When to begin?

SomeDaySoon_2

Hi all,

I posted a while ago regarding my grad scheme and when to begin talking to brokers.

I now have a permanent contract (same T&C's but will be increased in March) and we currently have around £16000. We have seen a house that we really like the look of for £150'000 but are reluctant to go and view until we know we would be in a position to make an offer.

So i have a few questions and am looking for any advice possible:

1) We have decided to go through a broker, when would people recommend beginning to talk to a broker?

2) Although we have £16000, we have budgeted £15000 for the deposit, up to £3000 for legal fees , surveys etc. and around £2000 for initial furnishings. Does this sound reasonable?

3) As FTB's would it make sense to go for a 5% deposit, and keep the other £7500 in reserve (covering legal fees, furnishings and allowing us to overpay on the mortgage)? This would also mean we are probably in a position to view the house and possibly make offers now.

4) Are there any significant drawbacks to going for a 5% over a 10% deposit, other than a higher LTV?

5) Have i missed any obvious things?

Would be really grateful for any advice!

amnblog

1. When you are ready to serious explore your options

2. yes

3. You may not get the option, assume 10% required

4. Cost

5. Affordability?

SomeDaySoon_2

Affordability wise I did the calculator on the money advice service website and it said we would likely be offered between 135-170. Our combined wages are 52500, with no dependents and only my student loans, car finance and monthly payment of £50 on a credit card of just over £400 as our loans to pay off.

Regarding the broker, should we wait until we have the legal fees together? My partners dad has kindly offered us £1000 towards the fees, so we are in a relatively good position as things stand. I'm just really reluctant to get things rolling and find somewhere we love, to then find out we are a couple of months away from being able to make a realistic offer.

Pixie5740

I went to see a broker before I went to start viewing properties. I wanted a realistic idea of budget before I wasted my time and vendors' time looking at properties I couldn't afford.

This also allowed me to move quickly when I found properties I liked. I was outbid for the first two but the third time was the charmed.