FTB, where to start?

vanillacoffee

I'm in a position now where (I hope) I can buy a house.

Where do I start? Do I book an appointment with my bank, a broker, or someone else?
Or do I start viewing properties?

I've spent years browsing Rightmove, and I have always been drawn to properties needing renovating, or at least a little bit of work, but now I am actually wanting to buy I am drawn to those houses in "move in condition".

How do/did you choose your first home?
How many properties is it normal to view, before finding the one you buy?
I have a wish list! Do people stick to that or do you have to compromise along the way?

G_M

Start at your local library.


There are lots of free books on buying property, renovating property, investing in property......


Read and learn!

babyblade41

If it were me I'd start off with the finances.. how much you can borrow , expenditures etc and work it from there

novelty-socks

I’m on the verge of completing on a place as a FTB. My starting point was a 30-min convo with a broker to assess my likely borrowing potential.

I then started approaching agents by looking at properties online and calling the agent when I saw one I wanted to view.

After several months of viewing I put in an offer, negotiated a bit, had it accepted and then took it from there.

The main thing I’ve discovered is that this process seems super daunting, but if you just focus on the next step at each stage then it becomes far more manageable.

For example: offer accepted? Appoint a solicitor. Found a solicitor? Commission a surveyor. Survey flags some issues? Chat to surveyor, decide to get some quotes for work. Etc, etc.

Eventually you’ll hit a point where you’re either ready to go ahead or to pull out. Oh, and our solicitor has been an amazing sounding board and source of info. When you get to that stage it’s worth taking the time to find a good one.

vanillacoffee

Thanks, step by step certainly seems less daunting.
How much £ is the norm for 30 minutes with a broker?

ACG

Brokers will not usually charge for an initial chat.
Some brokers will not charge at all other brokers will charge on application/or offer/or completion. We would usually charge on full offer of a Mortgage.

Personally, I would say if you are thinking of using a broker, speak to one upfront. Some people think our job is a price comparison service but it is far more than that. We will answer your questions upfront and throughout, give you an idea of what to expect, when and so on. More importantly though, we will deal with the underwriters and the estate agents.

Estate agents can be like a pack of wolves and will try to bully you in to using their broker or their solicitors. They can also apply a lot of pressure if you have not completed in 14.2 seconds flat. They are not all bad, but the nice ones are rare.

If you plan on doing it yourself, have a look at some affordability calculators and get an idea of what you can lend and how much it will cost.

GoingOn30

Browsing online is nothing like going and seeing properties in person.
You can get a good idea of what lenders might lend you with mortgage calculators.
Get some viewings booked in for after christmas and start really economising so when a lender reviews your banking activity for the last 3 months it looks in good shape. Don't take on any new debt, car finance etc and get your deposit as high as you can.
Good luck!

novelty-socks

Agree with pretty much all subsequent comments. My broker was arranged through my employer, so I'm not sure if they charge for initial consultation. But I do know they're also getting commission, as this was mentioned on the paperwork.

They've been great though: far more than just a middleman comparison, they made the application super-simple and updated our mortgage details within a day when we lowered our offer on the property.

CheBee

I was like you. I spent lots of time researching on Right Move and knew what I wanted etc. I first had a chat with a broker, so I knew how much I could borrow. I also sent all my paperwork like payslips and had to full out some questionnaires. After that, I started looking and once I had a full day of viewings organised, my broker sorted out my DIP and I had it ready. That weekend I found my dream flat and then it continued from there. Good luck

datlex

Important thing to remember is you do not have to spend your full budget. Just because you have the mortgage to buy a £200K property does not mean you have to.

Also remember, the first appointment with a mortgage broker is usually free- it can give you an idea of what's available given your circumstances. You can then go away an research the companies. Mortgage brokers will charge you. Check that you will save more than the amount they want to charge.

Agreed right move is a great place to start seeing what is available on the market.

Rather than a wish list, have a do not want list. i.e. the things that you wouldn't want to live with.

Remember your ideal house on paper may not be your ideal home in reality.