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I want to buy a HOUSE but where to start?
Comments
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Looks good.
He is offering a standard menu sytem, by law.
Go for it
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
[*]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????
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Is this the type of thing I am after?
Sounds good to me! I used MoneySupermarket.com to find a broker.
Is the optional fee of 0.75% payable by the lender or by yourself?Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Melissa - "if you chose to pay me a fee, it would be 0.75% of the loan, and in this case i would reimburse to you the full amount of commission which i received from the lender following completion"
i have NO idea what that means!!
what if we dont get our mortgage thru him? do we still have to pay for his advice?
:ABeing Thrifty Gifty again this year:A
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Also meant to ask would anyone happen to know if we would be able to get a buy to let mortgage as first time buyers? we want to get on the ladder but rent it to some one for 2 years (and live at home) . the jobs we have could cover the mortgage but nothing else.having someone rent it would pay the mortgage for us, and allow us to save for 2 years.....
what do you think about that? will they laugh at us?! lol!
:ABeing Thrifty Gifty again this year:A
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You don't need a BTL mortgage to rent out your property. Plus, BTL mortgages are often for people with more than 20% deposit to put down who are renting out professionally - there will be provisions in the mortgage Ts&Cs about that. I would say "go with the best deal out there".
I would clarify what the fees are for the mortgage advisor - my mortgage advisor was free, and received his commission from the lender.
I thought moneysupermarket.com was very good for comparing deals, seeing what is out there. Then you can have some basic knowledge for discussing your needs with a mortgage advisor.
Good luck!Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Melissa - "if you chose to pay me a fee, it would be 0.75% of the loan, and in this case i would reimburse to you the full amount of commission which i received from the lender following completion"
i have NO idea what that means!!
Okay, this means:
- He finds you a mortgage
- You get the mortgage. The mortgage company agree to pay him a fee. It should tell you on the mortgage offer how much the mortgage company (lender) will pay him. If it doesn't, ask him.
- You complete the purchase
- Then the deal on the fee is: you get the mortgage company's commission it would have otherwise paid him, and give him 0,75% of the transaction, or you pay nothing, and he gets the mortgage company's commission.
I suspect it will be in your interest for him to receive his commission from the lender.
If you don't understand anything, ask him to fully explain it.
Hope this helps!Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0
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