Well we are now back from our 2 week holiday in the states and about to start looking for a house. Thing is we havent got a clue where to start!!!!! We know what mortgage we can borrow (went to see a mortgage advisor a few months back) and what we can afford, know the sort of house we want and we have a deposit lined up, so what next??!! Is it just a case of going to an independent mortgage advisor and seeing whats about or do we go to an estate agent first, find a property we like then sort the mortgage after?? We're both a little confused as to what the best way to go about it is!! Is it worth buying a 'first time buyer' book or something??!! We've been looking on rightmove and keep seeing houses we think are suitable / like.

Any advise would be much appreciated!!

Chris

 

i'm in the same boat as you pal

Seems that quite a few people on here are into property, so some answers should be along soon

 

I would get the mortgage sorted first, set your limits and then find a house. Bought my first house 2 weeks a ago, its a nightmare!

 

This is what i did, got a finacial adviser, looked at the best rate with the best type of mortgage - not always the same

Set the amount i was going to borrow, made sure it was likely to go through and that nothing obvious would casue an isse.

Then went to see the house, put an offer in - the best bit - stood hard on my offer - first time buyer, mortgage in place perfect buyer

Then when the offer was accepted, the finacial adviser started all the paper work rolling and gave me the name of a solicitor.

Don't listen to the estate agents "if you use our solicitor, it will be quicker" no it wont, it will just cost more in most cases.

I paid 275.00 for my solicitor on a 135k house deal. And she was 30 miles away, we just met up halway to sign everything up.

 

We have seen a few we like but not sure whats next?? As you say how do we go about getting the best mortgage? Who can we trust to sort it and is not just interested in their commission etc?? We definitely want a repayment mortgage but heard so many things to do and not do we don't know who to believe!!

Chris

 

a finacncial adviser should be able to show you on screen ALL of the banks etc and what rates they are offering so you can see for yourelf.

He will also explain what the different sorts are, and see what sounds best for you.

Not sure if they get a commission for the amount of the loan rather than the rate, so it may not make a difference who you go with to them.

Look at fixed rates, 2, 3 years etc, and over 15,25,35 years, yes 35 years may seem along time, but after a couple of years you can switch to a 15 or 20 year jobby when your in and settled and earn more and can afford more.

Don't go for cash back deals, and also be carefull as some have extremely high intitial payments, forget what they call them but think it was for setting up the mortgage with them - the banks this is.

some also have huge fines for finishing with them early.

my advice is speak to an advisor, so if anyone can recomend someone, and go from there, it's free and you don't have to use them.

 

See an adviser have him/her find a suitable mortgage deal.

You should then have a mortgage in priciple where by the lender agrees to lend (x)as long as the information you have given is correct.

Once you know what your looking at price wise, give your solicitor a call find out how much conveyancing fees are likely to be.

Look about until you see something your interested in, view property etc.

Arrange a valuation on the property, your solicitor or IFA may well have a firm that they can recommend...failing that its a case of finding a local firm.

Once satisfied with the valuation/survey, you are then ready to submit an offer, working with your Solicitor & the selling agent.

 

Andy, ain't it different up there, here you can make an offer and then walk away.

Usually make the offer, then start with surveys etc.

Isn't it the case that you are legally tied to an offer up there??

The agreed in priciple, that is what i was thinking about earlier, yes get that sorted then start viewing.

 

It is different YEAH........in that if an offer was submited subject to survey or subject to mortgage being arranged then, it wouldnt be a clean enough offer for most.

Where we'd note an interest in the property youd be submiting an offer.

I stand corrected on the timing of the survey.

 

Couple of tips that may come in handy.

Be confident with your offer, and point out the fact that you are ready to buy, no chain, have a deposit in place and have been accpected in principle for a mortgage.

I actually convinced the estate agents that i would like them to see me regarding sorting a mortgage, and aranging a solicitor - i didn't want them to, but it did seem to make them more inclined to push my offer and it worked.

They did come back and tried to make me up the offer by 1k, I said NO. Told them my offer was final and that i would walk. That can be a gamble.

If your offer is refused, pop round and see the sellers in the evening. Be polite and say you made an offer and ask if you can have a chat, many will only be to glad.

Try to find out a little about them, did they buy years agao? they may in that case have made alot on the property, so will be more willing to drop for a sale.

Are they looking to sell up quickly, again, you have no chain so your a bonus.

Try to build a rappour, it will make the seller feel comfortable with you and more inclined to accept an offer feeling they know you wont muck them about.

People often also give away info without meaning it, chat about the house, they may mention any issues or repairs, or hassles in the neighbourhood or parking issues.

Just throw in some general chat and listen to what they say and let them rabbit on, giving you all the info you need.

OK, you have made an offer, and it's been accepted, go and have another viewing, take pictures, measure up the rooms yourself, and have a good nose about, supprising how things look different on a 2nd view.

On the offer, my mate went to view a place up for 120k, adam offered 100k estate agent laughed and said no way mate they wont take less than 115k, but adam asked that the offer gets put foward.

He gets a call back, no, it will need to be 118k

so that night he popped to the house, said he had made an offer and could they have a chat, they guy knew nothing about it

between them they agreed on a figure of 102k

they estate agent was fuming, Adam quickly pointed out that if anyone was in the wrong, it was them for not putting the offer in and lying about it

just goes to show hey!

 

Good advice above

Decision in principle is what people will want to hear

Get that before going viewing/putting offers in

 

Well we have a deposit sorted so i suppose the next thing is getting a mortgage agreed (in principle?)

Chris