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Original poster

Mortgage advise needed

30 replies

GeePipe · 14/08/2019 13:05

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

OP posts:
tired1245 · 14/08/2019 13:08

Saving 10% deposit of the value of the house is the normal amount when buying.
Solicitors fees for me when I purchased my house were around £1500 with searches.

WinterWillow · 14/08/2019 13:09

Hello,

Not sure which area you are in but we are South Wales and the house prices in our area are between £70,000-£110,000. We purchased our home in 2015 for £85,000 (new build) and paid a 5% deposit.

Our mortgage is with principality who are very reasonable.

I believe our solicitors fees were also very reasonable and only came to around £1500.

May have all changed now but good luck! x

ElizaPancakes · 14/08/2019 13:13

You might be able to get away with 95% LTV with some lenders.

I recommend you speak to 1) your bank, for some general advice on what their rates are and what they want you to do (for example, they might not do anything until you’ve offered on a property) 2) speak to a free broker, London and Country I think are pretty good? Just google and you should find one. They can talk you through options.

Interested in this thread?

Then you might like threads about this subject:

General money
Original poster
GeePipe · 14/08/2019 14:05

Thanks for these tips everyone im writing them down. Need to be prepared!

OP posts:
Original poster
GeePipe · 14/08/2019 15:48

What do solicitors do in terms of us buying a property? And is it a good idea to talk to brokers before we find a house we want or wait to get the house?

OP posts:
bethsmith024 · 14/08/2019 15:58

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!!!

caballerino · 14/08/2019 15:59

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

Layoverlife · 14/08/2019 16:02

@bethsmith024 Maybe start you're own thread? Hmm

caballerino · 14/08/2019 16:05

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.

wineandsunshine · 14/08/2019 16:07

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!

DustyD2 · 14/08/2019 16:22

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!

bethsmith024 · 14/08/2019 16:30

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

Original poster
GeePipe · 14/08/2019 16:37

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%.

OP posts:
MissRabbitNeedsAHoliday · 14/08/2019 16:41

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

Original poster
GeePipe · 14/08/2019 17:29

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

OP posts:
2ndAugust · 16/08/2019 19:34

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.

Original poster
GeePipe · 17/08/2019 09:02

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!

OP posts:
Original poster
GeePipe · 17/08/2019 09:47

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

OP posts:
2ndAugust · 17/08/2019 13:06

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

KurriKawari · 17/08/2019 13:53

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.

KurriKawari · 17/08/2019 13:54

This is a good site too
www.reallymoving.com

GreenTulips · 17/08/2019 13:57

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.

Original poster
GeePipe · 17/08/2019 13:59

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.

OP posts:
WeThreeKingsofOrientAre · 17/08/2019 14:03
  • 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.