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Old 24 Jun 20, 10:32 PM  
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#1
dreamadream
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Mobile First time buyer advice

Hi there

We have decided to grow up and put our money towards a deposit for a house rather than holidays in this current climate!

We currently rent privately. We’ve been here 4 years. The house is everything we wanted and more.
We did look at the help to buy scheme but the houses just don’t match this place in terms of size, storage and location.
Our landlord has said before if we ever want to buy to let him know. And we’ve kind of been given hints he will sell up within the next year. He had asked for a 6 monthly contract renewal rather than our 1-2 yearly ones we’ve had in the past.
We are saving like mad now, putting away approx £1000 a month, if I gave up booze it would be a lot more 😂😳 Family can kindly lend us money if the banks want more than 5% or he suddenly wants to sell.

Any advice for first time buyers?
This is all new to us as we’ve always rented.
Where do we even start?!
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Old 24 Jun 20, 10:44 PM  
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tspill
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You are doing the right thing - save, save and save more.
Thats the single biggest thing you can do.
The better the deposit (and hence lower LTV - Loan to Value), the better mortgage deal you will get.

Go to lenders and see what they can offer you so that you are prepared. Or a mortgage broker.
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Old 24 Jun 20, 11:00 PM  
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dreamadream
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Thank you.
Would you say a broker is essential for a good deal?
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Old 24 Jun 20, 11:15 PM  
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Beaker89
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Definitely get an independent mortgage broker that does whole of market. Also one who can sort out life insurance, critical illness cover and anything else you may wish to take out.
We didn't take out life insurance/critical illness for a few years, then finally sorted and VERY nearly ended up claiming a month later! So please please get it. You never what is going to happen!
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Old 25 Jun 20, 12:03 AM  
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Beth_Disney
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We went through a mortgage broker for our first mortgage and she was very helpful at guiding us through the process and getting various people nudge forward when they were being slow.

We nearly used her for insurance too as we trusted her advice but found that buying the same policies directly from the companies was much, much cheaper. It does pay to do your own research too.
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Old 25 Jun 20, 12:14 AM  
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keith1973
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I would look at all options we went with a broker then found a better deal ourselves the bigger your deposit the more options you’ll have. Don’t forget to put money away for fees as well as these mount up. In the current climate your bank might need a bigger deposit than normally as they are expecting the market to contract. Good luck
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Old 25 Jun 20, 07:17 AM  
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FlorayG
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Remember you have the advantage and can bargain with him think about what you are saving him
Estate agent fees
Time spent showing it to people
Clearing, cleaning and redecorating
Timewasters who say they want it then withdraw their offer

All the above has to be worth a few thousand to him. I offered my rented bungalow to the tenants at £8,000 less then the open market price - sadly they couldn't raise the money and I'm stuck now with all the hassle of maintaining an empty property while I try to sell it ( not easy ATM, it's been on the market since 10th March and not had one single viewing )
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Old 25 Jun 20, 07:19 AM  
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SquishTheWhale
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I didn't use a broker for our first time buy, but I worked in mortgages previously so felt I didn't need the advice.

Youll want a home buyers survey on the house even though you're living there now to flag any potential issues.

Research your solicitor very carefully. A good or bad one can make our break the purchase. I researched and even so our solicitor nearly brought the whole chain crashing down by being slow. Not totally their fault as the buyer at the top of the chain was in scotland and suddenly had to complete right now or lose their deposit. But it was our solicitor everyone was waiting on. Man is it stressful buying a house! If you can buy one with no chain then do that!
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Old 25 Jun 20, 09:06 AM  
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mickey house
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I don't see what a broker could do that I couldn't (apart from take commission). I might be wrong because it's been a long time since I've applied for a mortgage, but my son will be looking to buy a house in the next year or two and I would just look for the best mortgage deals available without using a broker.

An old work mate used a broker because he owns several properties he rents and wanted a mortgage to buyer another property (he's worth millions but as tight as they come - thinks I'm mad wasting money going to Florida so often), so a broker got him a mortgage he couldn't get online as that was more involved due to his situation.
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Old 25 Jun 20, 09:17 AM  
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catherinesian
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I would still look at other properties if I were you. We thought we would buy our rented house but after looking at others we realized we could get a lot more for our money and ended up buying a 3 bed semi detatched house with large garden in a much nicer part of town, compared to a 2 bed terraced house near a railway line.

I find with new houses you don't get much space for your money but have a look at older houses within your budget, you might be pleasantly surprised at what you find!

We used a mortgage broker, he could access rates not available to us directly so saved money.
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