Advice for first time home buyers?

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  • Advice for first time home buyers?


Answer #1 | 26/12 2013 12:14
It would be a good idea to talk to a bank and see if you qualify for a loan and how big a loan, so you'll know what price range house you can look for.
Positive: 100 %
Answer #2 | 26/12 2013 12:18
Exactly the same position as me & my boyfriend 10 month ago; just about to Complete purchase on help to buy Scheme. Have a look around and make sure you have a decent deposit saved up (usually 5k+) Work out how Much you & your boyfriend can Spend On a mortgage each month, and also keep in mind hidden fees such as solicitors Costs, surveyors fees etc. Completion has just cost us another 3k. Mortgage calculators online are a good place to start. It would also be worth having a provisional conversation with a mortgage advisor at Your respective banks. Good luck!
Positive: 100 %
Answer #3 | 26/12 2013 12:41
Don't visit any properties until you know how much you can borrow. Look in your area for a free mortgage broker. They will take your details and information about your finances and search through a large number of mortgage lenders to find you the best deal. You could also see the mortgage adviser at your bank, but they will only be offering their product which isn't always the best. Once you know how much you can borrow, then you can start looking at properties within your budget. If you have any questions about how much deposit and how things work, the adviser will be able to answer those.
Positive: 100 %
Answer #4 | 27/12 2013 03:43
Its entirely your choice, you could speak to a bank - but thats like going to buy a TV in a shop that only sells Sony 32 inch TVs. You might want a different make/size etc. I am slightly biased as i am a Mortgage Broker myself but speaking to one could be really beneficial. Not only can they search the market to find the best deal from all of the Help to Buy lenders, they can also look at 95% mortgages available from other lenders who are not on the high street... some of which are actually undercutting the help to buy lenders. They can also "hold your hand" through the process. Telling you what you will need (payslip etc), and what will happen when. I see first time buyers day in day out - they "tend to" be worriers, so having that extra support and person to speak to could be invaluable. My one suggestion would be to avoid estate agent based brokers... once they know how much you can afford, they will probably be telling the estate agent how much you can afford and that may mean the estate agent pushes the price on negotiations. Also the estate agent no matter how nice they are is employed by the vendor, they get their commission from the vendor. Speak to a broker first, they will let you know what you can borrow and you can decide if thats affordable or not. That will then help you when deciding which properties to look at, there is no point setting your heart on something out of your budget.
Positive: 100 %
Answer #5 | 27/12 2013 17:11
If you don't trust each other enough to get married, then forget splitting home ownership.
Positive: 12.5 %

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