FTB Advice Please?

happy-chappy_2

Hello

I had an offer accepted on a house yesterday so I'm now looking at mortgage options.

I know its a bit of a basic question but where do I start?! I hear a lot of people saying I need a broker - where do I find one of them? Do they need to be local? Do I definitely need a broker or can I do it myself if I look hard enough online?

What options should I be looking at - obviously fixed - probably for 5 years. I'm thinking of looking at trackers too because the monthly repayments that are coming out are about half of what I pay in rent now so could afford for the interest rates to go up a bit.

Should I be looking at any others?

Sorry for all the questions but I feel like the estate agent is pushing me to get it sorted - which I obviously want to do anyway!!!

Also - is there anything I should be aware of in solicitors quotes? I'm going to get some recommendations at work tomorrow (reasonably new to the area - no family members have ever bought up here!) and then get quotes.

Many thanks for reading this far - any help or advice would be greatly appreciated!!

Happy-Chappy

ACG

You can use a local broker or one from further afield, it doesnt matter.

There are a few different types of mortgages on the market, fixed and trackers are the main ones.

Get a few different quotes for solicitors, but some mortgages include free legal costs. Other fees you may need to pay are valuers fees, these increase with the purchase price.

Based on the questions your asking i think it might be a good idea to atleast speak to a mortgage advisor, if you still want to do it yourself go for it but you will probably pick up a few pointers in an appointment with an advisor.

opinions4u

See a broker. Not the estate agent handling the sale. Clarify all fees up front. It could be a broker where your family live and know somebody. But make the time to talk face to face.

Don't go direct to the lender unless you know exactly what you want.

Talk to two local solicitors and two solicitors in different towns for quotes.

Check in here to ask questions before committing to anything!

Consider what life cover, critical illness cover and PHI cover you might need. Don't automatically buy it from the broker, but do make sure things are in place before the money is advanced. Same with buildings and contents insurance.

happy-chappy_2

Thanks for both your responses!

I will try and find a broker and make an appointment straight away. I think that may be my problem - one of the mortgages my bank offers includes legal costs etc so I don't really know which order to do things in - but I suppose as long as I don't commit to anything it doesn't really matter!

Thanks again for your help - any other tips, keep them coming - its a steep learning curve!!!