Starting to look at first house.

john0

Hi people,

Just looking for some advice as to what I should look out for/consider/ask when starting to look at a house to but for the first time?

I will be buying with my girlfriend, we have between 80-100k to put down on a deposit. When asked by the estate agents I have said that my budget is around 250k?

Do I need to speak to a mortgatge adviser first, the estate agent has offered for their adviser to ring me on friday before the viewing to discuss a mortgage.

Thanks in advance.

lb364

The general consensus on here is to never use the estate agent's broker as the agent will know the maximum you can afford and encourage you to buy properties for that amount.

As a recent FTB (if the house I've bought completes) I would say to go to the first few expecting very little as we thought we'd have our pick but were quite disappointed in the lack of houses available where we wanted to buy/in our price range. The photos are not always representative of what you will find when you view.

Do your homework beforehand to see what nearby properties have sold for recently then you can look out for them and see if they've had extensions etc. (Especially from the back garden )

In all possible areas that you would consider living, look at different parts. For example, the area near the train station might be awful but just down the road could be really nice. And once you have found the right place, be quick - it may be a buyers market but you are not the only buyer.

john0

Hi ib364, thanks for the info, the estate agent already knows i have around 70-100k for a deposit, but it doesn't bother me that much as i know what I am willing to pay and will assess every property individually. Might cancel the appointment with them though if you think it would make a difference, is it free to get a quote and is it as simple as using someone online? I don't know anything about mortgages to be honest.

What is the easiest way of finding out what houses in the past have sold for in the same area, that info would be really helpful.

BASFORDLAD

I really wouldn't bother with the estate agents mortgage adviser, they will be on a nice fat commission and may appear all friendly etc.

Shop around for the best deal

Oh and if the estate agent says you have to see their adviser before you can make an offer that is complete rubbish

lb364

john0 wrote: »

Hi ib364, thanks for the info, the estate agent already knows i have around 70-100k for a deposit, but it doesn't bother me that much as i know what I am willing to pay and will assess every property individually. Might cancel the appointment with them though if you think it would make a difference, is it free to get a quote and is it as simple as using someone online? I don't know anything about mortgages to be honest.

What is the easiest way of finding out what houses in the past have sold for in the same area, that info would be really helpful.

I'm not sure what happens if you go to their adviser then buy a property through another agent but that could be another reason not to get advice from that agent's adviser.

There is advice on here to go to a whole of market broker, I went to one that did not charge a fee and they were really helpful in getting the agreement in principle. The rate they got me was lower than any I could find online. However, when I came to buy (the AIP had expired) I got a cheaper deal by going direct so do your own research and see if a broker can match/better it.

I used a combination of sites, nethouseprices is good for the basic info - dates and prices. Zoopla sometimes takes into account rental prices as well and shows any photos it has on file. And Rightmove is good for seeing photos and estate agents descriptions from when it was sold.

Good luck

ReadingTim

Get in touch with a mortgage broker to see how much you might be able to borrow, and how affordable that is. Make sure they're independant, whole of market, rather than being tied to a particular lender's product range, or in bed with the estate agents, who will then know how much you've got to spend.

Ideally you want an "agreement in principle", which shows you're a serious buyer. Armed with this bit of paper and that number, start looking at properties up to 20% above that figure, and you probably won't go too far wrong...

john0

Thanks for the help, what is the easiest way to find a whole of market mortgage broker, is it a simple case of googling brokers in your area and then asking them?

Fire_Fox

john0 wrote: »

Hi ib364, thanks for the info, the estate agent already knows i have around 70-100k for a deposit, but it doesn't bother me that much as i know what I am willing to pay and will assess every property individually. Might cancel the appointment with them though if you think it would make a difference, is it free to get a quote and is it as simple as using someone online? I don't know anything about mortgages to be honest.

What is the easiest way of finding out what houses in the past have sold for in the same area, that info would be really helpful.

You really should not have told them what your deposit is, don't ever mention that again to an estate agent again because it kills your bargaining position. It means your borrowing and therefore purchase price is more flexible, you are not as constrained by the loan-to-value nor any retentions on the mortgage after survey.

Go to an independent mortgage broker and get a mortgage in principle, you need this before submitting a serious offer. Also research land registry sold prices in the area you are interested in. Also run an advanced search, FTBs post constantly asking for advice so everything you would ever want to know has been answered, read the stickies there are a couple aimed at FTBs too.

john0

Thanks fire fox, so if i get a mortgage in priciple then look at houses, if they ask what is your budget you just say you have a mortgage in principal for up to say 300,000?

Will have a look through the advanced search when i have more time, thanks again.

Fire_Fox

john0 wrote: »

Thanks fire fox, so if i get a mortgage in priciple then look at houses, if they ask what is your budget you just say you have a mortgage in principal for up to say 300,000?

Will have a look through the advanced search when i have more time, thanks again.

Say: you have a maximum of £300K to spend for the perfect house but it would have to have everything you want (bedrooms, parking, garden etc) and be in move in condition for you to pay that. You would prefer to pay £250K (or whatever), staying under the stamp duty threshold and have money for furniture and refurbishments. You are first time buyers with a mortgage in principle, keen to proceed.