Zelie wants Housey (part 2 the sequel)

Zelie

I'm reposting this here because it's getting zip response on the House Buying thread. Hopefully you peeps can help. (I've read the advice on the main mse site but I'm still floundering a bit).

So...erm...*shuffles feet*

I think I may be at the point where I am ready to buy a house. I have found the House of My Dreams (TM) which unfortunately I most likely can't afford and which already has an offer on it anyways. This is both good and bad news because at least if the damn thing sells then I can start to emotionally detach from wanting it. I know, I know. Don't get emotionally involved in a house. It's not the house so much as the area which is amazing and there are only 12 houses there. Still, if it's gone it's gone.

I do have a good deposit and a good, steady job so I think now is about time to find out how much I can borrow and whether I can feasibly borrow it. Then I can get to finding a house I'd like to live in. Which brings me to my question. How the heck does one go about finding a good IFA? Google or what? I've spoken briefly to London and County in the past and I know they help with the funding for the mortgages brochure mse produces. Are they good in general? I'd sort of like to have face-to-face contact with someone rather than a phone conversation so do they do that? And does anyone have any other recommendations for an IFA I can discuss things with?

Thrugelmir

Why do you feel that you need an IFA?

Zelie

Thrugelmir wrote: »

Why do you feel that you need an IFA?

How else would I find a mortgage without an IFA or a broker? I've looked at some of the mortgage calculators for different providers but I find they are quite limited and I need more assistance. Is there something else that you would suggest?

Thrugelmir

Approach the matter another way. How much can you afford to spend on a mortgage? Borrowing to the limit has its downsides if interest rates rise which they envitably will.

Everybody has their their dream property but it doesn't have to be the first one you buy.

Zelie

Thrugelmir wrote: »

Approach the matter another way. How much can you afford to spend on a mortgage? Borrowing to the limit has its downsides if interest rates rise which they envitably will.

Everybody has their their dream property but it doesn't have to be the first one you buy.

I have absolutely no idea about how much I can borrow...that is why I'm looking for recommendations on finding a good financial adviser or broker...

I know borrowing anything has it's downsides depending on interest rates. But I won't find out the specifics of the downside until I...speak to an IFA or broker...y'see?

Did you maybe misunderstand the OP? I said my dream house is gone so I won't be living there. This gives me the impetus to find out about mortgage possibilities so that I can look at other houses.

GMS

How much you can borrow is dependent upon income and expenditure.

You could speak to a 'Whole of Market' broker who could get you accurate figures.

You could look on lenders websites and use their affordability calculators. A bit long winded but you would get a pretty accurate figure.

If you are looking for a rough guide work on 3.5 x salary. Could be higher, could be lower depending on your circumstances.

There are brokers on here who would be happy to help you.

Zelie

GMS wrote: »

How much you can borrow is dependent upon income and expenditure.

You could speak to a 'Whole of Market' broker who could get you accurate figures.

You could look on lenders websites and use their affordability calculators. A bit long winded but you would get a pretty accurate figure.

If you are looking for a rough guide work on 3.5 x salary. Could be higher, could be lower depending on your circumstances.

There are brokers on here who would be happy to help you.

Cool, thanks. I have a rough idea of how much I can borrow but obviously I would need an actual AIP or mortgage in place before I can properly look for a place. Do you or any of the other advisers recommend any brokers in particular to speak to? Or any which are crooks and best avoided? I'd consider London & County only because they get recommended by Martin's mortgage guide but they seem to be phone only which doesn't really work for me. I need to sit down and see what people are talking about and have things to look at.

GMS

Rules of the site prevent recommendations, sorry. London & County have mixed reviews on here.

Soem people prefer the telephone, others want face to face. If you do use the telephone option feel free to ask as many questions as you want. A good broker will always be availabel and happy to help you with any query no matter how small.

You could look on google, yell etc, or try looking at profiles on here to se if you can find somebody that way.

Make sure they are 'Whole of Market'.

FraudBuster

More information can be found here:

http://www.moneymadeclear.org.uk/hubs/home_mortgages.html