Information for first time home buyers

Saffamagic

I am not sure if I am in the right forum but thought I would give it a go anyway.

My wife and I want to buy a house. We both have full time jobs, have saved up deposit money (£10000).

We don't know what the best option is though, do we go through a bank, an agency, a mortgage advice broker of some sort.

We just not sure as to what avenue to go down and we are definitely buying as we are renting at the moment and our lease is up in May.

Any help with this is greatly appreciated.

BelleBot

I visited a few brokers, though I ended up going through my building society as their deal for current account holders was just as good as the deals the brokers were offering, except there was no broker fee.

Brokers are very helpful though, I know the ones I saw were prepared to go through and help with everything from mortgage to surveys to insurance. So they're definitely worth looking into, some are better than others and make sure you get a whole of market broker.

Good luck

ACG

I would always avoid estate agency based brokers. You can never be 100% theyre working in your interests.

So for me it comes down to bank/building society or a broker. If you are prepared to do the research yourself and happy that you can sort out any issues which may arise do it yourself. If you prefer the help and support and want someone to do the research for you then a broker is the best route.

It really is down to you and your preferences.

G_M

A combination is the best way to go, to find the best deal for you:

* search online via comparison sites
* check out individual lenders' websites to see what mortgage deals they have, and what criteria (salaries, deposits etc) they require
* an Independent Mortgage Broker. But check upfront how he gets paid: some will charge a fee for advice, some charge only if/when you take out a mortgage via them, some don't charge but get commission from the lender
* drop in to your bank

* but avoid estate agent advisers - you don't want the seller of your preferred home to know exactly how much cash you have do you now?!!

Basically, the more research you do, the better you'll understand the options, and the better your choice will be.

Also go to your local library and borrow a book (it's free!) on property buying - it will help with all aspects of the process as you move forward.

Yorkie1

Duplicate post:
https://forums.moneysavingexpert.com/discussion/4855063