Advice on first steps to buying

timehastoldme

A broker will find you a mortgage deal and not much more*. They also don't have access to all potential deals.

*I've just remembered habito did offer an all in one thing, it was more than we paid but if budget is not your main concern it might be an option? We saw it recommended on mse as broker.

https://www.habito.com/home-buying

We're hoping to complete next week all being well. What we did you was

1. Worked out our potential budget using online mortgage calculator 
https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing/


2. Browse right move to see if we can buy what we want for that money

3. We tried an online broker (habito) but in the end called our bank (First Direct) who offered better. We talked through income and deposit, they told us how much they would lend, so we had our agreement in principle.

4. Found a house, made an offer which was accepted.

5. Appointed a conveyencer on recommendation, always best to find someone who is happy with their service to recommend.

6. Called the bank back and told them th details of the house. They did a desktop valuation and then provided a link to upload any documents to for the underwriter 

7. Price comparison for a surveyor, the banks was £880, we paid £530

Then let the solicitor do their job, and all being well from offer to move for us will be 9 weeks.


As a FTB estate agents are no use to you beyond arranging viewings and taking offers. They work for the vendor, so don't take their word as gospel, come back here to check if something doesn't sound right 

Emmia

Personally for what is probably one of the biggest purchases you'll ever make, I'd want to be hands on, not delegating it to others (who fundamentally don't have to live with the property you buy and it's foibles, or the mortgage deal you get). Property purchase is stressful... but once done and if you get something you're happy with then it's worth it. 

Gavin83

BobT36 said:

If I ever manage to buy, I'm planning on giving my one month's notice (as I'm currently on rolling) only when I've got the keys, and use that month to get any work done on the place and gradually move in. I'll have to pay for both places for that month, but I'll manage for just the one month. 

While this is good advice it wasn't really possible when we bought. Due to the way our rental contract was set out we had to effectively provide 3 months notice to leave and we weren't prepared to pay that much extra rent, which would have worked out at nearly £5k. We took the risk and it worked out and we didn't really end up having a crossover period.

I'd always advise anyone to check their contracts rather than making assumptions.

AlexMac

Nationwide, (my favourite lender in that they’ve treated me really well through several mortgages over 30 years), have a useful first time buyers guide;  at   https://www.nationwide.co.uk/mortgages/first-time-buyers/guide/

I’ve never fancied using a broker, preferring to deal directly with lenders. 

The key thing is to identify a competent local solicitor by asking a few in your area for quotes, seeing how they respond (ideally rapidly without jargon or bull5h17 on the phone,  with a confirming email), going on recommendations or reviews and avoiding conveyancing factory or distant online services.  Having identified a solicitor before making offers helps to show the buyer and their estate agent you’re serious 

Don’t take everything the Estate Agent says at face value; they act only for the seller, not you and nothing they say is legally binding; until your solicitor gets it from the sellers solicitor in writing. 

Good luck; exciting stuff!