Buying a house: absolutely clueless

Mossfarr

Hi Dutchcloggie,
have you enquired in your bank if they offer free financial advice - most do! Just book an appointment with their mortgage advisor, I have found their advice invaluable.
Its much easier applying for a mortgage through your bank as they already have accurate records of your savings, income and expenditure. you also often get discounted rates which are only offered to customers. At the end of the day you do not have to take out a mortgage with them - as with any other product - you can shop around. Don't be afraid of buying, as long as you don't overstretch your finances its much same as renting except you have to sort & pay for property maintenance yourself!
good luck
mossfarr

Kynthia

I wouldn't apply for a mortgage through my bank. Why would I restrict myself to one lender just because I have a different product with them. Also nowadays loyalty to a company counts for nothing in their eyes. You are much better searching the while market with an expert.

Sit down and have a think about what monthly mortgage payments you can comfortably afford. Sometimes people are offered a mortgage with monthly repayments higher than they could live with long term or cope with if they increased slightly. Tell your broker this amount. Think about how you think your life will be over the next five years and whats likely to happen to your job security and income. If your income is uncertain, you're thinking of having children, you might go self employed, etc, then you might want to fix your mortgage at a very manageable rate for longer. If your income is very likely to increase or you might want to move in 3 or 4 years then a shorter fix might be best.