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Mortgage advise needed

(31 Posts)
GeePipe Wed 14-Aug-19 13:05:35

Hi all, i am totally a novice to the world of mortgages and wondered if anyone could give any advise possible.
I am looking to save with my boyfriend for our own home within the next 6-12 months. The houses in the area we are looking are generally between 80,000-115,000.

My questions are:
How much do we need to save for a deposit percent wise?

How much are solicitors fees?

Anything else we need to know?

Thanks

GeePipe Sun 18-Aug-19 09:34:37

I will look into that but the thing is i have always been advised against new builds and have lived in ine myself. Always full of problems with foundations etc. Also we have no new builds in the area we live so might not be feasable for us but i will have a look. Thank you

Mileysmiley Sun 18-Aug-19 02:11:51

I would go for a new build if I was you. The builders will offer you a lot of discounts and will also recommend a good solicitor and sometimes they will pay your legal fees as well.

www.barratthomes.co.uk/?gclid=EAIaIQobChMIhbGEr56L5AIVmZ3VCh0iKgGfEAAYASAAEgIMOvD_BwE&gclsrc=aw.ds

Happysummer2020 Sun 18-Aug-19 02:02:08

@bethsmith024

You need to speak with a solicitor

GeePipe Sat 17-Aug-19 19:40:38

Greentulips thats amazing! And so fast for such a little ammount! I will def try to do that when we eventually get a mortgage.

GreenTulips Sat 17-Aug-19 17:51:00

If you really want to research, have a look at overpayment calculators on line £50 a month extra can clear it 5 years earlier for example

WeThreeKingsofOrientAre Sat 17-Aug-19 14:03:57

- You need minimum 10% deposit in cash in the bank.
For starters....

- You need to budget for around £1,500 for Solicitors (Conveyancing/Legal Fees)

- The greater the amount of deposit you have above 10% minimum the better mortgage rate you will get from mortgage lenders (banks). This makes a difference to the amount of your monthly repayment.

- The longer repayment term you choose, the lower the monthly repayment amount.

GeePipe Sat 17-Aug-19 13:59:32

This is all fantastic advise thank you! Its not as east as i once thought it would be. I am a stikler for being prepared.

GreenTulips Sat 17-Aug-19 13:57:55

Ring the mortgage broker, you will get some quotes and paperwork and it will be valid for X months. Don’t worry if you don’t use that one, you can go again when you’re ready. They will update and issues and re check % rates and deals. It will give you a good idea

Most solicitors have package deals for buying houses. Get some quotes. Use local solicitors and not one recommended by the selling agents.

KurriKawari Sat 17-Aug-19 13:54:29

This is a good site too
www.reallymoving.com

KurriKawari Sat 17-Aug-19 13:53:44

Speak to london and country, I've used them twice and they've great. Helped with mortgage, conveyancing solicitor, life cover, house insurance. Really professional and on top of it all, and you don't pay anything.
Deposit- 10%.
Fees - £1500 plus
Also find out about schemes like Help to Buy etc.

2ndAugust Sat 17-Aug-19 13:06:31

Yes it’s best to speak to one before you start looking, otherwise you won’t really know what you can afford.

GeePipe Sat 17-Aug-19 09:47:51

Can i speak to a brokee before i have the money together or an actual house picked out?

GeePipe Sat 17-Aug-19 09:02:42

Oh thank you both! I am trying to get everything together that i can. Am hoping in 6 months will have a 10%deposit saved and then can get the ball rolling to move!

AnotherEmma Fri 16-Aug-19 19:37:33

Lots of very useful info here
www.moneyadviceservice.org.uk/en/articles/first-time-buyer-money-tips
And here
www.moneysavingexpert.com/first-time-mortgage/

2ndAugust Fri 16-Aug-19 19:34:53

I’d suggest speaking to a broker now, as they will advise how much you can borrow based on your earnings and any debts or other financial commitments you have. A decent broker will not charge you until you are given a mortgage offer. Clear any credit cards, loans and overdrafts you can in preparation for a mortgage application. Check out your credit rating in preparation too, it’s amazinghow many people don’t and are surprised when it is not good. A 5% deposit is usually enough, but you’ll get a better deal with 10%. Good luck.

GeePipe Wed 14-Aug-19 17:29:42

Miss rabbit thats amazing help thank you! I have £5000 saved so far so im trying to factor in as much as i can.

MissRabbitNeedsAHoliday Wed 14-Aug-19 16:41:27

I would advise speaking to a mortgage advisor too. Mines was a massive help, and I didn't pay him anything directly he was paid by the mortgage company so I didn't have to budget anything to pay him. You might get a 5% deposit, we did from Barclays, but if you can I would save 10%. Good luck smile

GeePipe Wed 14-Aug-19 16:37:39

Dont worry about it beth hope you get the right advise it sounds like an awful situation.

Thanks everyone i will look at them links mentioned above!

I just want to be extra prepared for when the time comes. Hoping to have 9k saved in 6 months which would be the 10%.

bethsmith024 Wed 14-Aug-19 16:30:29

Sorry I've completely hijacked your question and have no idea how to delete the post!!!!

DustyD2 Wed 14-Aug-19 16:22:47

I would advise seeing / speaking to a mortgage advisor to get an idea of what you could borrow and how much it repayments would be. You will get better rates when you have a deposit so more deals will be available to you.

When you start looking I would advise an agreement in principle statement from your chosen mortgage company which means that the sellers know you are ready to go when you choose to make an offer on a property.

Personally I would advise a repayment mortgage rather than interest only, so you pay off the balance not just the interest on what you borrowed.

Good luck!

wineandsunshine Wed 14-Aug-19 16:07:18

We are currently buying and putting down £13.5k deposit and our solicitor quote is £3250 - higher because my DH owned a house previously so we don't qualify for reduced SD!

Good luck op it's hard saving but you will get there!

caballerino Wed 14-Aug-19 16:05:07

Here: www.moneyadviceservice.org.uk/en/articles/money-timeline-when-buying-property-england-wales--n-ireland

It's actually more comprehensive than I remembered.

Hoa.org.uk and which.co.uk both have fairly detailed guides too.

Layoverlife Wed 14-Aug-19 16:02:45

@bethsmith024 Maybe start you're own thread? hmm

caballerino Wed 14-Aug-19 15:59:38

I think there's info on the Money Advice Service website that might be helpful.

bethsmith024 Wed 14-Aug-19 15:58:49

I desperately need advice off some strangers instead of people who know me and tell me what I feel is just what I want to hear.
My partner of 2 and a half years has recently bought a house, he put down around a 80k deposit. I live in a rented property with my 5 year old and have lived here for 6 years.
I am not on my boyfriends mortgage due to having no deposit however I have had a steady income for the last 5 years.
He has raised my son like he would his own and even more so since his dad walked out, he always tells me we're going to spend the rest of our lives together and we're in a very good and happy relationship. However I have a huge issue with not being on the mortgage to 'our' house. I feel that a deed of trust to say that I wouldn't be entitled to any of the money he put down will have been sufficient enough for him to be ok with putting me on the mortgage. He hasn't had me attend any meetings or appointments involving the house he has taken his mother along instead, I don't feel I have been involved in any part of it and I have had constant doubts about whether I'm doing the right thing in moving from my home with my son, to go somewhere with no security for myself, he could literally ask me to leave and I would have to.
Today he went back to the solicitor and told me that even though I'm not on the mortgage I still have to sign some form of document to say I have no rights to any part of the house or the money he has put down. Completely understandable that he wants to protect his assets but where is mine and my sons protection?
Am I right to be angry about not being on the mortgage and am I doing the right thing by leaving behind everything I know to move in with him despite it being nothing to do with me?
I hope you can help as I'm at a complete loose end!!!

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