Surveys

katehesk

I wondered if anyone can enlighten me on this part of house buying.

Currently looking at buying a property and plan to make an offer early in the week.

We have a mortgage promise from a high street bank which we went to direct (we haven't actually been to a broker) which we are mostly happy with and as part of their 'FTB package' they will do all the surveys and conveyancing etc, at least that is my understanding from how my partner has explained it to me.

Is it wise to go down this route?

I feel like I am just not clued up enough to make a decision, and the more I read stuff online the more everything just becomes an anxious blur!

I have made an appt with a broker on Tuesday, but we have been warned by family and friends that this is not necessarily the best thing to do, and also it is just some company I found by searching online and not based on personal recommendation.

Don't know what to do

Fire_Fox

There are magazines that cover mortgages, that have tables in the back setting out the best deals, and I have found these very helpful. How much are you going to be paying for the bank to do all the conveyancing and surveying and is it competitive? Have you got recommendations from friends or family and then quotes (NOT estimates) from local surveyors and conveyancing solicitors?

katehesk

Off the top of my head i'm not sure. The main lure with the bank is that if the sale doesn't go ahead, we don't pay a penny, which I suppose is a good hook.

We haven't got any estimates as yet no.

clutton_2

the most important things to compare with the bank and with the broker you are going to see are

how much are the mortgage arrangement fees
what interest rate will you be paying initially (for how many years)
what will the initial rate go up to when the initial rate ends
What ERC Early Repayment Charges apply

altho initially it may seem that a high street lender has a better deal, these fees i have quoted can be thousands

some brokers do not charge customers - they get paid by the lender. if this is the case with your broker then ask him if he is a "whole market" broker or is he is tied to one lender


dont let anyone rush you; dont let anyone say "only get one quote" - this is the biggest purchase of your life and needs careful consideration

once you have two/three quotes come back to us and i am sure others will advise as well as me

bw

Fire_Fox

katehesk wrote: »

Off the top of my head i'm not sure. The main lure with the bank is that if the sale doesn't go ahead, we don't pay a penny, which I suppose is a good hook.

We haven't got any estimates as yet no.

Many solicitors will do you a deal where you don't pay if the sale doesn't go through. However you are only not having to pay for their time - you will still have to pay their expenses, such as the costs of searches. Check this is not the same with your lender. Get EVERYTHING in writing if you are new to this so there are no misunderstandings - as stated don't ask for estimates ask for a quote (fixed price).

magga2000

What bank are you using? Knowing banks it might be more expensive at the end. But maybe not?

Firewallrob

clutton wrote: »

the most important things to compare with the bank and with the broker you are going to see are

how much are the mortgage arrangement fees
what interest rate will you be paying initially (for how many years)
what will the initial rate go up to when the initial rate ends
What ERC Early Repayment Charges apply

altho initially it may seem that a high street lender has a better deal, these fees i have quoted can be thousands

some brokers do not charge customers - they get paid by the lender. if this is the case with your broker then ask him if he is a "whole market" broker or is he is tied to one lender


dont let anyone rush you; dont let anyone say "only get one quote" - this is the biggest purchase of your life and needs careful consideration

once you have two/three quotes come back to us and i am sure others will advise as well as me

bw

Good advice - customers often pay fees for rates of £799/£999 - or even much higher. These deals often expire in 2 or three years, and guess what.....they want more money to take new business deals (or often offer rubbish deals if you take the free option). You can sometimes get round this by speaking to the retention teams, but they don't waive fees like they used to.