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First Time Buyers: Process
BeerBelly
Posts: 325 Forumite
Hi everyone,
First a BIG Thank You for Martin and co in taking the time to create the very good Mortgage Guide! Where I understood about 10% before and was a bit bedwildered about the whole topic, me and my partner now feel a lot better about the whole thing!
We've also recently set up a joint account and was pleased to hear we both have good credit ratings! We also are lucky to have saved the 10% deposit (fee's are nearly there as well!!).
I just wanted to ask you guys is the following is the correct way to approach the whole Mortgage/House buying process (don't worry, Im expecting headaches, £££ and delays along the way!).
- Contact mortgage Broker to find appropriate Mortgage
- Meet face to face with lender to go throgh paperwork and agree Mortgage
- Start finding properties to view (contact through Web/Estate Agents)
[Its at this point that is all becomes a bit grey and blurred to me]
- Like a desired property, put a bid in to the EA
- Play cat and mouse over price until agreed
- All the legal process/surveys starts and fees sart mounting up
Im still pretty wet behind the ears when its come to property and not trying to be anal about the whole process, just want to make sure we dont get tucked up or bamboozled by EA's.
I've also heard if we have 10% we could find a place, put a bid in then sort mortgage, but what is the most straight forward way (in your opinion) for a first time byer to survive the process!!
Thanks
First a BIG Thank You for Martin and co in taking the time to create the very good Mortgage Guide! Where I understood about 10% before and was a bit bedwildered about the whole topic, me and my partner now feel a lot better about the whole thing!
We've also recently set up a joint account and was pleased to hear we both have good credit ratings! We also are lucky to have saved the 10% deposit (fee's are nearly there as well!!).
I just wanted to ask you guys is the following is the correct way to approach the whole Mortgage/House buying process (don't worry, Im expecting headaches, £££ and delays along the way!).
- Contact mortgage Broker to find appropriate Mortgage
- Meet face to face with lender to go throgh paperwork and agree Mortgage
- Start finding properties to view (contact through Web/Estate Agents)
[Its at this point that is all becomes a bit grey and blurred to me]
- Like a desired property, put a bid in to the EA
- Play cat and mouse over price until agreed
- All the legal process/surveys starts and fees sart mounting up
Im still pretty wet behind the ears when its come to property and not trying to be anal about the whole process, just want to make sure we dont get tucked up or bamboozled by EA's.
I've also heard if we have 10% we could find a place, put a bid in then sort mortgage, but what is the most straight forward way (in your opinion) for a first time byer to survive the process!!
Thanks
0
Comments
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Hi, I am also a FTBer but a bit further down the line than you. A couple of things which came up for us (1) we approached a mortgage broker when we started looking, to confirm we could borrow the amount we wanted. We didn't actually apply for a mortgage until after we had an offer accepted. (2) get the results of the survey before you instruct your solicitor to start the searches. The survey on the first place we went for showed that a load of work needed doing, we ended up pulling out - we lost £280 as the solicitor had already started the searches.
Hope this helps and good luck.0
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