The nervous wait to exchange....

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Ben-Irvine93 said:
We have been quoted £349 for the women to sort it all out for us getting a new mortgage etc. Are they worth it?

We have been quoted £1.9k from solitors to sort out selling and buying, is this reasonable? Sorry, new to all this.
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I paid £699 and wish I hadn't to be honest, even though mine was good, I could have done it all myself tbh

I paid £1750 in fees to my solcitor just buying, so £1900 for both is good imo. We used a solictors that deals in other things, not just convayancing, next time I will find one who just does convaynancing I think. (if there is a next time)
 
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I paid £349 for my mortgage broker. It was useful to have him do all the chasing etc, but I could have done it myself; in fact the deal was one I found myself but he processed, though he had previously applied for some better/cheaper deals which fell through. You can avoid paying for one if you are confident doing all the research and appications yourself.

My fees were £1200 for a local solicitor por first time purrchsase, excluding disbursement but incl/ VAT so I could just pop by to drop paperwork, etc. Others quoted around £1000 but they were phone/internet based ones and I was keen to use someone local.
 
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Check out London and County Mortgage. Didn't cost me a penny, they found a mortgage for me (I needed a mortgage on a Right to Buy with two named on the mortgage but based on only one persons finances). After finding the mortgage I searched for the exact product online and it was for the same rates over the same period.

Obviously L&C got paid a commission from the provider for this introduction but it didnt cost me.
 
Thanks for all the feedback guys.

We have the money too, apparently she can get "exclusive deals" but might be just a selling point. I like the fact she will take the stress away from us. Nothing is set in stone yet and we are waiting for the offer to be accepted. Hopefully it will :)

How far do the bank require payment slips and bank history slips as we are looking to do joint account? Thinking it will be to get the joint account started now than later due to solicitors asking were money is going, coming etc.
 
I think the days of exclusive deals are gone. Basically they will use compare tools such as Money Supermarket (but they'll put there own wrapper around it) and then go with the one that's reasonable with a high rate of commission for them. They basically get paid twice.

If it's a massively overly complex situation then it might be worth considering. Basically all they do is fill in a few forms which you still have to go through the hassle of getting signed and witnessed, etc. and that's pretty much it. You can do it yourself in no time.


M.
 
We paid £300 for our mortgage advisor and he made the job a lot less stressful - I am sure it probably is the same for all advisors, but he obviously had the usual big players that he worked with regularly so was able to get things sorted quicker than normal.

I liked the fact that he was able to get the lender to pre-qualify without a formal application being made (again probably the same for all) so we knew we were certain to get the mortgage agreed when we did actually apply as the U/W had already looked over the paperwork. We would have only had to supply 3-months wage slips but as my wife was on extended maternity leave at the time of the application they asked for her previous P60 to verify her earnings.
 
We used one but he claimed commission from the mortgage company so didn't have to pay him anything. I'm not sure he found us the best deal available, think we're on 3.6% and there were banks offering closer to 3% at the time, but hindsight...

When it comes round to looking at remortgaging in 18 months time then I will be more proactive and look what's available myself.
 
Ours was worth his weight in gold.

We applied for our new mortgage theough our current mortgage lender (hsbc). Ot the offer and accepted it, all going through fine. Then a week before our searches werbedue back we got a call asking for some more info from an underwriter. The details they wanted were all part of the original application bit they wanted some tax returns and assured us it was just a tick box exercise and there was no problem.

A week later we got a call saying we didn't meet their criteria and they were withdrawing the offer (that we had already accepted ( despite the fact nothing had changed and all the details were exactly the same as on our application!

We went to a mortgage broker and he found us a new mortgage within 2 days, from a lender he knew would be quick so we didn't lose our onward purchase, and wouldn't want any details about other income. We wouldn't have known who to apply with for this so for us it was definitely worth it.
 
Mine also claimed commission from the mortgage company, got the same deal as they listed on the website so didn't seem to cost me any more/less than doing it myself but it was just easy.

He came to my place for a meeting before I put in the offer so I could sort out a agreement in principle for the price, then met again after making the offer etc, picked the exact product (same as discussed/got agreement from previously), emailed him pdf's of my bank statements/payslips and signed gift letter from my parents, and that was it, he did everything else and it all went smoothly.

When it comes to remortgaging in a few years I'll probably contact him about using him again, compared to some friends who sorted their own mortgages out it sounds like mine was by far the easiest so why not.
 
I would use a broker if your not financially aware, and I would put 50% of the population in that bracket

Then even if you are aware unless you want to do a fair amount of reading they can give you a view of the market.

There are some deals that they can get that joe blogs off the highstreet can't, but you also have online brokers who can so its not a barrier as such.

Most are now paid by the lenders as opposed to clients for mortgages but not for other financial services such as pensions reviews etc. They will declare if they are getting a fee anyway.

As long as you are financially aware and don't have special conditions such as past defaults, ccjs, highly variable income, self employed etc then I would definately treat them as optional. BUT if you do meet the above criteria it will probably be easier to use a broker, they do know more about the lenders than you will glean easily online. Some can be seriously annoying to deal with. Eg Nationwide I cannot fault apart from when I changed solicitor, they couldnt understand why I would do so and when I told them why (absolute lack of communication from solicitor) they made the situation worse by refusing to change until the non communicating solicitor confirmed they had been disengaged. I had to ring nationwide and basically say "you call the solicitor" because they wont respond to me.

What I have done before and can certainly be considered is to do your research and find the best deal for your circumstances then take it to a mortgage advisor and challenge them to find something better.
 
Well we're in limbo at the moment.

Turn around from out mortgage people is apparently 5 days. Yet they've had everything since December 23rd and done precisely nothing. Lets just say our broker went a bit librarian poo on the phone yesterday as we could have moved in by now. Should hear something today now.

New ISP pretty much lined up ready to go, Sky primed for install... Hurry the **** up Nationwide!
 
It seems there is light in our tunnel!

Our house went on Rightmove 11th June, sold 15th October and had a our offer accepted 4th November. Had to wait while all the solicitors hibernate for two weeks over Christmas and NY.

Hopefully the end of this month! :cool:
 
Second viewing on a house tonight - it's been on since August. I think we'll make an offer... It's a lovely house but I think it's slightly overpriced... thinking of going in at 15% below the asking price as a starting point?
 
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We exchanged on a new build house about 8 weeks ago, sold our old house and completed on that about 7 weeks ago and been living with my parents since.

Our new house is due to be finished on the 29th of this month, really can't wait to have our own space again.

But i've been to have a look at the new house and i'm not happy with some of the brickwork. There is a return wall next to the front door and the mortar gap is about an inch wide in some places. Plus they've got overhanging bricks just below the roof to the gables, and you can clearly see the holes in the bottom of some of the bricks that they've filled with mortar. I'm not happy with either to be honest, where do i stand in terms of refusing the house until they're put right?

I've mentioned it to the sales woman in the office (almost 2 weeks ago), who is the person we have been dealing with and she's assured me that it'll be sorted. But this close to the completion date, im not so sure they'll even bother trying to sort it out.
 
Darryl_1983 said:
We exchanged on a new build house about 8 weeks ago, sold our old house and completed on that about 7 weeks ago and been living with my parents since.

Our new house is due to be finished on the 29th of this month, really can't wait to have our own space again.

But i've been to have a look at the new house and i'm not happy with some of the brickwork. There is a return wall next to the front door and the mortar gap is about an inch wide in some places. Plus they've got overhanging bricks just below the roof to the gables, and you can clearly see the holes in the bottom of some of the bricks that they've filled with mortar. I'm not happy with either to be honest, where do i stand in terms of refusing the house until they're put right?

I've mentioned it to the sales woman in the office (almost 2 weeks ago), who is the person we have been dealing with and she's assured me that it'll be sorted. But this close to the completion date, im not so sure they'll even bother trying to sort it out.
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I think if you've exchanged contracts you'll have to move in. Once the builder has the CML certificate then the mortgage company will be happy to release the funds to the builder then you don't really have a legal reason to delay completion. I dunno exactly what they check for the CML but I know for my recently purchased new build they gave the builders a fair amount of grief before handing them over.
 
What insurance policies have you all taken on against your life/illness cover?

I have taken out 2 policies.

1. Death - which pays my mortgage off for my wife and gives her a lump sum, and also gives my son a lump sum if its before he is 21 (if under 18 it goes into a trust for him till he is 18) (if he is over 21 he doesn't get anything)
2. Criticial illness cover that pays me £35k a year if I get critcial illness.

These 2 policies cost me £65 a month.
 
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We have a policy that covers myself and the wife which is a decreasing term life insurance with critical illness cover. If either of us get critically ill, mortgage paid off (I think, I need to re read it all) - thats about £70 a month

we also have separate life insurance each for a fixed amount which I think i'm £137k if I die and my wife is £147k if she dies. Thats £10 a month together.
 
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