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First time buyers advice
Trinitrotoluene
Posts: 518 Forumite
Hi everyone,
This is my first post here at MSE, but I have to say I've been lurking for a good few years on what is a fantastic site. Me and my partner are currently renting at the moment, and we've decided that it's time to get a mortgage. We are both quite new at this sort of thing and haven't got much experience with mortgages.
We've read the mortgage guide that Martin wrote, which was a fantastic help. For example, we went to a broker today (Mortgage Point) and sat down and had a chat with them. After determining they were all market, we asked about fees. 3%!!!!! We both laughed and walked out.
To give you a quick overview of our finances we are on a combined wage of 37k and have about 4k saved up (but we are saving at a rate of £600 a month). None of us have any significant loans (I have one with about 1k outstanding which is not an issue). We are renting at the moment, as this is our only option but we really feel we are wasting money each month which is why we want to move out ASAP.
Any advice anyone can give would be greatly appreciated, even if its hints or tips on how to start looking, or where to go for some good FREE advice.
This is my first post here at MSE, but I have to say I've been lurking for a good few years on what is a fantastic site. Me and my partner are currently renting at the moment, and we've decided that it's time to get a mortgage. We are both quite new at this sort of thing and haven't got much experience with mortgages.
We've read the mortgage guide that Martin wrote, which was a fantastic help. For example, we went to a broker today (Mortgage Point) and sat down and had a chat with them. After determining they were all market, we asked about fees. 3%!!!!! We both laughed and walked out.
To give you a quick overview of our finances we are on a combined wage of 37k and have about 4k saved up (but we are saving at a rate of £600 a month). None of us have any significant loans (I have one with about 1k outstanding which is not an issue). We are renting at the moment, as this is our only option but we really feel we are wasting money each month which is why we want to move out ASAP.
Any advice anyone can give would be greatly appreciated, even if its hints or tips on how to start looking, or where to go for some good FREE advice.
If my post helped you in anyway, please hit the "Thanks" button! Please note any advice I give is followed at your own risk!
0
Comments
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Well that fee is a bit high but you will be paying for a service.
I think you will not be able to buy with a £4k saved up. You need at least 25% as a first time buyer as a deposit. This means if you want to buy a proeprty worth £100,000 you need to have at least £25,000 deposit plus another £5,000 for the survey, solicitor and mortgage fees from the lender. Plus extra for moving and any redecorating.
I think best is for you to pay off any loans and credit cards and start saving in earnest.0
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