First time buyer, need some advice

MrRobbo80

Hi All,

My partner and I are just about to hit our deposit target by the end of Feb, and was wanting to get some advice about when we should start to do the following?

1) Speaking to a mortgage advisor
2) Actively looking for a house

Should we wait until we have hit out deposit target to do either of these things, or is there any benefit in starting the conversations now?

Thanks in advance

Robbo :beer:

getmore4less

start now.

GMS

Start the process as soon as possible. Make sure the adviser is 'Whole of Market'. Also speak to your own bank to see what they could offer you. It will give you an idea of what may be available

gb26

Me and my partner are first time buyers, we hit our deposit target at the end of November, this was our deposit target plus savings for Mortgage Fees, Solicitors, Stamp duty(as my partner has previously owned before) etc Solicitors fees, survey fees and some mortgage fees can add on another grand or two at least so make sure you have this all saved up as well.

I started tracking houses on rightmove in November, just to keep an eye on how quickly houses were selling, or not selling, we didn't start looking until the middle of December properly, we knew we had 10% deposit, no adverse credit so we didn't go to a mortgage advisor until a few weeks into the searching process, however I should add I am a bit anal about knowing everything, so I read up loads on the house buying and getting a mortgage process.

I'd say if you want reassurance now, find a mortgage advisor in a bank, we went to HSBC, they were brilliant, our first visit was just to talk about the steps of buying a house, if they thought we'd be ok to get one and that was it, we hadn't found a house at this time but it was nice having someone to go through any questions we had.

I would say see lots of houses to start with, just so you can see what's out there and get to know what you both like.

Take a notepad and pen, ask all the right questions, how long has it been on the market? how old is the boiler? The electrics? when are they moving? etc the guide on this site is really good, download it and have a read.

Hope that helps reassure you, I should add we have had an offer accepted and are waiting on the mortgage application, it is really exciting when you find a house, though trying to tone it down until it's definately ours.

MrRobbo80

Thanks all for your responses. I will start the search ASAP then Cheers!

anjb

Actually its good practise to look around get details and a few viewings. Get and idea of your price range and book to see 4-5 on the same day to get used to looking around. You'll see the variety thats on the market and spot the lemons!

My advice mate, when you do find the house you want to buy dont speak /arrange your mortgage through the adviser attached to estate agent.

Estate agents will also ask about your deposit etc keep all these details to yourself! Just be vague - 'you've got enough etc'

Else they then know what you can afford. Not what you want to afford. Poker face mate!

Their motivation is to get the best price for the seller (as they are commission based ) and while they may appear to be friendly etc *remember this is business*

First time buyers feed the market, so remember this is your trump card.

Interms of offers and stuff. I'll just say this, you'll make the money on your house when you buy, not when you sell. Also the sums of money involved make £1k seem small but £1k is still £1k!

Solicitor wise. If you pay peanuts, you'll get monkeys. Try and get a recommendation and someone local. Bad ones drag their feet like nothing else. If you're local you can see them face to face for problems and stuff and signing.
HTH + good luck