FTB questions

truffle

Im ready to be a first time buyer but have a number of questions/worries that I cant find answers to - i'm hoping you guys can help guide me. know the property i want to buy but need to move fast

Q1. If i go through the application process but for whatever reason do not take the mortgage what fees am I likely to face (e.g. application fee £100-200; Valuation Survey £200-400; mortgage fee £800-1500 ish

Q2. how do i go about organising a solicitor/conveyancer? Is this something the lender would recommend.

Q3. Are there any quick routes to the process or any lenders that are quicker than others? Ive heard of the HSBC oneday service but how can this be? wouldnt a survey with one of their surveyors be needed before there is an actual offer?

Q4. What information/details do i really need to make the actual mortgage application?

f2f

Have you read the MSE FTB guide? Most of your questions are covered comprehensively

truffle

Thanks for the reply f2f, Ive read the guide but its doesn't really cover my specific questions.:money:

f2f

1. Depends on the specific terms. Almost definitely lose the booking fee, probably the valuation fee (plus what you've paid for survey/equivalent). Possibly the product fee, I believe if you (if possible) add it to the mortgage instead of paying it up front you won't lose it (may affect your LTV though)

2. They might recommend their own or have a deal with one. Shop around obviously.

3. Not sure, there are horror stories on these forums about certain lenders. Would depend on your circumstances too, if your income includes overtime or commission some are apparently very demanding and repetitive requesting payslips etc.

4. Again varies. See MSE FTB Guide p49 for examples