Feeling so overwhelmed. Can someone please explain how to buy a house?

[growgrowinggrown]

Hi all,

Basically as the title says.
I feel I am in a position to look at buying a house - I have some money together and have been looking at properties but I don't know what I do next.

Do I approach a bank for a mortgage? What is a mortgage broker? Do I need one? How do I find one?

I would love it if some kind soul could take pity on me and give me a super simple 'do this, then this, then this....tah dah you now own a house'

I have £30k saved (that is total - to use for deposit, any fees and furniture) and earn £35k PA if its relevant

OP I have a fantastic free mortgage broker I always use and would happily pm you his number.

I would personally contact a broker - say I have x deposit, I earn x and my debts are x. They will say you can afford £Y.

You then look at houses in this band, you can look at houses that are slightly more too. When it comes to wanting to buy, you put an offer in. Usually people offer below the asking to try get the best price but you offer what YOU think it’s worth.

The estate agent will ask for proof you can afford it which your broker will say “yes she can”. Once it’s agreed a memorandum of sale is issued and both sides instruct lawyers.

It may get more complicated in that there is a chain and you need the chain to complete, ie the person you buy from needs to also find a house. You can’t really buy a house unless you’ve agreed a sale on your own.

The solicitors will take over and you’ll pay for searches which are about flood risks and new planning permission in the vicinity. You have to agree to still buy despite anything that comes back in searches (you can pull out). You choose a mortgage and your broker talks you through it all.

You sign a contract and so does the seller. These contracts are then exchanged which is legally binding but only once all else from a security side has been done. You can pull out of the sale with no financial penalty at any point up to the exchange. It takes 8-12 weeks to complete the process.

I agree that if you have a straightforward full time employment record, a clean credit history and a c.20% deposit you probably don't need a mortgage broker: just look on Money Saving Expert for the cheapest deal and apply direct. The banks are reasonably good at holding your hand, and they'll be perfectly happy to sell you their cheapest simplest deal, which a broker may not be.

Morning. I'm currently a first time buyer going through the process.
We are using London and country, go onto their website and there is an online form to complete which will give you a rough estimate of what you can afford, you don't need to speak to them at this point, they will send you an email with a link for when you have had your offer accepted.
We went with the solicitors provided and it's cost us around £1500 for them (should be less as your looking to buy a property of less value)
Then we paid for a structural survey at £600
Once you have a round about budget sign up to check my file as this is what London and country like you to use. Download a credit report then delete your account (charges for a monthly service but you get one month free)
Then start looking at properties, once your offer has been accepted then click on the London and country link and you will be assigned an advisor who will call you.
From the start print off any paper work sent to you and keep it all in a file as organisation will keep things running more smoothly.
Hope this helps, if you need any more information feel free to message me.

Buying at auction might be a bit of a minefield for first time purchase.
You don’t always get to see the inside of the property.
You have to read the contract ( called the legal pack) on the day of the auction. Some make this available online in advance.
You have to have your mortgage agreed in advance, you pay 10% ( sometimes more but will be stated clearly) on the day plus an auction fee.
You sign the contract to buy as soon as the hammer’s gone down so if you change your mind, notice a problem with the property, can’t get all your money together, you lose your deposit if you pull out.

Advantages: you might get a property below market value, it’s usually completed in 28 days so no hanging about.

Take a day to go to a property auction and watch but I wouldn’t recommend the process for a first time purchase unless you’re a builder or other knowledgable trade and are paying cash.

If you have straightforward finances you don't need a mortgage broker or adviser, just compare online (money saving expert has one), really useful for changing term length, fixed period deposit sum etc and apply for a decision in principle from the one you prefer.
Have bank statements of your deposit and wage slips ready for your application.

For our first place we didn't go via a mortgage broker - we just went via our bank. You can do everything online but you might find it more reassuring going in in person.

Step 1 - book an appointment with your bank to speak to a mortgage advisor and get a "mortgage in principle". This tells an estate agent and/or buyer what the bank is willing to lend you.
Step 2 - Book viewings on houses and put an offer in. Hopefully get it accepted.
Step 3a - Appoint a conveyancing solicitor on a 'no move no fee' basis, to start the legalities and begin liaising with the seller's solicitor.
Step 3b - (At the same time) book another appointment with the bank to get your mortgage approved. You will be told what you need to take, but it will involve some payslips and a breakdown of your outgoings etc.
Step 4 - The bank sends confirmation of your approved mortgage to your solicitor and the whole process can really get going.

Everything else that you have to do before the sale completes will be directed by your solicitor.