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Thread: property and first time buying

  
  1. #1
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    tone's Avatar
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    property and first time buying

    i would like to start looking at buying houses

    the only problem is, i have no idea what to do or how to do it

    what im meant to look for

    i dont know anything about it and my parents are less than helpfull being wrapped up in their own lifes

    any help appricaited
    G t c

    soon!

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    kev007's Avatar
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    First of all Look at your finances can you afford one, Have you got a Min of 10% deposit, and enough for all the hidden extras, solicitors fee, Mortgage fee, survery fee etc etc. If you have go and see an indepentant Mortgage advise and get some info, Once happy start looking for houses and then put an offer on one. Once thats dont arrange your Mortgage and get a solicitor its easy after that.

    Hope this helps.
    Where are the Cumbrian Members??
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    Drives a Fiat Bravo 165 sport....

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    First thing I would do is speak to a finicial advisor, they will provide you with a lot of information and also reccomend the best mortgage deal for you.

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    as above seek advice from a finacial advisor before even considering taking a mortgage

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    A5TRA 59ORT's Avatar
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    unless you know a finical advisor i would say the first step is to do your homework first, quite a fee advisors charge to look at your case, and you may not be in a position to get a mortgage just yet.

    Firstly do you have a deposit, the minimum is 10%

    if not then get saving, in the current market no leader is offering a 100% mortgage so a deposit is a must.

    once you have got a deposit, get a rough idea of how much you can afford to borrow, most leaders have a mortgage calculator on their websites, put in your monthly incomings and outgoings, but try a few different leaders and take the middle figure. does this figure plus your deposit buy you anything in your area?? if yes then this is the time to enlist a finical advisor.

    A finical advisor will be able to explain all the different mortgage products, the stages of applying etc. but also all the insurances that you need etc. Also at this point you will need to start thinking about your credit rating. if you have a poor credit rating you will struggle to get a mortgage.

    Hope this helps.

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    another good thing to do is go down to your local branch and speak to their advisors, they will try and sell you their own products but the advice will be free and you can start to get a good idea of what you can borrow.

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    I was under the assumption that financial advise was free and they make their money on commission from mortgages and insurances?

    My financial adviser offered all the advise for free and even suggested taking a mortgage with a company he gets no cut from as they were cheaper.

  8. #8
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    ive been told about shared ownerbship houses which is looking like the only way i will get on the ladder

    ive also been told by a mate at work, that if you do a shared ownership, you can take the deposit from the government, therfore not needing a deposit,

    only reason im in a hurry is my parents are moving away and i cant go with them

    i also see renting as a big waste of space as i will never save a deposit while renting
    G t c

    soon!

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    if you wanna live in west london you can buy my place

  10. #10
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    lol sorry mate, i wana stay in kettering unfortunatly
    G t c

    soon!

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