FTB : Advice and help please!!

danlojo

Hi

We are looking at purchasing our first home soon and basically......havent really got a clue.

We have a hefty down payment to put down to keep the mortgage as low as possible.

We have been and got a mortgage in principle form 3 companies including our bank.

Once we view a house and like it what happens then?

I know we need a solicitor but do you chose one by word of mouth from friends etc.

If we go with the bank do they sort out the survey or is that the solicitor?

I feel pretty sick at the thought of all this as this will be our first home and we're in our 40's.

Thanks for any replies as you can see we're in dire need of help on this one!!

Step by step would be great!!:)

dannyxx25

Once you've viewed a house, liked it, you then put an offer in. Then tell who you're getting your mortgage with the offer you've put in. When the offer is acccepted you'll then need a conveyencer/solicitor. The conveyencer will sort out everything after that. Your bank will do its own valuation of the property.

VIGILANT22

dannyxx25 wrote: »

Once you've viewed a house, liked it, you then put an offer in. Then tell who you're getting your mortgage with the offer you've put in. When the offer is acccepted you'll then need a conveyencer/solicitor. The conveyencer will sort out everything after that. Your bank will do its own valuation of the property.

You may find this guide helpful

http://www.moneysavingexpert.com/mortgages/mortgage-guide

Don't be applying for anymore decisions in principles, as some may leave a soft footprint on yr credit file but others may not..

If you had wanted to see comparative quotes for the whole of the market, you would have/would be better seeing a whole of market mortgage adviser who would have walked you through the whole process. This is your biggest financial commitment so you want to ensure you get best advice. You don't always see an adviser in a bank, many employ customer service advisers who offer an information only service (altho very few explain this), Also by going to a bank they can only offer you the products they have ie if you go to RBS they cant tell you what Halifax have...good luck......

dannyxx25

handy little guide that vigilant22, never noticed it b4

danlojo

Hi

We were headstarted by an EA who covered whole of market mortgages.

Also I did ask if having credit checks would have put soft markers on our credit history but we were told it wouldnt.


Thanks for the replies and I'll have a look at the guide.

I feel sick already :eek: I'm sure it will turn out a breeze!!:D

VIGILANT22

It is better to find someone indepedent of an EA's...some on here thot the EA was whole of market when in actual fact they were what is known as multi tied

Don't fret too much...remember it's only bricks and mortar..

troubledfifi

A mortgage in principle is not an offer of a mortgage. I had this from my bank, put an offer on a property in, then applied for the mortgage completing all the paperwork and it was rejected, losing me a lot of time and money. They told me I should have completed all the application paperwork before finding a property.

danlojo

The bank shouldnt have a problem with us being accepted (one hopes)

I always thought that you look for the property and then go for the mortgage. We are financially ok to easily cover the monthly fee so long as the property is not over stretching our selves.

Does it make a difference on the price the owners bought it for.

For instance....house is up for £359,000 (from various sources it is probably worth £335 tops) Is an offer of (to start with) £295,000 ok or is that taking the piddle?

Owners purchased it in 2004 for £330,000 , does that make a difference when offering a much lower price?