Never bought a house before - advice appreciated

[HavanaLove]

So I went for a house viewing yesterday (it is the 3rd one I've viewed so far) and although the location is fairly village-y and away from the city, the price seemed fairly good for the location (to the point where I am almost suspicious about why it is priced so low).

I'm almost fairly confused about what it will involve? I've read up a bit about mortgages but still fairly confused about whether fixed term, variable etc. mortgage repayment is most suitable and after how long I can sell or potentially put it up for a rent (I am a first time buyer with full intention to live at the property but nice to know the options just in case).

Even when looking around, it all fairly looked "OK" but I am no architectural expert so I am worried I might have missed any major issues with it.

Do you require personal references when applying for a mortgage?

Is it worth paying for the surveyor? If so, do I need to do a price comparison to find the cheapest one? Can I withdraw from the agreement if the surveyor points out any major issues, without any financial penalty?

1. You can sell whenever you want.

1. Most mortgages will let you rent the place out eventually, eg after two years of living there. You may need the banks consent. Depends on the mortgage deal you take.

1. See a mortgage broker for advice about the best mortgage. You don’t need references. The bank only cares that you’ll repay it.

1. The bank will require you to get a survey done.

1. You are not obliged to buy the property until you exchange contracts. You won’t do that until you’ve had the survey and your solicitor does searches and finds out more about the property for you.

Yes to surveyor. Worth every penny. Starting point is reallymoving or compare my move for 5 local surveyor quotes. Yes you can withdraw if it finds issues but you could also have the price lowered accordingly.

To let the house all you need is consent to let from your mortgage company - which is after 6 months of living in it minimum. They might allow they might increase rate slightly and allow, they may ask you to move to a BTL product.

Definitely use a mortgage broker, they can access all providers and mortgages that you cannot get in a high st bank. They will usually do a free first meeting and can give you an indication of what you can borrow.

You will need a deposit of at least 10 percent. You will get better deals if your loan to value is low ie you put down a good deposit. Mortgages are assessed on affordability so a lender will take into account any regular payments such as a car loan.

A good broker should manage the process for you and guide you through everything.

Good luck!

Thanks so much to all three of you so far :) all brilliant advice.