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Thinking of buying first house!

13 replies

student26 · 18/03/2018 20:59

My partner and I found a wonderful house that we have a real interest in. We currently rent. This house is £86,000 and we have a deposit of £20,000. I have absolutely no idea how buying a house works and everything I read online confuses me! Can anyone tell me what sort of things we need to do about actually buying it? That's if it's still available. I'm going to have a chat with a mortgage advisor this week if possible. Partner has a permanent full-time job and I have a temporary contract for a year but as a teacher I'm not usually out of work for more than a month at a time. I know I sound very childish but I'm really unsure and would love all the advice, etc. Thank you in advance.

OP posts:
Solasum · 18/03/2018 21:03

Go and look at it. Agent pictures can be deceptive.

Consider how much you’d need to spend on other expenses, e.g conveyancing, furniture

JoJoSM2 · 18/03/2018 21:26

Before you look at houses, you should speak to a mortgage advisor. You're unlikely to be able to get a mortgage until you're in a permanent job. Once you're in the position to buy, get an 'agreement in principle' so you know how much you can afford.

And then start viewing and put in offer on a house that you want to buy. Once you're offer is accepted, you appoint a solicitor to deal with the paperwork. It's also good to pay for a full survey-a chartered surveyor will spend a lot of time having a very thorough look at your property to work out what problems it has.

HeadsDownThumbsUpEveryone · 18/03/2018 21:30

Agree with JoJo above you need a mortgage in principle in place before you even think about viewing houses and making offers as this will tell you how much you can get a mortgage for and prevent you wasting time looking at unsuitable properties. Your best option is to either visit you bank (if they offer mortgages) or find an independent broker to offer you advice and look over all your financial details. They will also be able to guide you through the process and answer questions you might have.

GreenTulips · 18/03/2018 21:45

you need a mortgage in principle in place before you even think about viewing houses

Rubbish - two full time workers will easily get a £60K mortgage!

Go and look at it and put an offer in.
See the bank for a mortgage
Find a solicitors to deal with the paperwork

Wait for the survey to show and defaults

Wait for more paperwork
Arrange removals

The banks usually have full first time buyers guides which will be handy

SingaSong12 · 18/03/2018 21:57

Agree with PP re finances. After that consider priorities- what things do you really need and what would just be nice to have? To do this think about whether you are hoping to be there a couple of years or longer term - longer term then needs may include things for DC if they don't already.

For example if you don't drive you need a place that has access to public transport. If you have a dog you need access to green space for walks. OTOH you might like an ensuite or extra bedroom. Make sure all the places you look at cover all the things you really need. Try to be open minded about the style of property.

When I looked at buying I bought a book about house buying that included all the legal steps and tips on viewing, surveys and the actual move. It is all probably available free online, but spread around and some may be inaccurate. (Make sure the information you look at covers the place you live eg the process of buying a house in Scotland is different to England.)

SingaSong12 · 18/03/2018 22:00

If you haven't already look at a range of houses in the area (if not physically at least online). If tthe first place is still the right one go ahead.

student26 · 18/03/2018 22:13

The house we are looking at is round the corner from the house we rent. It's a village so has bus access but I drive to job and partner gets the bus to his as it's only a few miles away. I've lived in this village since I was eight, I'm still here twenty years later! We already have furniture and everything we need for in the house as the rented house was completely empty.
Thanks for the advice everyone :)

OP posts:
KitKat1985 · 19/03/2018 08:58

Remember you will need about £3-4000 to cover legal, administrative and removals costs involved in purchasing. Still, you should be able to put down a 20% deposit on the house (£17,200) and allow the rest of the money for costs.

Because you are only on a temporary contract you may not be considered a 'safe bet' for a mortgage. However if you are only taking out a mortgage of £68,800 (the remaining 80% of the purchase price after a 20% deposit) then I would have thought your partners permanent earnings alone would be enough to get a mortgage with, unless he is on a very low salary. Your mortgage broker should be able to advise though.

I would also always advise spending a few hundred on getting a proper survey done on somewhere before you buy it, so you know if there any big repair bills in the pipeline.

Do always view somewhere in person. Estate agent pictures can be deceptive.

If you decide you like it, it's worth considering if you can get the money off the asking price. Although this depends on how realistic the asking price is for the area, how long the house has been on the market for, and how keen the owner is to sell.

After that phone a few solicitors and get some quotes. One you have chosen your preferred solicitor just phone them and tell them you want to instruct them to do the conveyancing for you, and they should then send all the necessary initial paperwork out to you.

The one piece of advice I wish I'd been given as a FTB is chase everyone (solicitors, mortgage companies etc), and follow up that things have been done on time! Communication in this process is often not great in my experience, and you often have to chase things up yourself to find out if there are any issues / why the process has stalled.

HisBetterHalf · 19/03/2018 09:03

If its the housse for you thn tou could aalso try putting in an offer which would bring the mortgage costs down if accepted

SmileAndNod · 19/03/2018 09:12

There is a useful guide on MSE site for first time buyers. London & Country brokers are also extremely helpful.

Do allow for costs - solicitors, search fees, land reg etc.

Good luck

longtompot · 19/03/2018 09:28

We bought our first house last year and we didn't have a mortgage in principal in place when we started viewing houses. We had two budgets, one for if dh got his work contract and one if he didn't. He didn't but the house we bought we are really happy with, both with mortgage amount and the house and area in general. I would go and look at this house and then contact a mortgage broker. If you are in the south I have one I can recommend. Exciting times OP!

Kenny33 · 19/03/2018 13:44

Have a look at the Homeowners Alliance website too, it’s full of useful info.

Www.hoa.org.uk

Kenny33 · 19/03/2018 13:46

Good luck by the way. I am also looking to buy a house but haven’t even seen anything I like yet.

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