Help with mortgage

Ashworks

There is a very clear guide to the process here:

https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/how-to-buy-a-house-alm0r9l4yf5x

AdrianC

Will123321 said:

Example, if I'm based in London, but would like to buy property in an other city, where should i look for a broker? 

Is this going to be a let?

So you want a BtL mortgage.

But you aren't a home-owner? That is very likely to make it difficult, if not impossible, to get a BtL mortgage, as well as questioning the wisdom of using your FtB benefits on a let rather than your home.

(And, if you aren't even this far in the basics, do you have the first clue about the rest of your business plan...? Does starting this business even make financial sense? Will it be profitable?)

Will123321

AdrianC said:

Will123321 said:

Example, if I'm based in London, but would like to buy property in an other city, where should i look for a broker? 

Is this going to be a let?

So you want a BtL mortgage.

But you aren't a home-owner? That is very likely to make it difficult, if not impossible, to get a BtL mortgage, as well as questioning the wisdom of using your FtB benefits on a let rather than your home.

(And, if you aren't even this far in the basics, do you have the first clue about the rest of your business plan...? Does starting this business even make financial sense? Will it be profitable?)

Not for letting. I want to move there. 

Will123321

Ashworks said:

There is a very clear guide to the process here:

https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/how-to-buy-a-house-alm0r9l4yf5x

Thanks, i will have to read that. 

K_S

Will123321 said:

moneysavinghero said:

If the whole thing is confusing you then maybe it is best that you find a mortgage broker. They will be able to get the DIP sorted for you. They will also advise you on anything else you need help with.

You could also get a DIP by visiting your chosen mortgage providers website and going through their application process.

Fixed Rate vs Variable rate.
FIXED: You know what rate you are going to pay for the length of the fix. Great if you are worried interest rates might rise, not so great if they fall
VARIABLE: The interest rate may change throughout the length of the mortgage. It could either go up or down depending on central bank decisions.

Example, if I'm based in London, but would like to buy property in an other city, where should i look for a broker? 

@will123321 Unless you want face-to-face service, the location of the broker doesn't matter (as everything is done over phone, email and Zoom in most cases) so your broker could be in London or Leeds for all you care. 

If you are buying a residential property a good distance away from where you work, the lender will need to see that it is plausible.

k8withan8

We used a broker as we were FTB and had no clue about the house buying process.

We firstly got two DIP online before viewing any properties, one from each of the banks we have current accounts with.

We then arranged house viewings and used a broker that was recommended to us by one of the estate agents - we had calls with other brokers but went with the one who seemed to have the best advice and could get us the best deal.

Our broker and the house we are buying are in two different counties. so it doesn't matter where they are based.

A lot of our friends who are FTB currently have also used L&C when choosing their mortgage so might be worth looking on their website.