Mortgages

toyotacelicagt4 · 9 Oct 2007 at 14:22

Hi,

I'm looking at getting a mortgage on a brand new appartment that I have reserved. I was wondering what is the best way on going about getting a mortgage for a 1st time buyer? Is it best to go straight to a bank/building society or go to a mortgage broker?

Or does anyone have any recommendations on where is the best place?

Thanks

Rotty · 9 Oct 2007 at 14:26

Both have their good points, have a look at www.moneysupermarket.com abd see what suits you

Tunney · 9 Oct 2007 at 14:38

Try the
Motley Fool. They gave me a free IFA service over the phone. I was really impressed.

HangTime · 9 Oct 2007 at 21:28

No harm in going to see an IFA as you are not under any obligation to take their advice. I'm sure there are some dodgy ones out there pimping the ones which give them the biggest commission, but as long as you couple this would your own research it may help to develop your understanding of the mortgage market.

mad_allan · 9 Oct 2007 at 21:30

As already said, IFA would be the best route. Not many of us are qualified to give advice.

I presume you are in a strong position, have deposit, budgeted for surveyor costs, solicitor fees, etc..?

Felix · 9 Oct 2007 at 21:31

Try Charcol or London and Country. Both would take the work out of search for the best deals.

bullit in head · 9 Oct 2007 at 22:06

your looking in to a mortgage AFTER you have reserved a place,. odd way to do it.

bullit

Well Splattered · 9 Oct 2007 at 22:21

Independant financial advisor all the way

n3crius · 9 Oct 2007 at 22:29

After a lot of research, the best thing to do is go and see a 'fee free whole of market mortgage advisor'.

They will talk to you first, ask questions about your income/place you want to buy, previous credit history etc..so they dont do any searches on your credit file until they fully understand your record. They have access to the 'whole of market' and often have deals available just for them. Yes, they get their fee from the people who lend you the money so it doesn't cost you anything for their expert advice. They are governed, so they cannot legally recommend you the one that gives them the highest fee, and most good ones would never do that anyway. Ours was very open and honest about the fee he was getting, and also showed us some others which would have got him a higher fee.

If you go direct to a bank/building society they will credit score you almost immediately, and if you fail...they leave a footprint on your credit score, so the next lender you go to can also see this and sometimes it can effect the outcome of a mortgage application if you have too many searches on your file.

an advisor knows each lenders criteria and can carefully match your circumstances to their criteria, so you only get credit scored/accepted once.

I hope this helps. It realy was the best thing we could have done. Whereabouts are you based?

Try www.moneysavingexpert.com forums for recommendations in your area.

Good Luck.