House buying, where on earth do I start

[ghostmouse]

I have enough to buy a modest 3 bed semi near to me, it is an unwanted inheritance (would far rather have my darling husband here with me) I’d live in a tent forever if I could just have him back but here we are, the moneys come as a shock. It’s enough to put a very hefty deposit down and I’d only need a small mortgage. However I’ve never bought a house before, I’ve always lived in council housing and always been skint.
I also have a not very good credit rating, again no judgement please I’ve had a shit bloody life and it’s only now I’m finally debt free
So please where do I start? I really have no one rl to ask, no one in my family or any of my friends own houses and the internet doesn’t seem to give decent advice

Thanks

Sorry for your loss.

Definitely worth talking to a broker, there are mortgage products available for less than perfect credit ratings and often the interest rate isn't much higher than for standard products, especially as you will have a very good deposit.

You mention that the mortgage will be much less than the rent you're used to paying. That could mean that you could qualify for a larger mortgage, depending on your income, which will allow you to buy a more expensive house, giving you more choice of area and/or property size.

Have a look at the MSE FTB guide, to read up on the process, about fees etc and what to expect as you go through the process.

www.moneysavingexpert.com/mortgages/mortgage-guide/

The other thing to do is to make the money work for you and be safe until you're ready to buy. You don't want to invest it as you can't expose yourself to the risks of the stock market, but you can earn a little interest while you're waiting to buy. You should also be aware that, in the very unlikely event that your bank goes bust, only £85k is protected. Therefore you shouldn't keep more than that amount in any single bank.

Maybe have a look for the best instant access account, you should be able to get 0.6% or so, and maybe if you won't be buying for a few months, put £50k in premium bonds, as you might get prizes worth more than the interest in a normal account.

Not sure what you meant by ‘internet doesn’t give great advice’ - the MSE website gives great advice and a quick google of ‘how to buy a house’ turns up this:
www.which.co.uk/money/mortgages-and-property/first-time-buyers/buying-a-home/how-to-buy-a-house-alm0r9l4yf5x

I’m also a FTB and found plenty of resources. If you have specific questions post or even on the MoneySavingExper forums but saying you ‘don’t know where to start’ doesn’t make sense

That's a bit harsh @TractorAndHeadphones! Got out of bed the wrong side this morning did you?

You can sign up to Experian get your credit report. There is loads of free advice on money saving expert on how to improve it.

Then use a mortgage broker. They know how it all works and how to get you the best deal. Well worth the fee. We paid £800 for ours.

Good luck

You’ve had some great advice on getting a mortgage
Also start putting together a list of what you want in a home. Basics like number of bedrooms but also think about how much work you are willing to do, location, long term what will work for you.

As far as paying back your mortgage, I would keep 6 months wages set aside for emergencies and then overpay it,especially in the early years when most of the repayment is interest.

Good luck, I hope you find that fresh start you are looking for

@BIWI

That's a bit harsh *@TractorAndHeadphones*! Got out of bed the wrong side this morning did you?

Not really- all of the advice given on this thread so far can be found in the numerous how to buy a house guides with numbered steps.

The real difficulty in buying a house is the extreme detail in each of those steps.
Finding a house : what’s a sensible price, how much to offer, how to not buy a lemon
Mortgage : what’s the best deal, what happens if you can’t pay etc etc.

The actual choosing a house part is the most difficult because when I first tried to do this alone (3 years ago, as a foreigner in the U.K. with nobody to ask for help) there are all sorts of hidden issues that can be money pits if you’re not careful.

That’s why it’s best to look at the guides and ask specific questions on specific parts. MoneySavingExpert forums are great

@TractorAndHeadphones when you have recently lost your husband then sometimes you just need someone to tell you what to do or where to go not spend hours on the internet, two years on and I still need occasionally just someone to say this is what you need to do and Ghostmouse lost her husband much more recently and apologies if you have been through this yourself

[quote FiveGoMadInDorset]@TractorAndHeadphones when you have recently lost your husband then sometimes you just need someone to tell you what to do or where to go not spend hours on the internet, two years on and I still need occasionally just someone to say this is what you need to do and Ghostmouse lost her husband much more recently and apologies if you have been through this yourself[/quote]
Fair enough - I’m not sure why people seem to think I’m picking on the OP. I was merely pointing out that for buying a house ‘general’ advice can be confusing because you get bits all over the place and then find out there was a crucial bit that nobody mentioned, while a step by step guide is clearer and more complete.

This is what I found anyway with my first house buying attempt (ironically also after someone’s death). Perhaps the way I said it was too blunt. Anyway it’s not really my place to decide.
Good luck with your house hunt OP and sorry for your loss.

Which does guides for everything so will undoubtedly do a “Which guide to buying a house”.

@Mumoftwoinprimary

Which does guides for everything so will undoubtedly do a “Which guide to buying a house”.

You have to be a member or may be able to access these at a library. Moneysavingexpert is an excellent source of free information and has lots of guides - they're sure to have something on the house buying process.

To be honest tractor I did find your post a bit insensitive, I lost my husband 4 months ago to colon cancer that had spread, it was very quick and we got married in hospital 8 days before he died, I am still reeling from the shock of everything and I’ve also been Ill myself, my head is mashed I don’t have much rl support and yes I am struggling. Not everyone is perfect. Maybe you were able to cope with losing a partner (not sure if you have or not) but my world has fallen apart

Thank you so much to everyone else who has responded to my post, you’ve all been very helpful

@ghostmouse

I'm so sorry for your loss @ghostmouse.
I agree with other posters London and Country are excellent. They'll talk you through everything.

I had a really good experience with London & Country securing the mortgage for my recent purchase. My mortgage advisor was Mark Cooper.

www.moneysavingexpert.com/mortgages/buying-a-home-timeline/

^^ a useful read if you literally need a basic guide to how it all works and the steps in the process.

@xksismybestletter

We are using London and country for a mortgage. They will look one out for you.

We used them recently and it has ended in us taking them to court. They were AWFUL recommended exactly the wrong mortgage provider for our circumstances, never answered their phones and when we did get through to our "broker" he was racist towards my husband and very rude to me. Stay away from them would be my advice

@ghostmouse

Thank you everyone I will certainly try London and country. I’m in north east wales not far from Chester

Please don't they are terrible. Hope it all goes well

A mortgage broker will be able to go through your finances and tell you whether or not you're likely to get a mortgage and how much you can borrow.

Once you have that sorted you will know your budget and can start contacting estate agents to view properties.

Once you have an offer accepted you will then also need to appoint a solicitor to deal with the purchase. It's generally recommended to also get a survey done on the property.

Bear in mind that process of buying a house costs money and once you've bought the house you are likely to have to spend a bit of money on any repairs and decoration that need doing, so don't commit all your inheritance to the deposit.