First time basic buyer questions (Buying alone - finances etc...)

alexakasloth said:
Same for us, he did all the negotiating and saved us thousands.
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Mortgage advisors (if you use them) get their kick back from the lenders. You really shouldn't be paying for their services. Even then, it really isn't difficult to go direct to the lenders. Rates are advertised on comparison sites and it's been some time since mortgage advisors get better rates than 'we' as ordinary people can get.
 
ChrisD. said:
Mortgage advisors (if you use them) get their kick back from the lenders. You really shouldn't be paying for their services. Even then, it really isn't difficult to go direct to the lenders. Rates are advertised on comparison sites and it's been some time since mortgage advisors get better rates than 'we' as ordinary people can get.
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The negotiating I was referring to was the purchase price of the property.

[edit] although that isn't the usual job of a mortgage advisor, he asked us what offer we were going to put in and got us a much lower offer.
 
I'm not sure you'll get masses of help from people's costs,but there many different ways to save outside of the initial buy.

My place was around £1k solicitor fees, and they were totally rubbish as was EA. I didn't bother with a survey or mortgage advisor. I raided skips and took loads of freebies. I moved locally so shifted what little i had was a doddle. I went with every money saving thing i could to an extent, as i did in the past, and now still do. All my saving got wiped by wanting to go balls to the wall and to pay 11k extra to secure the house, it worked, but ouch.
 
SideWinder said:
I am simply asking for guidance/ball park figures/people to share their situation. :confused:
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How can someone give you some ball park figures when they have no idea on your outgoings/costings and everything else you need to factor in.

You asking someone to look into their crystal ball here, what you pay won't be what your neighbor pays. What you pay in the future will not be the same as what I paid 10 years ago.

What jimmy pays won't be what you will pay. What frank and janet pays won't be what you pay. :cry:
 
@ChrisD. Again, couldn't care less, it was part of the process from the outset and I had no issues paying it as a first time buyer with zero knowledge in the area.

Bouton Aide said:
How can someone give you some ball park figures when they have no idea on your outgoings/costings and everything else you need to factor in.

You asking someone to look into their crystal ball here, what you pay won't be what your neighbor pays. What you pay in the future will not be the same as what I paid 10 years ago.

What jimmy pays won't be what you will pay. What frank and janet pays won't be what you pay. :cry:
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Because he's asking for your figures, it's really not that difficult. If you don't want to give them, then just leave the thread, rabbiting on in here to someone who has asked for help and you've done is gone 'lol Google it' essentially isn't helping the OP.

Yes, everyone will be different, they may charge him more for being a single buyer, but hes not asking that.

This flipping forum sometimes.

Sorry for derailing OP.
 
Delvis said:
Because he's asking for your figures, it's really not that difficult. If you don't want to give them, then just leave the thread, rabbiting on in here to someone who has asked for help and you've done is gone 'lol Google it' essentially isn't helping the OP.

Yes, everyone will be different, they may charge him more for being a single buyer, but hes not asking that.

This flipping forum sometimes.

Sorry for derailing OP.
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Meow. :cry:

He can have figures if he wants but all the figures will be different anyway. :p

Not sure what that's going to achieve here.

This is mine from 10 years ago. I was a single buyer.

- 15k deposit
- 1.5k legal fees
- 320 a month mortgage
Over 15 years.

I spent 2K on furniture, then £25 a month on insurance (buildings and contents). Then I spent about 5K-8K on other bills for that year on every bill I had.
 
Delvis said:
@ChrisD. Again, couldn't care less, it was part of the process from the outset and I had no issues paying it as a first time buyer with zero knowledge in the area.



Because he's asking for your figures, it's really not that difficult. If you don't want to give them, then just leave the thread, rabbiting on in here to someone who has asked for help and you've done is gone 'lol Google it' essentially isn't helping the OP.

Yes, everyone will be different, they may charge him more for being a single buyer, but hes not asking that.

This flipping forum sometimes.

Sorry for derailing OP.
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Appreciate the input to be honest so thank you - all good mate. :)
 
ChrisD. said:
You should care, as you could have more than likely got the same advice, same mortgage, for no money.
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Word of mouth bud, and recommendation from a friend.

You don't know the circumstances we was applying under, so you don't know how much it was worth the better mortgage advisor :)

Again, wasted money for you, but he did a damn site more work than the solicitors did, so not wasted for me.
 
SideWinder said:
I am simply asking for guidance/ball park figures/people to share their situation. :confused:

I get you're trying to say it is dependent and I am well aware of this hence why I am asking for a bit more information about the extra costs to factor in. Some of which have been mentioned above.
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Really though he's right.
Legal fees etc are comparable.

But deposit? Mortgage cost per month etc that's pointless.

I could be a first time buyer with a 2k a month mortgage or a FTB with a 500 a month mortgage it's meaningless.


What I will say is.
I think fees ate 5k-6k of our first deposit
Stamp duty
Conveyancing
Searches
Survey
Mortgage fees 1k

Mortgage advisor is free. Don't pay for this.

If you want to redecorate, this can be expensive. We stripped wallpaper and nearly every wall needed plastering.

Even paint is 30-50 for a few litres.
New furniture etc. All adds up.

The rest is case by case. No ones figures will help there
 
Jimbeam3678 said:
Top piece of advice I was given is don't skimp on solicitors as it will create no end o stress for you.
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Get someone local and physical.
A fair few times I dropped last minute paperwork through thier letterbox

The seller cheaped out and it caused us significant stress with delays.
 
ChrisD. said:
That's an unnecessary expense.
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I've spoken to a couple of. Mortgage advisors and neither of them charged us anything? I thought they just got kickbacks from whomever you took the mortgage with.

Excel is your friend :)

Money in/out expenses and leftover is most of the magic done, i did my digging and research first and we believed natwest would be the best shout.

Turns out the mortgage advisor agreed but the only rate he could get us was almost. 5% more!
 
Thanks for all the help. :)

Obviously mortgage is dependent on moi however I didn't know about the actual 'extra costs' so now I do.

If anyone wants to buy me a flat, just like this post then we can DM xoxo.
 
Jimbeam3678 said:
Top piece of advice I was given is don't skimp on solicitors as it will create no end o stress for you.
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Edit. Damn it. Necro thread! :D


I'd second this.
The sellers solicitors were kfc bargain bucket. Our solicitors knew about them and how difficult they were. It was a right nightmare.

I'd also recommend local solicitors. It was handy being able to drop stuff through the letter box (not turds you lot)

Don't pay for a mortgage broker. The free ones like l&c are fine. (for my remortgage I didn't even use one).


I'd budget 2k for non recoverable fees for solicitors, searches, surveys etc.
Also, we had land tax (stamp duty) to pay.
Then obviously your mortgage is whatever it is.

Ours is 905 @ 1.93pc for 205k loan with ltv under 75pc
Obviously.. That number is no use to as its specific.


Also. Do not underestimate any repairs. Let's say your boiler fails in the first week. Make sure you have some cash left over after the sale completes for stuff like that.
 
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ChrisD. said:
That's an unnecessary expense.
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**Edit** damn it i didnt see it was necro'd either!

I completely disagree, even though ive never used an independent mortgage advisor the support and value they can offer can far out way the fee. Further more they can streamline the process with the lenders and help answer queries along the way.

I would suggest for first time buyers to use a mortgage advisor to help reduce the stress involved in the process.

In the grand scheme of things that cost is going to add its own value multiple times over when you come to re-mortgage every few years just from the knowledge gained from using an advisor the first time around!
 
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Syla5 said:
**Edit** damn it i didnt see it was necro'd either!

I completely disagree, even though ive never used an independent mortgage advisor the support and value they can offer can far out way the fee. Further more they can streamline the process with the lenders and help answer queries along the way.

I would suggest for first time buyers to use a mortgage advisor to help reduce the stress involved in the process.

In the grand scheme of things that cost is going to add its own value multiple times over when you come to re-mortgage every few years just from the knowledge gained from using an advisor the first time around!
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The point is there are plenty free mortgage brokers that are exceptional. I used Habito initially and got 1k cashback, and then I used Mojo mortgages and got 700 quid cashback.
 
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