First Time Buyers Advice Please. What to ask a broker?

6022tivo

Hi 

We are first time buyers and are a little lost in where and who to turn to at the moment. 

We have...
2 x Full time jobs with a combined income of around £75k
No Dependants
No debts or credit and a good credit rating.
Looking at houses in England for around £300-£350k
Have a 60k deposit

The next step?
We want to start viewing, but will need a mortgage in principle in place? 
So, we need to start comparing and applying? Or do we just go and find a broker to do this for us?

Based on the above, is this achievable (£300-£350k) over 25/30 years. 
What do we need to consider for a broker and their questions. 
Plans to have children? 
Plans for other loads? (If the house was a doer upper)?
Potential to repay a chunk of the mortgage, or increase the deposit last minute? 

JMA74

Usually the process would be to speak to a broker prior to serious house hunting to make sure the mortgage is at AIP stage and you are happy with the monthly costs or mortgage and associated insurances.  This might be to give you an idea of how short a term you can have within your budget, or maybe you have to borrow less to keep things affordable.   

Most brokers dont really care too much about AIP's as the experience will allow them to know what mortgages are going through but getting one is important for the process as estate agents will ask for one when you are offering on the property.   So when you have the initial chat with the broker dont get too hung up on what lender is being discussed as rates change daily. The lender you end up taking the mortgage with might not be the same one you have an aip with. A mortgage application is only submitted once an offer has been accepted on a property  

As far as the answers to your questions are concerned:

1. yes that appears achievable based on the limited information.  
2. Not a lot.  Its mainly a conversation. As long as you know your deposit, income and details of any credit committments then that should be enough. They might ask for more later but its a process and this is the start so dont worry about having everything at this point

Other than that its just a chat at this point.  Dont get hung up on rates as these change, just go with a broker you get a feeling of confidence from.  Maybe ask friends/colleagues for a recommendation. 

Its not as serious a topic as you think it is so dont panic.  And if you have any stupid questions make sure you ask them as a broker might do hundreds of purchases a year and they will have seen/heard it all

ACG

Chances are the broker will guide the conversation if you come across a bit like a first time buyer (ie a bit nervous and unsure). 
But the main questions we get asked are:

• Are we whole of market,
• How much is our fee,
• Covering off anything complex specific to the applicant (you guys seem quite straightforward),
• Can they have a DIP. 

We can usually tell if someone is a bit unsure and needs the extra guidance so go through a quick overview of the process so they know what to expect and give some direction. 

Just have a chat with them and see how you get on.