Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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Finally decided that i am not going to rent and i am going to buy. My parents have agreed to be guarentors for me ... however i need to do most of the leg work .... but i dont have a clue where to start.
My friends have told me i need to see a mortgage advisor and a solicitor ... can someone explain what each one will do for me, and why i need to see both
Also any help/advice will be a bonus as well, i've found a few properties i like between 60 and 90k and i really want to get the ball rolling!
I've been told i will need approx £600 for solicitor fees plus money for a survey, and then if i put down a deposit, what else do i need to set money aside for?
I'd appreciate any info that could help me!
Thanks 
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TNM
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Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
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Try your bank first 
see what they say and then northern rock seem to be lending to a lot of young people at the moment.
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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mortgage advisers are great..
they ask what you earn, your out goin¨g's etc.... then they tell you how much you realisticly can borrow, and the repayments etc..
solicitors etc you need for making bids, purchasing a house/flat
solicitors fee's yes..... do you work for free? hehe
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ChazSXi
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Registered: 26th Jan 03
Location: Waterlooville, Hampshire
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a mortgage advisor will tell you exactly how much u can borrow and what you can adfford to pay back...like adam said
a solicitor will do checks to make sure that there are correct boundaries and all buiilding regs needed etc are legit. they will also sort out what fixtures and fittings come with the huose as theoretically they are part of the land too, unless they sellers state that they are taking them
[Edited on 03-11-2005 by ChazSXi]
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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So mortgage advisor to actually set up mortgage, how much do they charge?
And solicitor to put bids in on a house and complete the sale on the house?
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Gavin
Premium Member
Registered: 3rd Apr 02
Location: West Midlands
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if u can get onto the market then  but its farking hard at the moment
all the best
pew pew pew pewwwww
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Gavin
Premium Member
Registered: 3rd Apr 02
Location: West Midlands
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stamp duty aswell.... but dunno if it applies to properties under 100k???
pew pew pew pewwwww
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Edd
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Registered: 8th Nov 04
Location: Glasgow
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doesnt apply
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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quote:
Originally posted by Edd
doesnt apply
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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I am 19, so hoping to get a small house then in a few years move to a bigger house when im on a bigger salary and rent out my little house....
But still i have alot to learn atm so just trying to get my head round everything 
Decided with my parents, 2 years fixed rate then variable (as i will be in the police by then and on a larger salary so i will be able to manage having a mortgage that varies every month, even thou it wont vary greatly)
er ... yeh thats all ive got so far and to put aside 1000 for fees and survey
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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mortage advisers fee is normally included with the mortgage deal..... i.e he gets a commision from them, not you.
'
Meetings with them are free etc
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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quote:
Originally posted by AK
mortage advisers fee is normally included with the mortgage deal..... i.e he gets a commision from them, not you.
'
Meetings with them are free etc
Ah this is good, so am i better off meeting with different ones now (I plan to get this started in January) to get an idea ... or wait untill i have the money sat in my bank account and do it in January?
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--Dave--
Banned
Registered: 17th Feb 04
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stamp duty currently applies to properties of 120,000 and over. So Ally you'll be fine on that front.
You're probably best to wait until you have a few grand saved up to pay for it all without having to worry about any of it.
Try and get a 95% mortgage (so you'll need 5% deposit), repayments will be much better and you're more likely to actually get a mortgage in the first place.
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Laura_1.416v
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Registered: 26th Nov 04
Location: North Yorkshire
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stamp duty 120k I believe?
You only really need to see one mortgage advisor, they all use all the available mortgages. However they earn their money by selling you insurances to go with it (you have to have them anyway so its not a big deal taking the one they want you to)
Usually you can chance to insurer of your choice after 2 yrs if you can find a beter deal. This way you dont have to pay for thei services, they earn from commission from the insurance (well thats how both the advisors I have used worked, can't guarantee they are all the same, I'm just assuming)
solicitor, you only need to see them once briefly to sign the paperwork IIRC (been 4 years since we bought current house). Do your parents or any friends have someone they can recommend. You do have to pay for this but I can't forr the life of me remember how much it was!
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--Dave--
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Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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I'm just waiting to hear back from the solicitors now
Total fees for them were £2,500 (including stamp duty). £400 odd for advisor and then the survey which is a few hundred.
Hopefully we'll have moved in by december  Just have to buy a sofa and 2 double beds now
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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So i wont need 2500 if yours included stamp duty as well Dave as i wont be paying stamp duty on a property worth 70 - 80k
I cannot put down a deposit as i dont have the funds available too so i will be getting a 100% mortgage
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--Dave--
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Registered: 17th Feb 04
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yep thats right
If you can't put down a deposit then no problem, I was just saying if you could then it would be a lot better financially for you that's all.
Good luck with it all though Ally, 
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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If i had 5/10k then i would, but im fed up of living with Richies family as i need my own space!
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Siberia
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Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
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mortgage adviser is the first port of call if your thinkng about buying... they will tell you how much you can borrow and are generally quite helpfull...
apply for the mortgage and get and agrrement in principle... then go looking solicitor and then go looking for your house....
the sellers solicitor will send all the relevant contracts to the solicitor you have chosen and they will call you to sign your name... about 300 times infact
have you any savings? dont thnk there many places giving out 100% mortgages...
[Edited on 03-11-2005 by Siberia]
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Lawrah
Premium Member
Registered: 25th Dec 04
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I used to work for Clyde Property and our mortage advisor was very popular..
Defo talk to one, but a well known and highly respected one.
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Blue
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Registered: 24th Feb 03
Location: Sideways
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quote:
Originally posted by Lawrah
I used to work for Clyde Property and our mortage advisor was very popular..
Was she fit like?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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also, work around the assumption that you will generally get a mortgage for 3x your salary. This will change with certain lenders but is about the average.
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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me and amanda are on 5x
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by --Dave--
me and amanda are on 5x
yeah, some will be more, 5x is probably right at the top end though!
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--Dave--
Banned
Registered: 17th Feb 04
Location: Essssseeeeex Drives: Black Supra TT
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yeah it is, just means you're borrowing more and thus will inevitabely pay back more.
we got lucky though and our interest rate has stayed the same (in fact it went down slightly). We fixed on that for 5 years now as well
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