First time buyer

renfirsttimebuy

Dear all, 

I am  first time buyer. I have put an offer on an house. I have an AIP. 
But now considering to see a broker/financial consultant.

This may be a silly question but if the offer is accepted - do I see the financial advisor first or hire a conveyance solicitor? 

Thank you
REN

Moneyminded

Congrats on finding a house you want to buy, that is half the battle. Fingers crossed your offer is accepted, if/ when your offered is accepted I would focus on getting a solicitor in place first and then see an independent whole of market mortgage broker. 
Good luck

renfirsttimebuy

Thanks...solicitor first.
I have kind of been pressured to take in house broker. I felt that was really the only way my offer was favourable than others. I may be wrong! But have lost out in 4 other homes so thought this time I'll just go by it. 

MovingForwards

renfirsttimebuy said:

Thanks...solicitor first.
I have kind of been pressured to take in house broker. I felt that was really the only way my offer was favourable than others. I may be wrong! But have lost out in 4 other homes so thought this time I'll just go by it. 

Do you know how much you can borrow?
Do you have a decision in principle?

Normally people find out:
-- how much they can borrow, either by speaking with a broker or bank etc
-- Contact solicitors to find out prices and pick one they like
-- View properties
-- Make an offer
-- have offer accepted
-- ask bank / broker to submit mortgage application
-- ask solicitors to open a file but do nothing yet
-- sales details get sent to your solicitor
-- you get mortgage offer
-- you tell solicitors to proceed
-- solicitors do conveyancing (searches and queries, letting you know of any issues or obligations etc)
-- everything ok
-- you sign contact
-- you send solicitors deposit
-- exchange contacts
-- solicitors get mortgage fees and additional money from you
-- purchase completes, you get keys

Just a very quick overview.

By you appearing to not have spoken with the bank / broker, you have fallen into using the estate agents in-house mortgage company. This could have been avoided as a broker would contact the estate agent and say yes, they can afford it.

renfirsttimebuy

MovingForwards said:

renfirsttimebuy said:

Thanks...solicitor first.
I have kind of been pressured to take in house broker. I felt that was really the only way my offer was favourable than others. I may be wrong! But have lost out in 4 other homes so thought this time I'll just go by it. 

Do you know how much you can borrow?
Do you have a decision in principle?

Normally people find out:
-- how much they can borrow, either by speaking with a broker or bank etc
-- Contact solicitors to find out prices and pick one they like
-- View properties
-- Make an offer
-- have offer accepted
-- ask bank / broker to submit mortgage application
-- ask solicitors to open a file but do nothing yet
-- sales details get sent to your solicitor
-- you get mortgage offer
-- you tell solicitors to proceed
-- solicitors do conveyancing (searches and queries, letting you know of any issues or obligations etc)
-- everything ok
-- you sign contact
-- you send solicitors deposit
-- exchange contacts
-- solicitors get mortgage fees and additional money from you
-- purchase completes, you get keys

Just a very quick overview.

By you appearing to not have spoken with the bank / broker, you have fallen into using the estate agents in-house mortgage company. This could have been avoided as a broker would contact the estate agent and say yes, they can afford it.

Thank you...yes I have seen a bank and got a agreement in principle so I know how much I can borrow. I didn't bother looking around.

I like a house soI put an offer in. 

I thought if the offer goes through then I see a broker to see the best deals for me....erm may be I did it all the wrong way around 

What should I do now? 

MovingForwards

@renfirsttimebuy get some quotes from solicitors, (all I did was email, say I'm looking to buy in X areas, for a maximum of Y, can you confirm how much your costs and the disbursements will be)

Wait and see if your offer is accepted.

If you are using a broker, start looking for one as they are not all equal. Don't let the broker do the DIP unless you know the broker is the one you want to use (you need to be comfortable speaking with them, understand what they are saying and place your trust in them. If you don't get a good feel for one, find another)

renfirsttimebuy

Thank you so much..I will get onto some solicitors quotes.

.no matter how many guides you read on first time buyer...It's still so confusing!!!

renfirsttimebuy

@MovingForwards I've just sent a few emails!! Thanks 

MovingForwards

renfirsttimebuy said:

@MovingForwards I've just sent a few emails!! Thanks 

Fab!

Now, get reading through a stack of the mortgage buying threads and see timescales, what's involved and begin to manage your own expectations.

Also, do not apply for any credit between now and getting your keys, as that's the biggest way of throwing a spanner into the works. (Car / home insurance is fine).

Have a good look over your bank statements, make sure there is nothing to spendy eg take aways each night, loads of clothes shopping etc.

If you gamble, be careful and tone it down/stop (gambling can unsettle lenders).

Now is the time to cancel things you don't make good use of eg gym, magazine subscriptions etc.

Is this your first home or are you in rental?

renfirsttimebuy

@MovingForwards
I am first time buyer, my deposite is 7% only. At the moment I am renting. 
My statements have loads of take away and shopping spree lol but nothing major- no loans etc.

I wanted to book a holiday for August I have stopped the booking because of this. When can I actually book?

timeism0ney

Another FTB here in a similar situation. Marking my place.

MovingForwards excellent advice, thanks.

I've done AIP, directly with Halifax, they may not offer me the best mortgage deal but in my position they have better affordability criteria then most lenders.

Not contacted solicitors yet so will do that tomorrow.