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A little help for a FTB?
Comments
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Cheers homer_j & JoeK :beer:
Your advice has been very helpful. I will have a chat with Lea and google some 125% Mortgage rate information, etc.
No doubt i will be back with more questions in the near future
Mike & LeaClassically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.
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Shadowplay wrote: »Cheers homer_j & JoeK :beer:
Your advice has been very helpful. I will have a chat with Lea and google some 125% Mortgage rate information, etc.
No doubt i will be back with more questions in the near future
Mike & Lea
Good hunting
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 -
Hi MortgageMamma,
We are currently in Didsbury, South Manchester. The properties we are looking at are in the same area.
Yes that’s good advice and I will speak to a broker before making a decision.
This is going to sound really silly but, are IFA and Mortgage Brokers the same thing?
We are both Graduates; does this give us access to different/better mortgage deals?
Mike & LeaClassically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.0 -
Hi Mike and Lea
Mortgage Brokers are your best option as they concentrate PURELY on mortgages and protection
An IFA< whilst extremely skilled and more qualified than a broker, tends to do a bit of everything i.e. investments, pensions, protection - therefore the knowledge on one particular thing can be somewhat diluted
There are graduate deals available but they do not necessarily give you the best package when compared to other providers. some none graduate deals can sometimes be better. There is also something called a professional mortgage, aimed at doctors, solicitors and the like. Would you fall into that category at all?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Morning MortgageMamma,
Right Mortgage Broker it is. I will research ones based in Manchester :T
Urm, I'm a Subject Officer for an Exam Board (but I do not have qualified teacher status) and Lea is a Website Administrator for a Union.
I'm not sure if we would fall into that category?
After talking through all the helpful information gained from this board with Lea last night, we have decided to save for about 6 months (for the Solicitors fees, etc.) and search for a competitive 100% Mortgage fixed for at least 2 years.
Just as a rough estimate how much would we need to save?
I have suggested £4,000 :rolleyes:
Mike & LeaClassically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.0 -
£4,000 for a solicitor?
That seems rather steep to me.
For properties 125K and under there is no stamp duty to pay.
Where did you get the 4K figure from?0 -
Hi meanmachine,
No, the £4,000 is to cover:-
Solicitor’s fees
Full survey
Moving from rented accommodation
Sofa (the only furniture we don’t own)
Mortgage fee???
Do you think we have missed anything?
How much do you think we would need to cover the above?
Mike and LeaClassically it is said that money acts as a unit of account, a store of value, and a medium of exchange.
In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade in value over time through inflation or the overthrow of governments.0 -
MortgageMamma wrote: »Hi Mike and Lea
Mortgage Brokers are your best option as they concentrate PURELY on mortgages and protection
When I grow up, I want to be a mortgage broker!
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 -
You seem to have covered everything that I can think of- but my head is mashed - Buying costs can include but not limited to (Estimates in brackets):
Valuation/Survey (£300 basic/£500-600 homebuyers/£1500 full structural)
Legal Fees (£500-£800)
Mortgage set up costs/arrangement fee (£0-5k)
Moving costs (£250-£500)
Stamp Duty if you pay more than £125k (£1250-£1320)
For buying furniture and bits you want to do will very much depend on you and your tatse.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Mike and LeaShadowplay wrote: »Hi meanmachine,
No, the £4,000 is to cover:-
Solicitor’s fees
Full survey
Moving from rented accommodation
Sofa (the only furniture we don’t own)
Mortgage fee???
Do you think we have missed anything?
How much do you think we would need to cover the above?
Mike and Lea
I would assume that you will have to pay nearer to the asking price and factor in a 1% stamp duty in your calculations.
I have done a quick calculation and the £4,000 budget seems just enough but it's a squeeze.
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
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