Mortgages for idiots

PoshGurung

Hi,

So I might have missed a thread on this. But where would you advise a total newbie on how to start looking into getting a mortgage?

Is there a good book? Should I speak to a financial advisor?

worried_jim

Go into an estate agents,(try a small local independent) tell them what you are looking for and start from there. Keep posting back here and you will be guided through each step by people who have been there before.
Ideally find a mortgage adviser who will have a whole of market range. Good luck.

kingstreet

Do not get involved with estate agency mortgage advisers.

For example, the largest in the market, Countrywide;-

- works to a limited panel, not whole market
- its panel members give it survey business
- charges you a fee
- pushes its expensive conveyancing service
- has a single tie for insurances.

Ask friends and relatives to recommend a good independent or whole market broker. Check direct-to-lender products and compare them with what the broker can offer.

Crashandburn

kingstreet wrote: »

Do not get involved with estate agency mortgage advisers.
.

I would say find out the status of the EA's adviser first before dismissing them. Many an independent works with Estate Agents and not all are connected to large companies.

Needless to say, just make sure your first meeting is free with anyone you sit down with.

marlasinger

Reading posts on this board is a good start to getting familiar with mortgages. Also, have a play around with some of the calculators for a rough guideline of how much you can borrow, how much repayments will be, etc.

After that, probably an independant financial adviser.

PoshGurung

Thanks guys, right the journey starts here...

So step 1 is to go to a local independent estate agent an tell them what I'm looking for and where...?

Are property prices in London still rising all the time?

podgy

does the calculations based on your circumstances and so a good independent (and free!) guide to whats out there for you:
https://compare.moneyadviceservice.org.uk/mortgages/Step1

R_P_W

Are you asking the best way to look for a mortgage or the best way to start looking for a property?

Goldiegirl

Back in the day when I was a newbie at mortgages, it was before the days of the Internet, so I bought house buying magazines to learn about mortgages.

These days I'd be reading all about it on the Internet, then I would be able to make an informed choice about the way that suited me best to apply for the mortgage.

I wouldn't want to go in blind to any sort of advisor, I'd want to have some background knowledge of my own.

My suggestion therefore is to read all about it on the Internet.

guesswho2000

Goldiegirl wrote: »

Back in the day when I was a newbie at mortgages, it was before the days of the Internet, so I bought house buying magazines to learn about mortgages.

These days I'd be reading all about it on the Internet, then I would be able to make an informed choice about the way that suited me best to apply for the mortgage.

I wouldn't want to go in blind to any sort of advisor, I'd want to have some background knowledge of my own.

My suggestion therefore is to read all about it on the Internet.

This. It's exactly what I did. Research the products online, work out what you can afford (monthly payments etc) including contingency for the eventuality of interest rate increases (they will, they can't go much lower!) and whatnot, then you'll have an idea of what will suit you.

It's a daunting prospect, but fairly simple when you get into it!

demontfort

PoshGurung wrote: »

Thanks guys, right the journey starts here...

So step 1 is to go to a local independent estate agent an tell them what I'm looking for and where...?

Are property prices in London still rising all the time?

The phrase "lamb to the slaughter" spings to mind when this guy sets foot inside a lair full of greasy london estate agents.

My advice don't even approach estate agents until you have a specific property in mind:

Identify the area you want to live in and the type of property

Search that area and property type on Rightmove etc.

When you find what you want at a fair price contact the agent selling the place to arrange a viewing.

View the property and have a good scout around the area and street to check it is OK.

Make an offer if you like it. Negotiate etc.

Don't buy any extras off the agent like finance services or conveyancing sort them out yourself with the bank and conveyancers of your choice.

Remember estate agents are not there to help you as a buyer they are there to sell houses and any overpriced bolt on services that they can shift to maximise their commission. So that they can keep themselves stocked up on Hair Gel and maybe get a personalised number plate for their poncey little Audi TTs.:rotfl::rotfl::rotfl::rotfl: