Mortgage broker - will they advise?

bigmomma051204

Hi, am wondering whether to have a free consultation with a mortgage broker to ask some questions BUT not sure whether these questions are the sort they will not want to answer during said FREE consultation lol!!

Basically, We’ve lived in our privately rented 3-bed roomed house for the past 4 years paying £650 a month. We’ve decided that its foolish to continue paying £650 a month in rent if we could be paying a similar amount for a mortgage....I have worked for the local council for 5 years and earn £22,000 a year. My hubby had a serious car accident 3 years ago which has meant he has had to claim DLA etc for that time as he has basically had to re-learn how to walk etc. He is now pretty much recovered and no longer claiming any benefits and is hoping to be self employed in his previous career. As such, obviously his earnings wont be taken into account for a number of years, i understand...

So, we had resigned ourselves to renting (weeing money up the wall as we like to call it!) for the forseeable future..... until, recently my parents have suggested that they might like to help us if possible... ie, in some way help to buy a house and "rent" it to us (ie they get a mortgage and we pay it back....)

So, they have looked at buy to let and the idea of maybe myself and them/my dad getting a joint mortgage but it seems very confusing!! They own two properties (totalling approx £800,000) and have joint pensions (bless them!) of approx £45,000 per annum gross. I obviously earn £22,000 per annum and have about £12,000 in savings (pitiful i know) - i also own 1/12 of my grandads house (for reasons i wont go into lol!!).... none of us have any debt whatsoever and never have been in any debt.
So we kind of want to know if these finances will permit us to get a mortgage of some kind and what is the best kind to go for - ie joint with parents, they buy to let etc etc

So, i guess i am asking... will i be able to ask these questions of a independent mortgage advisor in a 30min consultation or are these the kind of questions they will expect to charge us for lol... and if they do charge, what kind of £££ is an appropriate amount to be paying for consultation with them??

Sorry if this is all a bit waffled lol!! :A

ACG

If you take out a mortgage through a broker they will get commission from the lender, they may charge a fee too.

Your scenario is less than straight forward. Based on your income alone and deposit you could purchase a property for maybe £100k.
With your parents involved depending on their ages their could be alternatives. Its probably best that you do go and see an advisor. They will give you an hour or so for free to run through some ideas with you and complete a factfind - this will give them all the information they need to go off and see whats available to you.

betmunch

I think the bulk of advisors wouldnt charge for the info you asking. Could be wrong though. what they will do is advise you right at the start of the meeting how much they will charge if any, and when. If you dont like their fee structure just walk away