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Originally posted by mattk

quote:

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Originally posted by mattk
yeah the bank have said how much they are willing to lend me, just needed to find a house, I think Ive found one, So I was going to book a veiwing, Just a bit lost as to what happens after that

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Yes but where as for example you went to someone within lets say Halifax as an example, they might only be able to search 50 offers on mortgages - where as if you went to IFA then they might be able to search 150 offers.

Thats the point i was trying to get across.

Plus upon finalising a mortgage you have to complete a form in which you could say the in house advisor gave you biased or non-bias advice, if they tried to rip you off, you have the chance to grass them up and they can't control it.

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Originally posted by Leo_Foci
I'm going through the same thing at the moment.

First thing that we did was we booked an appointment with an INDEPENDENT financial advisor........ these apparent financial advisors within Estate agents WILL try and rip you off (Sorry if thats anyone's job on here)

Anyway what we did:

1) Took a trip to see IFA with all our paper, sat down for a hour or so, worked out all our finances, outgoings etc.... Got a mortgage approved there and then. The IFA that we appointed will then select a well known solicitor, the solicitors then make the arrangements for whatever type of survey you want doing on the house (Home Buyers guide or Full structural). The IFA will also approach the mortgage company to set up the mortgage.... and our IFA also spoke to the Estate agents so we didn't have to... more professional ;)

and thats the stage i'm up to at the moment.

I believe the next stages are:

2) Find a house
3) Make an offer, whether thats direct to the Estate agent or through an IFA
4) If offer accepted solicitors->survey->pay remaining costs for solicitors and survey along with deposit->exchange contracts/set completion date->Pick up keys....

IF i'm wrong on this can someone please tell me cos i'd like to know to :lol: :lol:

[Edited on 02-02-2009 by Leo_Foci]

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I'm going through the same thing at the moment.

First thing that we did was we booked an appointment with an INDEPENDENT financial advisor........ these apparent financial advisors within Estate agents WILL try and rip you off (Sorry if thats anyone's job on here)

Anyway what we did:

1) Took a trip to see IFA with all our paper, sat down for a hour or so, worked out all our finances, outgoings etc.... Got a mortgage approved there and then. The IFA that we appointed will then select a well known solicitor, the solicitors then make the arrangements for whatever type of survey you want doing on the house (Home Buyers guide or Full structural). The IFA will also approach the mortgage company to set up the mortgage.... and our IFA also spoke to the Estate agents so we didn't have to... more professional ;)

and thats the stage i'm up to at the moment.

I believe the next stages are:

2) Find a house
3) Make an offer, whether thats direct to the Estate agent or through an IFA
4) If offer accepted solicitors->survey->pay remaining costs for solicitors and survey along with deposit->exchange contracts/set completion date->Pick up keys....

IF i'm wrong on this can someone please tell me cos i'd like to know to :lol: :lol:

[Edited on 02-02-2009 by Leo_Foci]

Dont even bother viewing until you know how much you can borrow!

I bought a house in may 2008 with a 15k deposit. The house was up for 125000.

I have a 110k mortgage and earn around 23k a year.

Now i wouldnt get a look in with such a house and 15k in my pocket! I'd need 20plus.

After my first experience of buying a new property (which i'm told is easier for obvious reasons) i never want to buy a house again, too many forms and phone calls and running about, stressful!

[Edited on 02-02-2009 by X 60RSA]

Once you've found somewhere it'd be worth checking your bank have offered you the best deal. Most estate agents have their own IFAs in house and can check the rest of the mortgage market pretty quickly. Shop around for solicitors too as they all charge differently. You should aim to pay them a fee of around £300 plus disbursments (searches etc), with a total cost of around £500-£600 max.

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Originally posted by mattk
yeah the bank have said how much they are willing to lend me, just needed to find a house, I think Ive found one, So I was going to book a veiwing, Just a bit lost as to what happens after that

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Originally posted by Twiggy

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Originally posted by BYRON
Surely knowing you can secure the amount required before viewing any properties is the very first thing you need to do?
I met with my financial advisor a few times before I even veiwed a property to make sure that;
1- I wasnt wasting my time
2 - I was looking at properties that I could afford.

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Words out my mouth!!

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yeah the bank have said how much they are willing to lend me, just needed to find a house, I think Ive found one, So I was going to book a veiwing, Just a bit lost as to what happens after that

But will they lend it to you??

Ideally you should get an 'ok' from a mortgage company first..

I know how much I can have, its well enough

Our independant financial advisor did everything for us.

All we had to do was look at the house and put in an offer. He did everything else.

quote:

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Originally posted by BYRON
Surely knowing you can secure the amount required before viewing any properties is the very first thing you need to do?
I met with my financial advisor a few times before I even veiwed a property to make sure that;
1- I wasnt wasting my time
2 - I was looking at properties that I could afford.

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Surely knowing you can secure the amount required before viewing any properties is the very first thing you need to do?
I met with my financial advisor a few times before I even veiwed a property to make sure that;
1- I wasnt wasting my time
2 - I was looking at properties that I could afford.

We didn't have a solicitor, selling agent dealt with everything for the purchase :thumbs:

Completely hassle free for us!

Not sure if it's different in Scotland though?

The Estate Agent will give you all of the help/assistance you require or at the evry least point you in the right direction

1) View House
2) See a IFA and see how much you can borrow for a mortgage.
3)Put in offer to Estate Agent
4) Agree Price
5) Instruct Solictor
6) Intruct IFA to instrcuct surveryors on behalf of mortgage company
7) Exchange Contracts
8) Complete Sale

:thumbs:

Make an offer based on survey, then you dont need to get one and waste money unless they accept your offer.

Go see how much of a mortgage they can give you tho.

A valuation survey & enquiring about a mortgage would be your next step.

Then you need a solicitor to make an offer.

schweet

Actually matt, i need to speak to you regarding some plumbing and moving a rad. Will chat next time i see you though.

Arrange mortage
Speak with solicitor

As far as i know that's it :lol:

Miller homes are sorting mine out.

Right Ive found a house, its on the market for £70k needs heating a kitchen and a bathroom, could do with a re-wire too, none of that is a problem, Im going to go and arrange a veiwing tomorrow I think.

could you just note down in a list whats involved in buying a house cause I have no Idea.... Il start off

Look For House
Arrange Veiwing...................