Help please! First time buyer! To broker or not??

skint-sam

Hi

I have the option to buy my flat under the right to acquire scheme. I have been living in my property for 12 years and have been offered the flat for £129000 from Hyde Housing Association. Does anyone know if the offer is negotiable?

Also, I am a 32 year old single buyer. I have 10% to put down and hoping to find a good first time buyer mortgage but getting overwhelmed quickly. I want a fixed rate and understand the base rate is due to increase soon with the bank of england.

I don't have a lot of extra cash! and my parents are helping me with the deposit. Would it be wise to get a broker to help me out and find the best deal on the whole market. Or is there just as much chance of me finding a deal myself. I have looked on the comparison sites and I am thinking that they work on a commission principle or something? Do companies pay the comparison sites to put them near the top etc?

would a broker have access to better deals than I can find myself on this site and good old google? Please advise if you have been in a similar situation recently or are someone in the know.

EDIT: It would be life-changing advice I am receiving here guys. If a broker would be happy to help me, I would happily pay a fee for their help or try and help them out in another way. I am really good at making cups of tea and washing cars/mowing lawns for example. This is such a big thing and I only have 18 days left with the housing association to accept their offer / get a mortgage rolling! Would really like some help and if I can return the favour by helping you out in return then that would be great.

Thanks a lot. Sam

ashe

I have used a broker for my first mortgage and for the current move we are doing. I have found them well worth it both times, as they take a lot of the work off your shoulders, can recommend what to do and explain everything to you. Ultimately it is your decision but I think probably worth it.

Nicola83

I'd definitely use one, me and my boyfriend have just bought our first house and we used one of the brokers recommended by the developer that we've bought off, and she has been amazing.
She took all the stress away, all we had to do was give her our pay slips and bank statements etc and she did the rest.
The same company have also sorted out our home insurance and life insurance, and it hasn't cost us a penny.

skint-sam

any help and advice on finding/selecting a broker please?

PawelK

Skint-sam, i would be careful. If you can get a deal from the bank and is about the same as the best offers you can find through internet comparison websites it can be better not to use broker. They can help stretching your earnings like in my case to allow the hoghest possible mortgage but interest is sometimes unfavourable comparing to the one you would get directly from the bank. Have a free no obligation quote from both sides as this would help you deciding. My broker was Mann Countrywide so if you decide going with them let me know.

juniordoc

I know an excellent broker if you are based in the south west but if your circumstances are uncomplicated (your are employed with a regular income, no significant debts/adverse credit history) you should be fine without a broker but may want to pay a bit extra for the convenience.

haras_nosirrah

I am an affordable housing specialist and am on hydes recommended broker list. If you call them they can make a recommendation to you. They don't get paid for recommendations it is purely brokers that they know understand the affordable housing schemes. I have been on their recommended panel for 11 years

kingstreet

PawelK wrote: »

My broker was Mann Countrywide so if you decide going with them let me know.

Isn't that a limited panel, fee-charging estate agency mortgage advice service?

PawelK

kingstreet wrote: »

Isn't that a limited panel, fee-charging estate agency mortgage advice service?

It is. And comparing with two other so called "independent" brokers they were the only one to get me the deal I needed.

YHM

PawelK wrote: »

It is. And comparing with two other so called "independent" brokers they were the only one to get me the deal I needed.

An estate agent broker deviating from Halifax, that's a novel idea....

csgohan4

Just putting it out there, are you sure your ready for the RTB scheme, you will be fully responsible for your repairs, not the council, especially as your saying you don't have my money

Do you know the cost of a new boiler? Roof?

The poster below found to their detriment, RTB is not always a quick rich scheme/ money saving option:
https://forums.moneysavingexpert.com/discussion/5789909