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Getting a mortgage(3 Posts)
I posted the other day about considering buying a flat in Liverpool, I love the idea but I feel so daunted about getting a mortgage on my own, I honestly wouldn’t know where to begin. I did have a mortgage with my ex but he was sort of ‘in charge’ of the process (made the appointment with the broker, spoke to solicitors etc.) Where do I even begin? I will have £15k for a deposit (for a flat around £100k), how much more money would I need for other fees? If anyone could give me any advice - emotional or practical - Id be very grateful
Emotional advice: put your big girl pants on.
Millions of people manage so you can do it too.
Practical advice: there would be no stamp duty and you’d only need to pay for legal fees which would be maybe a grand(?) Mortgage fees (if there are any) would be added to the mortgage. You can go via a mortgage broker or use a comparison website to find the best deal.
Make sure you are not still named on any previous mortgage. You are, I think, technically not a first time buyer due to this.
Look for mortgage brokers in Liverpool and ask about the start to finish of the process. There are rules concerning loan:income ratio and loan:value ratio so do your homework. MSE (Money Saving Expert - Martin Lewis) will have suggestions but rates are very low at the moment so look at “best buys”. You will have to put in your financial info such as deposit, income etc. You will then get a survey.
Mortgage companies are also twitchy about loans from parents or others for the deposit but hopefully this won’t apply to you.
Do some online research and then you will be informed. It tends to go at its own speed with not everyone being fully staffed and wait times for valuations being quite long, but it all gets sorted in the end. Do your basic homework and get a mortgage in principle so you are ready to go ASAP.
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