Without fully knowing your situation, if its just yourself in there you've covered the basics (although gym membership seems a bit of a 'waste' as you could probably convert a bedroom into a home gym if need be and save a few quid). Outwith your deposit have you considered your start up costs e.g furnishing the place? I'm assuming there may be some furniture you can 'borrow' from your folks place but do you have additional funds to make a start to making the place your own? Think I started with a couple of grand to get the essentials then every so often add in an extra bit here and there till i had a fully furnished house.
Mortgages
- Thread starter Leesey
- Start date
Without fully knowing your situation, if its just yourself in there you've covered the basics (although gym membership seems a bit of a 'waste' as you could probably convert a bedroom into a home gym if need be and save a few quid). Outwith your deposit have you considered your start up costs e.g furnishing the place? I'm assuming there may be some furniture you can 'borrow' from your folks place but do you have additional funds to make a start to making the place your own? Think I started with a couple of grand to get the essentials then every so often add in an extra bit here and there till i had a fully furnished house.
Just one that tried 3 times to sell me 3 different yet similiar products that I hadn't asked for and after me researching them afterwards would never have been suitable for our situation.
But yeah I suppose not all IFA are created equally.....as bad
Plus he also said "No" to me. About another issue. Which came across as " I'm not going to make much out of that so I'll tell him it can't be done"
Someone else did it instead
Typically the mortgage provider will put most weight on he fixed salary but will consider the average of your last 12 months if you have significant additions.
Even at your base pay you should have no issue.
The biggest benefit is likely if you can get the down-payment up to 20% or so.
Our Broker got a deal that was better than you could find anywhere online. Not by a massive amount (e.g. 0.15% or something) but that was a deal with our own bank which also provided benefits.
You aren't forced to use the broker. Try to get a good one and see what they come up with, if you find better yourself then you haven't lost out. They work on commission, not upfront payments
You aren't forced to use the broker. Try to get a good one and see what they come up with, if you find better yourself then you haven't lost out. They work on commission, not upfront payments
No they do not offer the best deal that suits the client, well it was not in my case, i beat all the offers that were handed to me from a broker, i saved thousands.
So it was these brokers who not got a clue not me pal.
I'll have enough money put aside to furnish the house plus leave me a good amount of savings. I don't want to be left without savings so have set my budget accordingly.
Just one that tried 3 times to sell me 3 different yet similiar products that I hadn't asked for and after me researching them afterwards would never have been suitable for our situation.
But yeah I suppose not all IFA are created equally.....as bad
Plus he also said "No" to me. About another issue. Which came across as " I'm not going to make much out of that so I'll tell him it can't be done"
Someone else did it instead
Who over at pistonheads did you use Matty? Was it Sarnie?
Most people go to see a mortgage broker because they want a mortgage. The mortgage broker finds them a mortgage. He/she might well recommend insurance around it, but that's it.
Most people go to see a financial adviser because they want to do something specific. The financial adviser recommends they do something according to the priority of their financial needs which, in most cases, doesn't match what the person originally wanted to do. Also, for investment work, there's no commission any longer and now some people get distressed that they might have to pay so transparently.
OP - brokers generally work on commission so there's no cost if there's no sale. Do the research on what you want and then try a couple to see if they can beat it.
Absolutely. But don't worry, most IFAs wouldn't want to see anyone for a mortgage either!
When I was looking for a mortgage I went round all the banks and building society's myself to see who would lend me what and get a good idea of what was around. I then went to a mortgage broker who bent over backwards to see what should could find for me. I went with what I felt with the best deal via her which I could have gotten directly from the bank. She called me up a week later to say a better deal had come on the market and had put me forward for it. She ended up saving me my stamp duty, Got me a lower mortgage rate and no product fee.
As for expenses, Mortgage, council tax, Water Rates, Gas+Elec, Buildings and contents insurance, Life Insurance and travel costs. You will have your luxurys I.E Sky/Virgin, Internet, Netflix etc and factor in Food costs.
Working it out quickly £140250 over 25 years at 4% comes in at £740 a month and with a take home of £2500 you should easily be able to cover all your expenses and have some left over at the end of the month.
As for expenses, Mortgage, council tax, Water Rates, Gas+Elec, Buildings and contents insurance, Life Insurance and travel costs. You will have your luxurys I.E Sky/Virgin, Internet, Netflix etc and factor in Food costs.
Working it out quickly £140250 over 25 years at 4% comes in at £740 a month and with a take home of £2500 you should easily be able to cover all your expenses and have some left over at the end of the month.
May be worth checking if a 20% deposit will make much difference to the deals on offer if you have a 'good amount' of savings.
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- 8 Nov 2008
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I've just got in touch with London & Country Mortgage broker today and the advisor was really helpful.
They seem to come very well recommended and have won various awards.
Has anyone used them before?
They seem to come very well recommended and have won various awards.
Has anyone used them before?
I've been toying with the idea of going for a more expensive property with a bigger mortgage spread over a longer term. I've gone through the bills that my parents payout for household costs and added an approximation for mortgage payments from comparison websites and it should leave me a nice amount of disposable income.
Would you go for a house which has potential to stay in for a long term, or buy a stepping stone house?
Long term house been something similar to this http://www.zoopla.co.uk/for-sale/de...c5a7077757ad5d94bc8204784#tMqDx3Tt48ekkAPt.97
Would you go for a house which has potential to stay in for a long term, or buy a stepping stone house?
Long term house been something similar to this http://www.zoopla.co.uk/for-sale/de...c5a7077757ad5d94bc8204784#tMqDx3Tt48ekkAPt.97
I went with them when I got my mortgage as my circumstances were a little unusual and I needed a specific kind of mortgage. They found what I needed for me and when I checked it directly with the provider there was zero difference in the cost to me, so I went with the broker so they got their commission from the provider.
Personally I wouldn't recommend trying to buy a 'forever' home as your first purchase, as you will probably learn quite a bit from the process and how you find that first property to live in. In other words you are more likely to make a mistake on your first purchase, especially as you have never lived away from your parents. At 26 you may also find your life changes significantly meaning that you will want to move on anyway (we bought our first house at 26 too).
That said, I'd suggest buying somewhere flexible enough to provide a suitable home for 5+ years i.e. big enough to support a growing family (assuming you want [more] children) and with good transport links to cope with potential job changes etc. Don't make any significant compromises and I'd also suggest buying the sort of property that will be straightforward to sell on if required (i.e. not quirky or with any major issues even if these factors don't bother you)
So I've bit the bullet and had an offer accept today (Not on the above house). I've snapped up a 3 bed detached, with full length single garage and parking for 2 cars up front. Solid wood flooring down stairs, newish boiler and windows too. No chain also which is a plus, and a good area. So hopefully all goes well from here.