First time mortgage advice

JeffMason

My income isn't huge so I'm not going to be able to borrow that much. My deposit is substantial though so I think I should be able to get the middle area of what the estimates say without a problem. It's just whether I can push to the top end and what sort of rate I can get etc.

OK. So any broker recommentations? Is that impossible to say?

Is it better if they are local to me? I'd rather do most of it via email if possible but I'm guessing it might be helpful if they know areas I'm looking at.

Thanks all!

NewShadow

JeffMason wrote: »

My income isn't huge so I'm not going to be able to borrow that much. My deposit is substantial though so I think I should be able to get the middle area of what the estimates say without a problem. It's just whether I can push to the top end and what sort of rate I can get etc.

OK. So any broker recommentations? Is that impossible to say?

Is it better if they are local to me? I'd rather do most of it via email if possible but I'm guessing it might be helpful if they know areas I'm looking at.

Thanks all!

I understand the key amounts are 5%, 10%, 25% and 50% - and even half a percent over each of those thresholds makes it more likely the lender will see you as a safe bet.

And when looking at properties, depending on your market - you can probably negotiate in the region of 5-10% off the price - increasing your LTV... but you also need to budget a few thousand for fees and expenses plus any immediate work that'll need doing.

I'm with Romilly IFA - that said, I don't think it's appropriate to recommend specific brokers given my circumstances and priorities will be different to yours... maybe it's better to say how I found my advisor and why I chose them?

I first looked at the MSE guide

I did some googling and - for example - found that London & Country are fee free but they don't offer a tailored service; they're high volume and I knew as a FTB I'd want some handholding/a personal touch.

That's why I decided to go with a local independent.

I had a look at 'unbiased' and 'vouched for' - but I've never been a fan of putting my details out there and getting random sales calls...

So, I asked some friends and googled brokers, and I ended up with four companies that had good online reviews and - key! - no frequent ranty threads on here :rotfl:

I then emailed them a rambling message explaining I was a useless FTB that would need handholding and wasn't even sure if I needed a broker/could get a mortgage or not... which was entirely intentional as anyone who took the time to respond and explain patiently was the one I wanted to go for... and a colleague of David's from Romilly did

They're local brokers - but not 'local' as such so everything is by phone and email. I can email and ask for a time to ask questions and I can get a time/call back within 36 hours - and I'm never rushed off the phone, even when I'm only calling because I'm having a serious case of post-offer-acceptance-anxiety and need reassurance.

I'm am absolutely sure there are better ways to go about it - and some of the brokers on here are probably rolling their eyes in exasperation - but it worked for me :A

What's important now is what'll work for you - and you are almost certainly not as crazy as I am

haras_nosirrah

Another option is to read the boards here and pm a few brokers to who you think give good advice. Some excellent brokers post here and while the brokers on the boards cannot approach people we are happy to respond to pm's asking for a chat.

getmore4less

Post your numbers

Edi81

From the sound of it you would be best to do your prep up front before you start going to estate agents.

They will try and introduce you to their in-house broker and more often than not that’s a bad idea.

The brokers here aren’t allowed to approach you but you can PM them if there are any that you like the sound of on here.

JeffMason

getmore4less wrote: »

Post your numbers

My numbers? What numbers are these?

NewShadow

JeffMason wrote: »

My numbers? What numbers are these?

What's your:

- age
- deposit
- salary, gross or net
- any defaults/CCJs/loans, no need to give details
- rough idea of house price you'd be looking for. Range is fine

I'm:
- 34
- £33k deposit, aiming for £35k by completion
- earning £32k pa gross
- some defaults from when I separated from my partner in 2014, good history since then
- reasonable houses in the area I want to move go for between 100-170k

The nice people on here were able to tell me with some accuracy that I could be placed on the highstreet and would be loaned around £140k - which was spot-on!

You don't have to give your numbers, but it may harm the advice you receive if you do not answer when questioned...

JeffMason

NewShadow wrote: »

What's your:

- age
- deposit
- salary, gross or net
- any defaults/CCJs/loans, no need to give details
- rough idea of house price you'd be looking for. Range is fine

I'm:
- 34
- £33k deposit, aiming for £35k by completion
- earning £32k pa gross
- some defaults from when I separated from my partner in 2014, good history since then
- reasonable houses in the area I want to move go for between 100-170k

The nice people on here were able to tell me with some accuracy that I could be placed on the highstreet and would be loaned around £140k - which was spot-on!

You don't have to give your numbers, but it may harm the advice you receive if you do not answer when questioned...

Ah, ok...

- 44
- 250k deposit maximum
- earning 29k (part time)
- no debts, good credit score (although very little credit card use at all)
- want to buy at around 350-400k

NewShadow

JeffMason wrote: »

Ah, ok...

- 44
- 250k deposit maximum
- earning 29k (part time)
- no debts, good credit score (although very little credit card use at all)
- want to buy at around 350-400k

250k deposit and house value of 350k... so a 71% deposit/29% LTV as a FTB and no poor credit history...?

My completely uneducated opinion - Yeah... you're fine mate :rotfl:

JeffMason

NewShadow wrote: »

250k deposit and house value of 350k... so a 71% deposit/29% LTV as a FTB and no poor credit history...?

My completely uneducated opinion - Yeah... you're fine mate :rotfl:

Thanks! I assumed so, but didnt know for sure...
So I'm probably fine in that they'll say yes to a certain amount, but there's still a maximum they'll let me have based upon my income, right? Or does a large deposit change that at all?