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You need to see this article to understand the question
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*T*I*N*K*E*R*B*E*L*L... | Good Morning everyone...Mortgage advice please? |
Me and my partner have een renting for a year and 3months and we would like to buy. we realise that it is a complicated and expensive process but to be honest, i have no idea where to start.
please could u provide me with a basic outline of the process and a rough estimate of the costs that will incure throughout the process?
It look such a scary procedure but that's probably because i am unaware of how it goes.
any advice will be deeply appreciated!
Thanks!
Love Tinks xoxox |
 |
 
linkus86
 |
The starting point is to talk to a mortgage broker. They will be able to estimate your buying power by running your credit and asking a handful of pertinent questions. Your goal is to get a pre-approval and to make an appointment to make a formal application and submit documentation. The next step is to contact a Realtor. 98% of the time you will not have to pay your Realtor anything as their comission comes out of the sellers procedes. You will need money for the good faith deposit when you find a house you want. The rule of thumb is 1% of the purchase price but it isn't uncommon to offer less. Other than that you will only need money to pay for inspections. Some people get home inspector to look at various issues with the house and pay $200-500 depending upon where you live and the size of the house, while others get experts to do seperate examinations.
My gues is that once you start talking to a Realtor your anxiety about buying a house will ease. |
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angie
 |
good morning tinks, pop into your bank or any building society offering good deals, they will add up yours and your partners wages and any out going monthly commitments you might have, they will then calculate how much money they will lend you for a house, you will have to put about 5 to 10% down as a deposit, once you have decided on a home have money put aside for surveys and solicitor bills, good luck |
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amsterdam
|
Buy the Guardian this saturday and check out the Money section. Every week in the back of the section, they publish a simple guide to the process. Alternatively, go to the guardian online website - click on Money - it may be there, too. |
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babes
|
Ask or have an appointment with your bank manager,they will guide you on what you need to do.goodluck tinks! |
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michael l
 |
Check this site explains all.
http://forums.moneysavingexpert.com/showthread.html?t=455969&highlight=suveys |
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blade857
 |
Hi T*I*N*K, hope you are ok this morning, I've missed your questions over the weekend. To answer your question as simply as possible (because this field is a minefield), You need to get a repayment mortgage. The cheapest at the moment is the Norwich and Peterborough at 5.59%, then Allience and Leicester at 5.69%. On a 100,000 mortgage it will cost you about £620 per month. To keep costs down go directly to a bank for your mortgage, don't use a broker, he takes a lot of commission.
I hope this helps you, go to this site for help
http://www.moneynet.co.uk/mortgages/residential-mortgage/
Thanks.......blade x |
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jk_thegooner
|
Make an appointment to see your mortgage adviser at your bank in the first instance.
They will explain not only the process, but the costs involved.
What you basically need is:-
1. How much can you borrow.
2. How much of a deposit do you need.
3. Whether you want a fixed, flexible or variable mortgage (they will explain the differences to you.
4. Associated insurances costs. House/Contents/ Life/Health.
5. Do a monthly budget plan. You will have to guestimate for bills such as gas/electric and possibly rates.
Once you have seen them, shop around for the best rates. Look for deals, but be mindful of the longer term costs (APR)
Good luck in finding your first home. |
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Expert Realtor
|
The best place to start is with a good Realtor..that is their job is to guide you through the process.
You DO NOT pay the Realtor, the seller does, and the seller isn't going to give you a discount for not using one, so you have nothing to lose. |
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Andrew C
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good morning tinks
1 go to your bank, they'll have free mortgage advice, and will also do mortgages.
2 you'll need proof of earnings: last three months payslips
3 best of luck |
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Lucky Man.
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The best person to do this is your bank manager. |
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