1st time potential buyer - where to start?

freddie_2

Having recenly viewed a house and love it I was wondering how to go about looking for a mortage?
We are 1st time buyers. do we go to banks ourselves or mortage shop place or other?

Not really got any spare cash to pay for unnecessary things if we could do it ourselves but not sure if getting a mortage is something we are better off paying for.

Thanks

G_M

Mortgages cost money. Sorry.

But mortgage advice can be had for free.

Find an independant mortgage advisor, or finacial advisor. Some charge a fee, some don't, so check.

But as a starting point, get a book on house buying (free at the library!) and learn how mortgages work, what options there are etc.

Then takl to the advisor about what savings etc you have and he'll tell you what you can borrow and from where.

robatwork

If you're members of which? you can call them for some free advice that's as likely to be impartial as you will find. Probably worth joining them just for that.

This site has some guidance on the main page too.

I like moneyfacts as a comparison website....

good luck

CLAPTON

good start would be to tell us

-how much you have saved for a deposit
-what your income(s) are
-how much the house is?
-what do your credit records say about you?

Doshwaster

It can't hurt to talk to your own bank as a first step but they will only offer you their products and they are unlikely to be the best for you.

Try talking to 2 or 3 independent financial advisers. Most will give you an initial consultation for free to explore your options and explain their fees structure (their fee will vary from zero to a lot depending on the product). Since you are a FTB, see which one will explain the process to you the best rather than blind you with jargon. The first IFA I tried was terrible and just shoved some numbers under my nose. I then found a fantastic woman who took me through every option step by step.

This is going to be the biggest purchase of your life. In the scheme of spending tens of thousands of pounds, an extra hundred pounds or so for proper advice is peanuts and could save you a fortune in the long run.

For a real novice first time buyer who doesn't know what to do next (like I was in 2010), I would recommend this book http://www.amazon.co.uk/How-Buy-House-Phil-Spencer/dp/0718147340 - just buy one of the 1p used copies. It's not a guide on how to make a fortune from property but for the absolute novice, it's a an easy to understand set of steps for complete beginners.