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Author Mortgage/Solicitor help ... purlease
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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3rd Nov 05 at 10:29   View User's Profile U2U Member Reply With Quote

Finally decided that i am not going to rent and i am going to buy. My parents have agreed to be guarentors for me ... however i need to do most of the leg work .... but i dont have a clue where to start.

My friends have told me i need to see a mortgage advisor and a solicitor ... can someone explain what each one will do for me, and why i need to see both

Also any help/advice will be a bonus as well, i've found a few properties i like between 60 and 90k and i really want to get the ball rolling!

I've been told i will need approx £600 for solicitor fees plus money for a survey, and then if i put down a deposit, what else do i need to set money aside for?

I'd appreciate any info that could help me!

Thanks
TNM
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Registered: 5th Apr 04
Location: Nottingham Drives: VW Tiguan
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3rd Nov 05 at 10:31   View User's Profile U2U Member Reply With Quote

Try your bank first

see what they say and then northern rock seem to be lending to a lot of young people at the moment.
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Nov 05 at 10:35   View User's Profile U2U Member Reply With Quote

mortgage advisers are great..

they ask what you earn, your out goin¨g's etc.... then they tell you how much you realisticly can borrow, and the repayments etc..

solicitors etc you need for making bids, purchasing a house/flat

solicitors fee's yes..... do you work for free? hehe
ChazSXi
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Registered: 26th Jan 03
Location: Waterlooville, Hampshire
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3rd Nov 05 at 10:43   View User's Profile U2U Member Reply With Quote

a mortgage advisor will tell you exactly how much u can borrow and what you can adfford to pay back...like adam said

a solicitor will do checks to make sure that there are correct boundaries and all buiilding regs needed etc are legit. they will also sort out what fixtures and fittings come with the huose as theoretically they are part of the land too, unless they sellers state that they are taking them

[Edited on 03-11-2005 by ChazSXi]
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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3rd Nov 05 at 10:54   View User's Profile U2U Member Reply With Quote

So mortgage advisor to actually set up mortgage, how much do they charge?

And solicitor to put bids in on a house and complete the sale on the house?
Gavin
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Registered: 3rd Apr 02
Location: West Midlands
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3rd Nov 05 at 10:55   View Garage View User's Profile U2U Member Reply With Quote

if u can get onto the market then but its farking hard at the moment

all the best


pew pew pew pewwwww
Gavin
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3rd Nov 05 at 10:56   View Garage View User's Profile U2U Member Reply With Quote

stamp duty aswell.... but dunno if it applies to properties under 100k???


pew pew pew pewwwww
Edd
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Registered: 8th Nov 04
Location: Glasgow
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3rd Nov 05 at 10:58   View User's Profile U2U Member Reply With Quote

doesnt apply
Ally
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Registered: 2nd Jul 03
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3rd Nov 05 at 10:59   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Edd
doesnt apply


Ally
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Registered: 2nd Jul 03
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3rd Nov 05 at 11:01   View User's Profile U2U Member Reply With Quote

I am 19, so hoping to get a small house then in a few years move to a bigger house when im on a bigger salary and rent out my little house....

But still i have alot to learn atm so just trying to get my head round everything

Decided with my parents, 2 years fixed rate then variable (as i will be in the police by then and on a larger salary so i will be able to manage having a mortgage that varies every month, even thou it wont vary greatly)

er ... yeh thats all ive got so far and to put aside 1000 for fees and survey
AK
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Registered: 5th Jul 00
Location: Aberdeen City
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3rd Nov 05 at 11:01   View User's Profile U2U Member Reply With Quote

mortage advisers fee is normally included with the mortgage deal..... i.e he gets a commision from them, not you.
'

Meetings with them are free etc
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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3rd Nov 05 at 11:02   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by AK
mortage advisers fee is normally included with the mortgage deal..... i.e he gets a commision from them, not you.
'

Meetings with them are free etc


Ah this is good, so am i better off meeting with different ones now (I plan to get this started in January) to get an idea ... or wait untill i have the money sat in my bank account and do it in January?
--Dave--
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Registered: 17th Feb 04
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3rd Nov 05 at 12:33   View User's Profile U2U Member Reply With Quote

stamp duty currently applies to properties of 120,000 and over. So Ally you'll be fine on that front.

You're probably best to wait until you have a few grand saved up to pay for it all without having to worry about any of it.

Try and get a 95% mortgage (so you'll need 5% deposit), repayments will be much better and you're more likely to actually get a mortgage in the first place.
Laura_1.416v
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Registered: 26th Nov 04
Location: North Yorkshire
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3rd Nov 05 at 12:33   View User's Profile U2U Member Reply With Quote

stamp duty 120k I believe?

You only really need to see one mortgage advisor, they all use all the available mortgages. However they earn their money by selling you insurances to go with it (you have to have them anyway so its not a big deal taking the one they want you to)
Usually you can chance to insurer of your choice after 2 yrs if you can find a beter deal. This way you dont have to pay for thei services, they earn from commission from the insurance (well thats how both the advisors I have used worked, can't guarantee they are all the same, I'm just assuming)
solicitor, you only need to see them once briefly to sign the paperwork IIRC (been 4 years since we bought current house). Do your parents or any friends have someone they can recommend. You do have to pay for this but I can't forr the life of me remember how much it was!
--Dave--
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Registered: 17th Feb 04
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3rd Nov 05 at 12:35   View User's Profile U2U Member Reply With Quote

I'm just waiting to hear back from the solicitors now

Total fees for them were £2,500 (including stamp duty). £400 odd for advisor and then the survey which is a few hundred.

Hopefully we'll have moved in by december Just have to buy a sofa and 2 double beds now
Ally
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Registered: 2nd Jul 03
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3rd Nov 05 at 14:30   View User's Profile U2U Member Reply With Quote

So i wont need 2500 if yours included stamp duty as well Dave as i wont be paying stamp duty on a property worth 70 - 80k

I cannot put down a deposit as i dont have the funds available too so i will be getting a 100% mortgage
--Dave--
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3rd Nov 05 at 14:42   View User's Profile U2U Member Reply With Quote

yep thats right

If you can't put down a deposit then no problem, I was just saying if you could then it would be a lot better financially for you that's all.

Good luck with it all though Ally,
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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3rd Nov 05 at 14:43   View User's Profile U2U Member Reply With Quote

If i had 5/10k then i would, but im fed up of living with Richies family as i need my own space!
Siberia
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Registered: 9th Oct 03
Location: Leprechaun Land Drives : Zafira GSI
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3rd Nov 05 at 14:45   View User's Profile U2U Member Reply With Quote

mortgage adviser is the first port of call if your thinkng about buying... they will tell you how much you can borrow and are generally quite helpfull...

apply for the mortgage and get and agrrement in principle... then go looking solicitor and then go looking for your house....

the sellers solicitor will send all the relevant contracts to the solicitor you have chosen and they will call you to sign your name... about 300 times infact



have you any savings? dont thnk there many places giving out 100% mortgages...

[Edited on 03-11-2005 by Siberia]
Lawrah
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Registered: 25th Dec 04
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3rd Nov 05 at 14:49   View Garage View User's Profile U2U Member Reply With Quote

I used to work for Clyde Property and our mortage advisor was very popular..

Defo talk to one, but a well known and highly respected one.
Blue
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Registered: 24th Feb 03
Location: Sideways
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3rd Nov 05 at 14:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Lawrah
I used to work for Clyde Property and our mortage advisor was very popular..


Was she fit like?
Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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3rd Nov 05 at 16:05   View User's Profile U2U Member Reply With Quote

also, work around the assumption that you will generally get a mortgage for 3x your salary. This will change with certain lenders but is about the average.
--Dave--
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Registered: 17th Feb 04
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3rd Nov 05 at 16:08   View User's Profile U2U Member Reply With Quote

me and amanda are on 5x
Cosmo
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Registered: 29th Mar 01
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3rd Nov 05 at 16:10   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by --Dave--
me and amanda are on 5x


yeah, some will be more, 5x is probably right at the top end though!
--Dave--
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Registered: 17th Feb 04
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3rd Nov 05 at 16:13   View User's Profile U2U Member Reply With Quote

yeah it is, just means you're borrowing more and thus will inevitabely pay back more.

we got lucky though and our interest rate has stayed the same (in fact it went down slightly). We fixed on that for 5 years now as well

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