FTB, where do I start?

helen991

I've saved up a deposit and other costs I'll need to, so where do i start, i guess first i need to find out if I'd be accepted for a mortgage? so an appointment with a broker? how much is that likely to cost?

thanks.

Cornucopia

There are free (to you) brokers. If your requirements are not too specialised, and maybe you already have an idea of the kind of deal you are looking for, then they can be okay.

I used one the last time I applied for a Mortgage and he was very good.

Or you can simply approach one of the large Lenders (or a small Building Society local to you) directly.

As a FTB, I assume you will be looking for 3-5x salary, 80-90% LTV, maybe 3 years Fixed rate?

There are several mortgage brokers on here who can give you a rough/unofficial idea of whether your requirements will work, if you tell them what you are looking for.

Paully232000

helen991 wrote: »

I've saved up a deposit and other costs I'll need to, so where do i start, i guess first i need to find out if I'd be accepted for a mortgage? so an appointment with a broker? how much is that likely to cost?

thanks.

You can get free brokers, but the one we went with a few years ago cost £299.
Well worth it imho.

helen991

Thanks, I've just done a quick Google search and came across a few "free" brokers, and i was a bit confused as to how that works, surely nothing is truely free?!

Yes thats right, i am hoping for not more than 3X my salary, i've got between 80-90% LTV, as for how long and whether fixed rate thats something i'm not sure on as to what best.

The only issue i see in my situation is that i'm starting a new job on a probationary period, i understand that certain lenders will still be willing to consider me, but does that make a free broker more difficult?

Teqpro

If you have not done so check Equifax, Experian and Call credit for anything hidden and find out your total outstanding debt for this month.

helen991

I have no debt, i don't use credit cards, everything is either paid cash or debit card, so is that still necessary?

helen991

for a meeting with a mortgage broker what would i need to bring?

Paully232000

helen991 wrote: »

for a meeting with a mortgage broker what would i need to bring?

I can only say what we had to bring, others may ask for more/less.

bank statements for last 3 months
CC statements for last 3 months
payslips for last 3 months
contract of employment
savings account statement showing deposit

for both me, and my partner.

libf

helen991 wrote: »

I have no debt, i don't use credit cards, everything is either paid cash or debit card, so is that still necessary?

Sometimes having no credit history can be almost as bad as having a bad credit history. It's still worth looking at your reports for other things; are you registered on the electoral role? do you have any financial associations? if you've ever had a mobile phone contract then that's credit and will be on there, same with store cards...