When got deposit what do we do?

ktcoil

Hi guys

December we will have almost 10% of the morgage we are hopefully trying for, we both work full time with no kids, good credit and one is on £24,000 and other is £15,000 year, trying for £90,000-£100,000 morgage, they did a rough check 1 year ago before we even took out isa's and said they would offer £95,000 it went through ok. by December we should have almost £9,000 the total with govourment amount added as both laying 200 into each isa, also we have a joint saving which we are trying to stick money in for fees/moving and new washer/oven etc.

Do we apply in December? We are thinking apply in December and by January/February we then may have a idea if we got it right? Guessing it's best to apply to see what you can get before even looking at houses?

If we apply in December when do you think roughly we can start viewing houses and if we done one we like when are we expected to be able to have this?

Thanks for reading

HappyMJ

ktcoil wrote: »

Hi guys

December we will have almost 10% of the morgage we are hopefully trying for, we both work full time with no kids, good credit and one is on £24,000 and other is £15,000 year, trying for £90,000-£100,000 morgage, they did a rough check 1 year ago before we even took out isa's and said they would offer £95,000 it went through ok. by December we should have almost £9,000 the total with govourment amount added as both laying 200 into each isa, also we have a joint saving which we are trying to stick money in for fees/moving and new washer/oven etc.

Do we apply in December? We are thinking apply in December and by January/February we then may have a idea if we got it right? Guessing it's best to apply to see what you can get before even looking at houses?

If we apply in December when do you think roughly we can start viewing houses and if we done one we like when are we expected to be able to have this?

Thanks for reading

I'd start looking at houses now. It takes ages finding the "right" house and you need to be comfortable looking at houses. Looking at the ones you may not want will give you an idea of what you do want and what to look out for when you're able to buy.

Don't let the agencies know you don't quite have enough just yet. Say you're serious and ready to buy but make excuses about the property if they push for an offer.

[Deleted User]

Remember you'll need money for legal fees too.

ktcoil

Sorry how much is legal fees, I seen there is lender fee, valuation fee, arrangement fee, solicitor fee. No stamp duty.

rtho782

Budget at least £1k for solicitors and searches. Mortgage fee can be from £0 to £1500, but can usually be added to the mortgage. Valuation can be from £0 to £500 depending on mortgage.

You will probably want a surveyor too, a full structural survey could be from £400 to £750.

Oh, and the 25% bonus from H2B ISA doesn't come in until completion, so you need your 10% deposit for exchange **without** taking the bonus into account.

So if you are buying a £90k house, and putting down a 10% deposit, you need £9k saved, plus money for fees etc.

Your 25% bonus will give you an extra £2250 but this won't come in until completion. You can spend this on removals, stamp duty, whatever else.

MortgageMamma

There are some useful guides on this site which give you tips and checklists for when you are buying property. There is also a first time buyer guide. Its a good idea to get a decision in principle saying you can borrow the money before you do viewings, or a letter from a broker saying you can afford the mortgage. Some estate agents don't like booking viewings in for people without decision in principles/broker letters, their time is their money etc.


As has been said before, view LOTS of properties before you make your choice. Buy with your head as well as your heart. Try to imagine a property empty but with your furniture and belongings in. If its an older property it would be worth getting a better survey done to highlight any faults. A good survey will cost £500-1000 but its better than having to pay for a new roof, new boiler, damp proofing, new windows etc.




Good luck!


MM

ktcoil

Thanks guys also someone mentioned about a morgage adviser? Is this something worth having, paying for?

hazyjo

ktcoil wrote: »

Thanks guys also someone mentioned about a morgage adviser? Is this something worth having, paying for?

A lot will take their fee from commission (not from your pocket).


Advisable to use a whole of market mortgage advisor - not one associated with the EA.


Jx

Bossworld

hazyjo wrote: »

A lot will take their fee from commission (not from your pocket).


Advisable to use a whole of market mortgage advisor - not one associated with the EA.


Jx

Is that still the case? I was slightly shocked to find that the person we used in early 2012 had changed to require a fee of £195, in addition to getting their commission. Looks like it changed in late 2012?

http://www.which.co.uk/news/2012/12/new-rules-for-ifas-kick-in-on-new-years-day-306741/

ElsieMonkey

ktcoil wrote: »

Thanks guys also someone mentioned about a morgage adviser? Is this something worth having, paying for?

Worth using a broker, but you don't have to pay for one. Give London & Country a call. We've used them a lot and have always had good service and advice. They don't charge you a fee. Worth a call.