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First Time Buyer's Guide To Mortgages

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Comments

  • kingstreet
    kingstreet Posts: 38,767 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    The price you agree with the vendor is between you. There is no place you get to argue about it, other than between you.

    When the surveyor comes to value it for the lender, be careful what you say as he may decide some of these essential repairs need a retention and they will hold back some of the mortgage money until the work is done. This would mean you'd have to get the vendor to put it right, or increase your deposit to "bridge" the retention, so you can complete.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • mk2020
    mk2020 Posts: 1 Newbie
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    Hi,
    I am new to this forum and request the help of users of this forum.
    I am currently undertaking research for my business project at university about mortgages. the aim is to understand how much knowledge does one have as a first-time buyer of a mortgage.

    But being a new user I am unable to post the link of my survey. can someone suggest a way around this?

    Thanks in advance
  • Realopinion
    Realopinion Posts: 39 Forumite
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    Read the article below about mortgage affordability and the struggles for first time buyers
  • NorEl
    NorEl Posts: 2 Newbie
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    Hi there

    sorry to add on to your post, but i couldn't find anything RE mortgages!

    We have contacted a broker, called TT Mortages, and we have an accepted offer in principle, but we can't find anywhere online where someone has previously used them, or if they are legit.

    The person we have spoken to called us on 01489 232121 and the email address we have used is mark@tt-m.co.uk

    If someone could verify this for me i would be greatful, as we are first time buyers and are worried and could really do with some advice

    Thanks all

    Eleanor
  • mxtj
    mxtj Posts: 8 Forumite
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    New in this area and looking for buying a property soon. thanks for all thse info.
  • Flex82
    Flex82 Posts: 1 Newbie
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    Hi,

    I intend to buy a property next year. First time buyer.

    33
    Salary £35k with £10k bonus pending company/personal performance
    £52k saved
    No student loan or other commitments or dependants.
    Buying alone

    Attempting to fine time my budget. I'm hoping to put down circa £40k deposit and will look for properties between £200-£250k, although the repayments on the upper limit may be too punitive.

    I want to estimate both house buying costs, and monthly cost of living. Can anyone help?

    Cost of purchase

    Right move suggests £5k inclusive of stamp duty, legal fees, mortgagee arrangement etc. is this fairly realistic?

    Utility bills monthly

    Gas - £50
    Electric - £60
    Water - £35
    Council tax - £130
    TV license - £14
    Landline and broadband - £35
    Food - £150
    Travel - £105
    Mobile - £25

    Am I missing anything, are the figures reasonable? Any and all help would be appreciated.
  • Gabsygirly
    Gabsygirly Posts: 1 Newbie
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    We have had a mortgage in principle from Santander who've now asked for my husbands accountant to give a letter stating his shareholding and voting structure of his business. The accountant had already filled out a Form for them but had not put his qualification on - this is rectified now but we are wondering if having voting rights on his 33.3% share is going to be important to Santander underwriters? The accountant can't change the voting rights tomorrow but will only reflect on Wednesday (a wait of 3 days is murder for me!!!). We just want a definitive answer - Is it definitely better for him to have voting rights than none (just the way him and his other two partners set it up - silent partner 100%voting rights with 100 A shares and my husband and his working partner at 50 B shares each with no voting rights because they get paid in dividends and PAYE). It doesn't matter as they have a gentleman a agreement and vote dividends equally anyway at meetings...but on paper it may not be what the underwriters want to see?).
  • AlanE1956
    AlanE1956 Posts: 2 Newbie
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    My daughter took a 10% equity load under the goverment Help to Buy scheme 2.5 years ago. She is now redeeming that loan from savings. The original purchase price for her house was £240,000 and the equity loan £24,000. The current RICS registered valuation which cost £300 is now £280,000 and therefore her loan has grown to £28,000. She also needs to engage a solicitor to process th redemption at a cost of £250. So the total cost of using Help to Buy over 2.5 years is £4,550 or 18.96%. That is not a particularly attractive rate of interest in the current market so be warned.
  • lcfcstephen
    lcfcstephen Posts: 154 Forumite
    First Anniversary First Post Combo Breaker
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    Hi,

    I think from reading various sources that if I had a help to buy equity loan I could pay that off by remortgaging the the house to include that equity. Is that correct?
    Presuming I would still have to use the solicitor and valuer as normal

    Thank you
    Mortgage Debt £53,879.68 as of 2nd July
    Help to Buy Equity Loan Debt £26,799
    Total Debt: £80,678.68 of £133,995 two bed house
  • nathan.derringer
    nathan.derringer Posts: 2 Newbie
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    Hi there,

    Firstly, thanks for your thread, as a first time buyer i learnt alot from reading though it all.
    I was wondering if there are any recommendations for mortgage advisors? Im in a bit of an odd position, in that im trying to buy a property from my parent so none of the standard formats i can find online seem to work for me! Any advice would be greatly appreciated.
    Thanks,

    Nathan
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