Help with first time mortgage

Hi,
Me and my other half are looking at getting a mortgage, this would be a first time mortgage . We are talk the option about renting and mortgage though but renting in our area can be quite expensive and the same as mortgage price. Plus a lot of our friends have had really bad experiences regarding renting.
We have looked at both help to buy scheme or 95% mortgage guides online. We have also looked at a number of different Online mortgage calculators to see a guide on how much they would give us. The average of the max that they seem to be willing to give us is 140,000 (I know this is a rough guide)
But we have no idea what to do next or what the best step to do on going about to get a mortgage is. We are looking at getting a mortgage with 5% deposit or equity loan on a new build.
Any help or advice on getting a mortgage would be great.

Thanks
:)

Comments

  • ACG
    ACG Posts: 23,602
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    Why not book an appointment with a Mortgage Advisor?
    They will do what is called a factfind - which allows them to get all of your details down on paper. They can then go off and do some research and give you an idea about what would be achievable.

    You can then go off, look for a property and put an offer in knowing that someone is confident they can get you a mortgage for what you need.

    They will then tell you what documents they need (typically, ID, bank statements and payslips) and can submit the application on your behalf and guide you with the next steps.

    A lot of what we do is "hand holding" for first time buyers.

    Also the equity loan I believe is only available on new build properties. So if you are not looking at new builds then it would likely be a 95% mortgage you need.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thanks.

    Would this Mortgage Advisor be with a bank?

    I know you can get a mortgage in principle but i have been told that this can affect your credit score which isn't something i want to do to may times.

    Also does any one know how long it can take to get a mortgage

    sorry about all the questions and thanks again
    :)
  • ACG
    ACG Posts: 23,602
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    If you go to a bank, they can only offer you their own products.
    If you go to an actual mortgage advisor (independent or whole of market) they can access multiple lenders and so your options go up massively.

    I personally do not do a decision in principle (DIP) until the applicant has found a property and the offer has been accepted. The reason being is that I could do a DIP today with lender A but next week lender B may be the better option. So the first DIP would be wasted.

    A mortgage offer typically takes a week or 2. It then goes to solicitors and takes around 4-6 weeks to complete and pick up the keys.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Around how much would you expect to pay for a Mortgage Advisor.

    Thanks so much :money:
  • ACG
    ACG Posts: 23,602
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    They vary massively. Some charge nothing, others charge up to £2k.
    It will depend on your cirucmstances, where in the country you are, your broker, the mortgage amount etc.

    Some will charge on application, some on offer and some on completion.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • csgohan4
    csgohan4 Posts: 10,587
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    The more problems with your credit file the more you have to pay a broker to get a mortgage for you as it means more work.


    I would not go for a fee first broker. Get one that you pay on results i.e a mortgage offer.


    you can also try fee free brokers who rely on commission on products. But you won't get the same personal service and attention as a paid one as they stack up cases to make enough money and therefore your email or phonecall may not be answered promptly.


    What ever you do don't use the EA as they are not all whole of the market.


    Source a local broker if you can or an online based one like Which?, London and Country e.t.c


    Or you could source one here, PM one and see if you like them, I got mine on here
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Pixie5740
    Pixie5740 Posts: 14,515
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    Do you and you OH currently live together at the moment? I ask because you've never had a mortgage before and you don't seem to have ever rented either. A mortgage is a huge financial commitment and an even bigger commitment if you make it with someone else. So if you've never lived together before I recommend you rent somewhere together before taking the plunge and buying somewhere.
  • Hi,

    I currently live with him and his mum as we have been saving up. We are been thinking about this for 5 years. So trust me it isn't something we have rushed in to and we moved in there so we are able to save up the money to get our own place.

    We live in the northamptonshire area if any one knows or would recommend a booker

    thanks
    :)
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