I want to buy a HOUSE but where to start?

jamtart6

I have read Martins articles, yet have no idea where to start looking for a whole of the mortgage broker

Does anyone have any tips at all for me as a first time buyer ? what to say to the broker? what i should expect etc?

Im excited but scared too!!:money:

JoeK_3

Come on, we're only human like you.

Open your yellow pages, look on the internet and conduct search but the safest way is to ask around your friends if they have had any good experiences with a good whole of market broker.

JoeK

davidjohndean

Start saving first!! Its bloody expensive!

jamtart6

heehe i have started slowly but surely!!

I have no friends who have bought a house, and my parents have lived in this house for 30 years.

BUT i didnt even think of the yellow pages, so thanks for that!


Is it an "independent" advisor I'm after?

I didnt mean anything against mortgage brokers by the way!

JoeK_3

Take you pick.

JoeK

littlejaffa

You don't say what country your in - differnt contrys have different systems.
We're buying in england for the first time - all other house purchases have been in scotland where the system is very different,

Almost a direct cut and paste from martins advice i e-mailed the following to every fsa registered advisor (check fsa website & yell.com for details) in my area,

"I am about to start sourcing a mortgage and before selecting a broker would appreciate your answering the following questions, can you tell me, could you, right now, source a mortgage for me from any available UK mortgage lender and how you would receive payment for this.
If you could also provide direct contact details, if i do go ahead with you i'd prefer to come to your office to discuss the details."

Only one came back saying yes I can do that & get my fee's from the lender- he's the one i went to see. (the wording is very exact..be carefull of those that say they can source from the 'whole of the market' this in fact means a pannel of lenders that represent the whole of the market NOT every single lender out there)

He was able to talk me through the entire buying process, what to expect etc all free....he'll get his cut from the lender if/when i take a product with him. They can also advice on life insurance/home insurance etc...

After speaking to him i checked the mortgage comparison websites to see if i could find anything better myself.

Other than that I'd say talk to people, go into estate agents and ask questions, what have they got in your budget?
Call local conveyoncers for quotes and ask questions - what services do they provide, what's included in the fee, there's no shame in telling them your new to this and most will be very helpfull.

ashli_2

Hi there!

Don't be afraid to do your own research, the range of mortgage products on offer may seem bewildering but if you can figure out what you want (i.e fixed rate, tracker etc) then that narrows it down nicely and you should be able to draw comparisons between them easily with the information on offer.

If you are internet savvy you shouldn't need to pay for a broker as all the information you need is on the net, although it certainly never does any harm to take advantage of free, no obligation advice!

Personally I have found this mortgage business to be nowhere near as complicated as I expected (so far, so good- touch wood! :rotfl: )


Good luck! :beer:

BeerBelly

Hi there, me and my partner are FTB and have just gone through most of the process.

We did a lot of research first, but opted to go with a no fee Mortgage advisor that works for one of the national Estate Agents. We also ended up using their solicitors as it was fixed fee (also, very competitive) and it was useful being able to make as many calls to them without incurring any extra charges!

We personally found using a Mortgage Advisor very helpful and reassuring - the only thing will be when it comes to Mortgage Protection and Building/Contents insurance they may try and sell you some through afiliates they have, but we informed them we are arranging our own and their mood didnt change one bit - still very smiley and helpful.

It was good having someone to talk to clear up certain parts of the process and how was upfront about it all. They also do a lot of the chasing and donkey work as well - sending your details to lender, chasing other ES..etc.)

I guess its all down to preference and how comfortable you are with the whole thing. From putting an offer in to Completetion it will work out at about 2 months for us, so guess it has gone smoothly!

What are your reservations and considerations regarding a Mortgage Advisor?

Hope this helps a little bit!

zag2me

I didn't use a mortgage advisor, just spent couple of hours looking at all the deals on the internet.

Worked for me.

jamtart6

Hi guys! thanks for the advice! i dont think i could go it alone (we're not sure how much mortgage we're even entitled to, as i have a weird salary)

i contacted a local mrtgage place who confirmed he:

• sources mortgages from the whole market
  
• independant and directly authorised by FSA
  
  
• happy to work on commision only, but is obliged to offer the option of paying him a fee of 0.75% of the loan amount - i dont get why i have an option to pay him or not????

Is this the type of thing I am after?

jamtart6

littlejaffa wrote: »

You don't say what country your in - differnt contrys have different systems.
We're buying in england for the first time - all other house purchases have been in scotland where the system is very different,

Almost a direct cut and paste from martins advice i e-mailed the following to every fsa registered advisor (check fsa website & yell.com for details) in my area,

"I am about to start sourcing a mortgage and before selecting a broker would appreciate your answering the following questions, can you tell me, could you, right now, source a mortgage for me from any available UK mortgage lender and how you would receive payment for this.
If you could also provide direct contact details, if i do go ahead with you i'd prefer to come to your office to discuss the details."

Only one came back saying yes I can do that & get my fee's from the lender- he's the one i went to see. (the wording is very exact..be carefull of those that say they can source from the 'whole of the market' this in fact means a pannel of lenders that represent the whole of the market NOT every single lender out there)

He was able to talk me through the entire buying process, what to expect etc all free....he'll get his cut from the lender if/when i take a product with him. They can also advice on life insurance/home insurance etc...

After speaking to him i checked the mortgage comparison websites to see if i could find anything better myself.

Other than that I'd say talk to people, go into estate agents and ask questions, what have they got in your budget?
Call local conveyoncers for quotes and ask questions - what services do they provide, what's included in the fee, there's no shame in telling them your new to this and most will be very helpfull.

Whats the difference between whole of the market and every single lender? I am in england by the way!

Thanks for your help :T