Buyer accepted...right what next!

isotonic_uk

Hi

You have to bear with me on this one. Im new to all of this and learning as I go along, hoping for some advice along the way :-)

So an offer has been accepted for my first property and now i have instructed a solicitor but need some advice regarding a mortgage advisor. I slightly stuck on who to choose and was wondering what the pros and cons are. I am aware of some.

So my final list is and this could change

Santander - as we have a 123 current account and apparently we get better deals, at the moment i seem to be seeing better deals with The estate agent advisors because they have from my understanding a larger pool of mortgages.

Connells - who the house was with - say if i want a remortgage they wont charge a fee and can use them as many times as we want. Is this a blag? Would it be easier also to go as the property is being sold via them?

Countrywide estate agents via Dixons estates- was impressed from initial meeting and have seemed to go into a lot more depth.

The property has been quite popular, i have heard horror stories about deals falling through so am keen to act quickly. All i have been asked from connells at the moment is to show my mortgage certificate from santander as they gave me the pre approval mortgage, obviouslly just as a guideline....

I live in the wolverhampton area, hopefully if anyone is around this area looking at this thread, maybe able to advise?

I am looking to put down 25 or 30% desposit down, what i have noticed is that the monthly payments dont make too much difference and now thinking of opting for 25% and then use the remainder cash for house improvements. Would that be a good move ? The term would be over 35 years but the plan will be to pay lump sums when i dont get penalised..

Also i understand that mortgages onlines are one of the cheapest ways of getting a mortgage but my concern is it doenst have that personal and informal touch. Am i worrying about nothing? Would i be advised to stick with a branch advisor or is pretty safe and easy to go the online route?

The big question fixed or variable...at the moment i am more for the fixed route for 5 years as is something i dont need to worry about and my payments would be the same monthly. I dont have any dependents, just myself and wife at the moment but we are looking to start a family soon. Is this a bad move? Could i be paying more than required? The house does need significant decoration and alterations so my thinking of fixed payments will allow us to budget more effectively whilst allowing us to do the work that is required. At the moment there is no immediate rush to move into property, we would prefer to do work and then move in.

I have many questions. This is just the beginning i feel. I Looking forward to any responses and guidence along the way :-)

Many thanks

amnblog

As a first time buyer, get some advice.

The experienced mortgage brokers on here will generally tell you two things on here:

1. Never use the sellers estate agent (conflict of interest)
2. Quality of advisers in estate agents is generally patchy

I am not sure but I believe Kingstreet on here is in your area?

He knows his onions.

kingstreet

Find yourself a local whole market broker. Don't be conned by this "lifetime fee" nonsense and Countrywide aren't whole market, charge a fee for their limited panel advice and are very interested in you using their conveyancing, survey and tied (to one insurer) insurance advice.

If you want someone to be responsible for the advice they give you, you need a whole market broker. You need to establish if a direct to lender product might suit you better.

amnblog

Wolverhampton to Stafford - not far

kingstreet

Stafford to Wolverhampton.

I work from home. Our office is in Birmingham though. He might not get me.

Lucky devil.

amnblog

What about if he turned up in reception and threw a tantrum demanding that he deals with you.

kingstreet

If only I could be a fly on the wall...

"I'll deal with kingstreet and only kingstreet!"

"I'm sorry, we have no-one by that name."

"The bloke who spends all day dishing out free advice on MSE."

"Oh, I see. You mean our resident media celebrity? The 'Martin Lewis' of the mortgage world?"

"Sorry, he's tied up. Mr Heineken is with him at the moment..."

isotonic_uk

Another question I had was now the buyer has accepted the offer. Will Connells take property of the market or do we need to request this?

kingstreet

When you make your offer and it is accepted, you should request the property be removed from the market.

The vendor may respond with an agreement to remove it from the market, mark it SSTC or similar, when the valuation has been done, as a way of getting you to get on with it.

However, I advise my clients not to spend money on mortgage, valuation, legals etc until the vendor has a purchase agreed and the chain is fully formed.

Yorkie1

You can request it but it's up to the seller what happens with continued marketing of the property. It's not unusual for the house to remain marketed until the buyer has shown some commitment e.g. had the survey carried out.

isotonic_uk

Yorkie1 wrote: »

You can request it but it's up to the seller what happens with continued marketing of the property. It's not unusual for the house to remain marketed until the buyer has shown some commitment e.g. had the survey carried out.

Thanks, what about if I was to pay a holding fee. I have not been asked by Connells for one, a bit of ID and mortgage certificate was enough for them to say to me that they are not accepting any more calls regarding the property. I am happy to pay a holding fee if it absolutely guarantees me the property. I am concerned that another potential buyer may increase the offer. I am guessing this could be done.....