

victory wrote: »

Andy can you tell me what I should be looking for when the conveyancy quotes come in, which one to go for, I know I should get 3 and compare but I am not sure what I am supposed to be comparing?
Many thanks

You will find that most of the items on the quotes should be the same, such as the cost of searches etc.

The area that will differ will be their fee charged for the work and any disbursement costs. These can vary dramatically in some cases.

Cost however should not be the only deciding factor when looking to employ the services of any trades person. Even with solicitors there will be an element of 'you get what you pay for'.

victory

Thank you for the reply Andy, much appreciated, we have been told abbey 5.72% borrowing £145k with a deposit of £45k is our best mortgage with £999 start up cost, 5.72% seems high to me but OH says in this climate that is the best we are going to get and he is going to apply for that one, I guess the 4.99% and others have gone now?

SusanC_2

:spam: reported

AndrewSmith

victory wrote: »

Thank you for the reply Andy, much appreciated, we have been told abbey 5.72% borrowing £145k with a deposit of £45k is our best mortgage with £999 start up cost, 5.72% seems high to me but OH says in this climate that is the best we are going to get and he is going to apply for that one, I guess the 4.99% and others have gone now?

Obviously I dont know all the ins and outs of the case but, yes, that is a fairly indicative deal of the market place at current.

Andrew

victory

The abbey deal has been stopped so now we have to find another one with the independent mortgage advisor this morning.

savelife

Can someone help me with my quiry here please?

myself and my wife both r earning same annual salary of 17K and we would like to get it into the property ladder with buying one bed room house/flat . we came to know that no bank is giving out 100% mortgage these days not even 95% (if any bank is giving pls let me k now) but we have got a saving of 10K with us which we are saving for the deposit . and looking for a property value of 125000 . i have got a loan of 10k which wil b finishing by end of next year and i am paying it with out any problem. i would like to know bcause of that loan can the bank stop giving me a mortgage? and what is the interest rate these days in market? with both of our salary we can get a mortgage of 125000? which repayment will be good ? i mean interest only etc?

if someone can help me in this matter it will be highly appreciated please.