First time buyers - Help

mac456

Hi,

We are looking at our 1st house and are in a position to buy it almost (we think)

But there are a few things we need some advise on.

1. I used to be a contractor and have recently got a perm job at the same company so we can buy a house.

I was a contractor at this company since November 2011 and I was made perm on the 1st of May 2012

Will this be ok with the banks? eg. with the 3month proof of wage etc...

2. Solicitor, stamp duty, surveyor fees. How are these usually paid, with cash from savings or added to the mortgage? and much would these cost on a 130k house?

Thanks for the help

Mac

ACG

Some lenders require you to be in continuous employment (with any employer), some require you to have been with the company for x number of months (usually your probabtionary period) - it vaires from lender to lender - so double check this before you apply anywhere.

Your solicitor will take care of all the fees once they have all of the money.

If your purchasing a property for £130k you will have to pay stamp duty...if you pay £124,999 - you wont...so it could be worth taking that into account.

As for how much, a lot depends on the lender and what you want - some include free valuation and/or solicitors. Most charge some sort of booking fee. Its sometimes possible to avoid these fees but the interet rate would usually be higher.

It might be worth you speaking to a Mortgage Advisor, they can go through the different options and show you different examples - based on what you want.

I know thats a little on the vague side but hopefully it helps a little.

mac456

thank you for the help on this. that does clear up alot. I think the best thing to do now is to see a advisor so we can get the finer details

Thanks

Mac

ACG

With contracting in the background i dont think it would do any harm to speak to one.