First time buyer advice

terry.h

Me and my girlfriend are looking to buy a house and would like some advice, here are our circumstances...

We are looking at properties around 130k
We have a deposit of 13k

Our joint income is £28,900
We have around 4k for fees etc

We would like advice on who to go with and what type of mortgage would be best, any help would be much appreciated.

_Andy_

Speak to a whole of market mortgage broker.

herbiesjp

4 times joint income is fine.

90% borrowing is fine also, but will limit the number of lenders and therefore deals available to you.

Best place for advice is as Andy posted above.

terry.h

If I spoke to someone like London & Country, would I be charged for anything and would I have to take a mortgage they find me?

Also, can they offer advice on things like whether tracker or fixed would be best for us?

VIGILANT22

terry.h wrote: »

If I spoke to someone like London & Country, would I be charged for anything and would I have to take a mortgage they find me? Also, can they offer advice on things like whether tracker or fixed would be best for us?

To be perfectly honest you would be better following the suggestions of the above posters. This is going to be possibly your biggest financial commitment, why don't you want the best service..face to face...as opposed to fone?? Start by reading this guide :
http://www.moneysavingexpert.com/mortgages/mortgage-guide

This will give you some understanding to base future conversations on. As a rule of thumb, those requiring the security of knowing what they're paying each month would go for a fixed (cautious investor)...taking a tracker means the payments can (will, as rates can only go one way..up)....vary...then you would be taking more of a "risk" due to payments varying.. (nothing sinister)

L&C won't charge you. Be careful when speaking and giving information they don't run credit checks, you don't want multiples on your file

Most whole of market brokers will visit you at home, you will have a contact number to contact them personally even out of hours. You can call, email them etc as questions come up....they will guide you with the whole buying process...ask family/friends/colleagues to refer you to an adviser they have used and been happy with...good luck...:)

dimbo61

First of all you should be looking for properties up to £125,000 and below!
Over this amount and you pay 1% stamp duty.
Save ,save and save as much as possible for the deposit!
Now £13K is 10% deposit on a £130K property but if you could build up you savings so you have a 15/20% deposit then there are more mortgage deals on the market. GOOD LUCK

Coveredinbees!!!!

No advise just good luck it's a difficult time right now the banks are being so picky

terry.h

VIGILANT22 wrote: »

To be perfectly honest you would be better following the suggestions of the above posters. This is going to be possibly your biggest financial commitment, why don't you want the best service..face to face...as opposed to fone??

I thought L&C were a whole of market broker?

VIGILANT22

terry.h wrote: »

I thought L&C were a whole of market broker?

Yes but as I posted above "This is going to be possibly your biggest financial commitment, why don't you want the best service..face to face...as opposed to fone"....L&C are fone based......