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First time buyer mortgage help

cafcwillcafcwill
in Not Sports Related
Hello fellow lifers

I don't know if this is the right place to get the info I require but seems like a good place to start considering all the House Buying analogies over the years :-)

I'm looking/wanting to buy my first house but absolutely daunted about what I need to do first and how to do it. I have a deposit sorted and a house price region that I can afford (however this is based on my banks online mortgage calculator) but I don't know if it's worth going through a broker to see if I can get a better deal etc. 

Then the question which broker do I go through? I'm based in Stockport so I assume a lot of the brokers you guys might refer will be southern based (or does where they are based matter?)

After all that I also need a rough idea of the other fees cost (broker, solicitors, surveys etc) as this will impact how much my deposit actually is. 

Any help will be appreciated. I just need help deciding which path to go down (along with a gentle push )

Thank you. 

Comments

  • bobmunrobobmunro
    edited July 2024
    I would advise getting a quote from your bank and then go see a broker for comparison. Some brokers are local, others are nationwide and they will either charge a fee (£500?) or more commonly no fee as they get their commission from the lender. There could be an arrangement fee as well, very common on fixed rate mortgages.

    Survey costs will vary depending on the nature of the survey. A house condition report will set you back say £400-500 and a full structural survey maybe up to £1500.

    Legal fees including searches c£1,000-£1200
  • golfaddickgolfaddick
    Just PM'd you.
  • Siv_in_NorfolkSiv_in_Norfolk
    I found that when you start viewing properties, every single one of the estate agents does everything they can to get you to sit down with their in-house brokers.

    I advise doing a viewing or two on places you like and working the system to gave the sit down with the broker who will go through all costs and processes ahead of you. You then don't have to use that broker/estate agent but you will have the info you are currently searching. 

    Ideally you want a broker who has access to all lenders. Some are restricted to certain lenders. Your own bank is obviously restricted to....1.
  • red10red10
    Think Bob has nailed it. With surveys you need to be mindfull that they won't lift a carpet or poke about in the loft. Depends what you are buying. Newish build with an NHBC or a bit of a wreck which will need TLC. In my experience surveys showing issues can at least be a lever at getting a price reduction.
  • swords_aliveswords_alive
    Mortgage company instructs what type of survey they will accept do they not?
  • red10red10
    swords_alive said:
    Mortgage company instructs what type of survey they will accept do they not?
    I believe it's mainly about the risk of the money they are lending, ie if it all goes tits up will they stand a chance of covering the loan should it default.
  • SX_AddickSX_Addick
    There was a helpful discussion a few years ago that might be worth looking back on.  https://forum.charltonlife.com/discussion/74412/mortgage-broker-a-necessity/p1

    In that discussion Marcus at https://www.remortgage.com/ was recommended. Both my daughters have sought Marcus’ advice and services and both have found him extremely helpful (they’re both going through house moves atm). 

    I’m sure there are other good advisers recommended on this thread though. 
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  • wmcf123wmcf123
    cafcwill said:
    Hello fellow lifers

    I don't know if this is the right place to get the info I require but seems like a good place to start considering all the House Buying analogies over the years :-)

    I'm looking/wanting to buy my first house but absolutely daunted about what I need to do first and how to do it. I have a deposit sorted and a house price region that I can afford (however this is based on my banks online mortgage calculator) but I don't know if it's worth going through a broker to see if I can get a better deal etc. 

    Then the question which broker do I go through? I'm based in Stockport so I assume a lot of the brokers you guys might refer will be southern based (or does where they are based matter?)

    After all that I also need a rough idea of the other fees cost (broker, solicitors, surveys etc) as this will impact how much my deposit actually is. 

    Any help will be appreciated. I just need help deciding which path to go down (along with a gentle push )

    Thank you. 
    Lovely to see people trying to help- good luck with your search .
  • ElfsborgAddickElfsborgAddick
    rina said:
    golfaddick said:
    cafcwill said:
    Hello fellow lifers

    I don't know if this is the right place to get the info I require but seems like a good place to start considering all the House Buying analogies over the years :-)

    I'm looking/wanting to buy my first house but absolutely daunted about what I need to do first and how to do it. I have a deposit sorted and a house price region that I can afford (however this is based on my banks online mortgage calculator) but I don't know if it's worth going through a broker to see if I can get a better deal etc. 

    Then the question which broker do I go through? I'm based in Stockport so I assume a lot of the brokers you guys might refer will be southern based (or does where they are based matter?)

    After all that I also need a rough idea of the other fees cost (broker, solicitors, surveys etc) as this will impact how much my deposit actually is. 

    Any help will be appreciated. I just need help deciding which path to go down (along with a gentle push )

    Thank you. 
    I'm a mortgage broker & although living in London I'm only to happy to help.

    PM me. 
    I would highly recommend speaking to Golfie, he was excellent for us
    I'll second that as well.
  • R0TWR0TW
    edited July 2024
    rina said:
    golfaddick said:
    cafcwill said:
    Hello fellow lifers

    I don't know if this is the right place to get the info I require but seems like a good place to start considering all the House Buying analogies over the years :-)

    I'm looking/wanting to buy my first house but absolutely daunted about what I need to do first and how to do it. I have a deposit sorted and a house price region that I can afford (however this is based on my banks online mortgage calculator) but I don't know if it's worth going through a broker to see if I can get a better deal etc. 

    Then the question which broker do I go through? I'm based in Stockport so I assume a lot of the brokers you guys might refer will be southern based (or does where they are based matter?)

    After all that I also need a rough idea of the other fees cost (broker, solicitors, surveys etc) as this will impact how much my deposit actually is. 

    Any help will be appreciated. I just need help deciding which path to go down (along with a gentle push )

    Thank you. 
    I'm a mortgage broker & although living in London I'm only to happy to help.

    PM me. 
    I would highly recommend speaking to Golfie, he was excellent for us
    Yeah, but he’s your dad :-)
  • Addick AddictAddick Addict
    cafcwill said:
    Thank you for all your assistance with this, especially @golfaddick who took the time one Friday afternoon in the summer to put my frazzled mind at ease. 

    I thought I'd give you a little update........I just had an offer accepted.

    Now to begin the Hard work :-)

    Good luck Will. Hope it all goes well. 
  • shine166shine166
    Good luck dude
  • eaststandmikeeaststandmike
    Good luck with it all and well done Golfie 
  • CAFCBillCAFCBill
    Good luck mate and congrats on the acceptance of your offer
  • ShootersHillGuruShootersHillGuru
    Nice one 👍
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  • stockportaddickstockportaddick
    Missed this first time round, I know a mortgage broker in Stockport and she is superb, sorted both my kids out with cracking deals but probably too late for you now.
  • twiggyaddicktwiggyaddick
    Good luck Will. I am also about to start this journey, moving out to Gloucester. It's exciting but bloody daunting at the same time.
  • WheresmeticketWheresmeticket
    cafcwill said:
    cafcwill said:
    Thank you for all your assistance with this, especially @golfaddick who took the time one Friday afternoon in the summer to put my frazzled mind at ease. 

    I thought I'd give you a little update........I just had an offer accepted.

    Now to begin the Hard work :-)

    Following on from this..............Due to complete today

    its been 6 months of chasing, forms after forms after forms and seeing money vanish for things I 'need'.  But hopefully after today, it'll all be worth it.  

    Plus do all estate agents have an aversion to communicating or did I hit the Quiet Estate Agent jackpot :-)
    Once the deal is agreed they go looking for more work.
  • CAFCBillCAFCBill
    cafcwill said:
    cafcwill said:
    Thank you for all your assistance with this, especially @golfaddick who took the time one Friday afternoon in the summer to put my frazzled mind at ease. 

    I thought I'd give you a little update........I just had an offer accepted.

    Now to begin the Hard work :-)

    Following on from this..............Due to complete today

    its been 6 months of chasing, forms after forms after forms and seeing money vanish for things I 'need'.  But hopefully after today, it'll all be worth it.  

    Plus do all estate agents have an aversion to communicating or did I hit the Quiet Estate Agent jackpot :-)
    I completed on my place a couple of weeks ago, and when I went to the Estate Agents to pick up the keys they barely even looked at me just handed them over without really saying anything. Didn't even ask me for any ID lol. They deffos move on as soon as the deal is agreed. Good luck today mate, I hope it goes smoothly for you. Congrats on buying your first home.
  • golfaddickgolfaddick
    cafcwill said:
    cafcwill said:
    Thank you for all your assistance with this, especially @golfaddick who took the time one Friday afternoon in the summer to put my frazzled mind at ease. 

    I thought I'd give you a little update........I just had an offer accepted.

    Now to begin the Hard work :-)

    Following on from this..............Due to complete today

    its been 6 months of chasing, forms after forms after forms and seeing money vanish for things I 'need'.  But hopefully after today, it'll all be worth it.  

    Plus do all estate agents have an aversion to communicating or did I hit the Quiet Estate Agent jackpot :-)
    In my experience once the property is "Sold" then your file gets passed into the Completions Team and it's down to them to see an "accepted offer" go to "Completion". 

    As in all walks of life you get good people & not-so-good people. Some will go the extra mile to keep the chain together & others just see it as a 9-5 job. 

    Luckily mine have always been in the former camp but maybe that's because being in the "industry" I know what strings to pull and also like to SHOUT if things aren't progressing. 
  • cafcwillcafcwill
    golfaddick said:
    cafcwill said:
    cafcwill said:
    Thank you for all your assistance with this, especially @golfaddick who took the time one Friday afternoon in the summer to put my frazzled mind at ease. 

    I thought I'd give you a little update........I just had an offer accepted.

    Now to begin the Hard work :-)

    Following on from this..............Due to complete today

    its been 6 months of chasing, forms after forms after forms and seeing money vanish for things I 'need'.  But hopefully after today, it'll all be worth it.  

    Plus do all estate agents have an aversion to communicating or did I hit the Quiet Estate Agent jackpot :-)
    In my experience once the property is "Sold" then your file gets passed into the Completions Team and it's down to them to see an "accepted offer" go to "Completion". 

    As in all walks of life you get good people & not-so-good people. Some will go the extra mile to keep the chain together & others just see it as a 9-5 job. 

    Luckily mine have always been in the former camp but maybe that's because being in the "industry" I know what strings to pull and also like to SHOUT if things aren't progressing. 
    I Thankfully had the 'well the deal could collapse from higher up the chain due to Stamp duty' card that I played for the last 3 months :-) It eventually worked as we got into the last 2 weeks of March :-)

    The weird thing is I have dealt with 2 very different types of estate agent.  The one I had for the majority of the time was useless and I was usually getting the information for her .  However, last week when she was off I spoke to her colleague who, in the space of 48 hours, progressed the deal more that the actual estate agent had in 5 months.  If it wasn't for her, I'd still be chasing shadows trying to get this move done.  

    Thank you again for your help at the start of all this @golfaddick , that discussion we had at the start of the summer really helped me.  Thank you


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