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Thread: First time mortgage.

  
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    kev007's Avatar
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    First time mortgage.

    Anyone now of any good mortgages at mo. Looking at 100k house and have a 10% depoist Just dont now how much legal fee ares and i have to pay a signing on fee. Anyone no where i can get this all included in my mortgage?

    Kev
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    Drives a Fiat Bravo 165 sport....

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    gary k's Avatar
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    doubt you'll get a 90% mortgage at the moment

    if you do find one, you'll be paying for it in the interest rate so be careful

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    Speak to halifax, they used to be good for first time mortgages, thats who the missus and myself went with. I'm not too sure how good they'll be in this financial economy but when we got our first mortgage 3 yrs ago they were really good and helpful.

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    Best sit down with an advisor they will take you through everything step by step and work out what you can get on your wages etc and find you the best mortgage out there. been doing this myself lately!

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    Couples of mortgage search sites...

    http://www.uswitch.com/mortgages/

    http://www.charcol.co.uk/

    I used these to get an idea of what is available and to help me understand what i wanted.

    HTH.

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    I dont think theyll give 90% mortgages.
    I had a 50k deposit on a 150k house they wouldnt gave me a mortgage on 27k per year for 92k or so.
    In the end my mrs had to increase what she earnt so we had over 40k per year coming in to get 100k.
    My mrs' brother has been refused on a 90% mortgage with 10k deposit!
    (this was last Sept 0
    Only way to go is to chat and see what they will give you

  7. #7
    kr00zin_uk
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    If you don't know how to get information on getting a good mortgage and the cost of moving, then perhaps you aren't responsible enough to own your own home! We might all start somewhere, but it's common sense. If you need money, go to a bank, if you need advice on legal issues, go to a solicitor.

    We are certainly not able to point you in the right direction in terms of good mortgages because we don't have enough information about your personal financial circumstances, also interest rates and mortgage deals change continuously.

    For advice on mortgages speak to any bank/building society/mortgage broker about what products they offer. Most also have online websites showing their deals and mortgage calculators, so you don't need to book loads of appointments until you have done your research first. Given the current state of the financial markets, you will probably need a larger deposit than was acceptable a few years ago and also a pretty high salary to go with it. I think most places work on the estimation that the maximum they will lend you is 3 times your yearly income. Get as many quotes as you can to get the best deal.

    For advice on solicitors fees and hidden moving costs speak to local solicitors. Most will offer free consultations and provide quotations free of charge. Again get as many quotes as you can to get the best deal.

    As your house is under £175,000 you will not need to pay stamp duty. And expect to pay around £2000 for solicitor's fees and a survey (which you will need to obtain a mortgage). Also if you can, my advice to you is to stay away from interest only mortgages and make sure you take out a repayment mortgage.

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    Quote Originally Posted by kr00zin_uk View Post
    Also if you can, my advice to you is to stay away from interest only mortgages and make sure you take out a repayment mortgage.
    Trying not to be picky but as you'd already kinda done it anyways, surely you're not able to offer that advice as you're not a regulated advisor either, well, you haven't said you are anyways

    I do however agree with most of what you said as the OP is best just going into a couple of banks/building society's, an independent FA or going online and doing some Agreement In Principles and getting some figures of who'll lend what. Don't do too many though as they all go on your credit record.

    There's so many choices out there and don't just be swayed by headline rates, sometimes they're just to lure you in. A lot of banks etc will cover some legal fee's for you or they'll be added on to you're borrowing eg. conveyancing, so you've got to look at the bigger picture.

    Worth getting a survey done yourself though as the surveys the banks do are minimal just to ensure the property is worth them lending the money for incase things go wrong with you paying the loan back.

    Thats a few words from me anyways

  9. #9
    kr00zin_uk
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    Quote Originally Posted by joemailey View Post
    Got to second that.
    I'd have no idea where to go or what to do if I wanted to buy a house.
    I don't think I was harsh at all.

    I gave some good advice considering I am not fully trained to do so and I pretty much pointed out that the best place for advice on buying a house is not a motoring forum. I thought most of the information I provided was common sense, but maybe the population is less educated that I thought.

    Some of us may have experienced moving ourselves and are able to provide general advice, but that wasn't what he was asking:

    Quote Originally Posted by kev007 View Post
    Anyone now of any good mortgages at mo. Looking at 100k house and have a 10% depoist Just dont now how much legal fee ares and i have to pay a signing on fee. Anyone no where i can get this all included in my mortgage?
    We don't know of any good mortgages at the moment as the deals and interest rates change all the time. Who is to say what a good deal is? As every deal is there to benefit someone, otherwise there would be no demand for it.

    Looking at 100k house with 10% deposit? Again we can't approve a mortgage, or even say whether he will be able to obtain one.

    How much legal fees are? How long is a piece of string? It all depends on your personal circumstances and whatever figure we pluck out of our heads is irrelevant.

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    It's about time Kev, stop playing with that old Astra and go get a mortgage like us young'uns.


    I would personally take a walk along Lowther St & King St and go in every bank & building society and then go online and check places like Money Supermarket for the best interest rates etc.

    Don't just read the brochures, speak with the mortgage advisors at each bank. You'll need to book an appointment most of the time.

    I doubt you'll find a 90% mortgage at the moment though and as far as I'm aware legal fees are seperate to the mortgate so you can't "bundle them in" as such and as for signing on fees, there's some that offer poorer rates and don't include signing on fees. (I think we're talking about the same thing there).

    Don't forget you'll probably want Life Cover and all that kinda stuff too.

    IMO: Go get advise on those clued up about such things (Mortgage Advisors etc), half of the people on here probably don't even own a house yet will probably still try to give you "advice".
    Fastest, Most Powerful & Only Mag Featured Astra In The AOC Cumbrian Region

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