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I want to buy a house but haven't a clue how to.

10 replies

MapleLeaff · 31/10/2019 15:47

Thanks for reading this.

I am married, currently live with in laws Confused have a full time teaching job and want to put a deposit down for a house because I'm sick of it to say the least.

It's an embarrassing situation being a full time teacher and on top of that DH doesn't haven't a clue about anything about property as he has been spoon fed all his life so it's my job to find out.

Does anyone have any good starting points? I am sure thinking about seeing a mortgage lender (don't know who) and seeing how much I can borrow. But then I don't know where to tho after that.

I just need to know the steps of buying a house Confused

OP posts:
MapleLeaff · 31/10/2019 16:04

Bump

OP posts:
MikeUniformMike · 31/10/2019 16:14

You can probably get a book on how to buy your first property in the library.

Toddlerteaplease · 31/10/2019 16:16

I saw a mortgage advisor, worked out how much I could borrow. Got an agreement in principle. Then went to look at houses. I ended up buying the house I was already renting in the end. Put an offer in and instruct a solicitor.

pinktransit · 31/10/2019 16:19

I did this recently, without a clue of how to do it at all!

I contacted a mortgage broker online, and it was quite straightforward really - they did all the work :)

There was an online form to complete, a phone call from them, they then made a recommendation as to which mortgage lender to go with and which mortgage. I went with their recommended solicitor, and joined the buying/selling thread on the property topic here on Mumsnet.

It really was more straightforward than I'd expected, any questions I had were answered. As a first time buyer the thought of it was far worse than the reality.

I now own a lovely mid terrace cottage and am delighted with myself for going for it.

BernadetteRostankowskiWolowitz · 31/10/2019 16:22

Gather all of your and his paperwork- at least 3m bank statements, work contracts, copies of credit card bills etc.

Book and visit a free whole of market Mortgage Advisor who will help work out how much you can afford to borrow. Show them proof of deposit.

Look online at the sort of properties in the area you would like so you know roughly how much these cost.

Once you know that you can get a mortgage, that you have affordable monthly repayments (aim for max 20% of income), and that you have the deposit you need, start booking in some viewings.

Once you find a property you want to spend your money on, work out how much you want to pay maximum. Offer under this with a view to paying up to this. It helps to have an Agreement in Principle from the Mortgage Advisor before making an offer.

Wait til the offer is accepted/declined etc and once you have an offer accepted, reach out to a local conveyancer and tell them you would like to purchase a home and can they do the conveyancing.

They will then take it from there in terms of searches etc. You book a survey and pay for it. Depending on the outcome of the survey you may choose to renegotiate or pull out.

Eventually when everyone's happy, you discuss a date for the house to become yours.

Contracts (legal agreement to buy the property) exchange usually up to a week before the house bec9mes yours. Money moves around on the day it becomes yours.

Always insure the building from the day contracts exchange, as even if it burns down the next day you have to buy it.

FungusTheToegyman · 31/10/2019 18:58

We were in your position a couple of years ago, we were clueless and this website was really helpful. It takes you through everything step by step

hoa.org.uk/advice/guides-for-homeowners/i-am-buying/

MellyNotSmelly · 31/10/2019 19:23

You don't need to be embarrassed. No one learns this stuff before they need to do it. We bought "the Which guide to buying a home".

My best advice is to be the squeaky wheel. Be the client who is ringing your solicitor regularly - politely, nicely and reasonably - and trying to keep everything moving. And don't expect people to sell to you at a knock down price because you are a FTB.

MellyNotSmelly · 31/10/2019 19:24

As PP say, buying a book might be OTT these days as there is so much info online.

MikeUniformMike · 31/10/2019 19:27

You read differently on paper compared to online, and looking at one source might be clearer.

user1471504234 · 01/11/2019 15:08

I would recommend you ask around for recommendations for a solicitor/conveyancer. Don’t just go with whoever is recommenced by your estate agent or mortgage broker. There are a lot of crap ones out there and it can be quite a source of stress and delay!

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