First Property

[StuartHopkin]

Worth talking to a mortgage advisor

Thanks, how much would I expect to pay for this?

About £100 they organise the whole thing for you start to finish including mortgage, solicitors and insurance.

[TheChipPrince]

Worth talking to a mortgage advisor

Thanks, how much would I expect to pay for this?

About £100 they organise the whole thing for you start to finish including mortgage, solicitors and insurance.

less than I expected, thanks, i'll look into it...

[phatomch]

Worth talking to a mortgage advisor

Thanks, how much would I expect to pay for this?

About £100 they organise the whole thing for you start to finish including mortgage, solicitors and insurance.

less than I expected, thanks, i'll look into it...

put a 0 behind that minimum, most fa's i know (and i work fo a ifa company) wont touch it for less than £1000-1500, if you want i can have a word here and try and get you on  a fee's free that we do for family and friends.

[G1BTW]

wp on the pokerz. The estate agent, solicitor and bank will all have to know by law where the money came from, instabrag

Personally I wouldn't buy a property right now, there's a good chance they could keep going down, maybe by a lot, they're not going to spin back around and miss you overnight, you're not losing that much any way by renting (owning has costs other than a mortgage).

It's really nice to own your own place though, and it is a good investment in the long term in the UK.

[kinboshi]

wp on the pokerz. The estate agent, solicitor and bank will all have to know by law where the money came from, instabrag

Personally I wouldn't buy a property right now, there's a good chance they could keep going down, maybe by a lot, they're not going to spin back around and miss you overnight, you're not losing that much any way by renting (owning has costs other than a mortgage).

It's really nice to own your own place though, and it is a good investment in the long term in the UK.

To me it looks like an ideal time to buy - especially if you're in it for the long-term.  Or do you think the prices are going to drop even further before they rise?

[byronkincaid]

seems to me like you could do some equation including what is average wage, average house price, average savings (for a deposit), multiple of salary that banks will lend.

i haven't been reading about this for ages now tho and have no opinion either way tbh

can't see much wrong with buying a 130K property with a 35K dipper at any time

this may be of interest

http://www.lovemoney.com/news/mortgages/goodbye-cheap-fixed-rate-mortgages-3590.aspx?source=1000020

[Graham C]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

[lazaroonie]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

if you do go with a 'free' advisor, dont be afraid to ask them how much commission they are making on selling you this product (not just mortgages, any product). Apart from the fact that it is important for you to know , to ensure that they are getting the best deal for you, and not just for themselves. It also gets right up their noses

[G1BTW]

wp on the pokerz. The estate agent, solicitor and bank will all have to know by law where the money came from, instabrag

Personally I wouldn't buy a property right now, there's a good chance they could keep going down, maybe by a lot, they're not going to spin back around and miss you overnight, you're not losing that much any way by renting (owning has costs other than a mortgage).

It's really nice to own your own place though, and it is a good investment in the long term in the UK.

To me it looks like an ideal time to buy - especially if you're in it for the long-term.  Or do you think the prices are going to drop even further before they rise?

I think they'll probably fall

http://uk.reuters.com/article/idUKLNE49N0CO20090319

In my honest opinion they could fall more than this, given the employment outlook, the UK average household exposure to non-mortgage debt (huge), continued uncertainty in the equities markets. They could go up in the next 2 years, unlikely, and not by enough to compensate for the potential downside for me to think that buying in the next 2 years is a good idea.
As for the long term approach, the above probably doesn't matter. UK house prices largely about demand/supply, forecast for continued demand amid heavy shortages in the next 20 years.

My sis was first time-buying in North Scotland 18 months ago, I was like   If you're dabbled in shares long enough you have a natural disinclination to buy near what appears to be a peak. Where's the value? She's lost about 15K, will lose another 15 probably. Could have just rented, but she's married with a kid and really likes having her own place (shrugs).
Conversely, I can see how buying in parts of England right now looks like +EV, you're jumping in around the bottom. I just don't think it's run its course yet.

[Graham C]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

if you do go with a 'free' advisor, dont be afraid to ask them how much commission they are making on selling you this product (not just mortgages, any product). Apart from the fact that it is important for you to know , to ensure that they are getting the best deal for you, and not just for themselves. It also gets right up their noses

Decent ones should be happy to tell you.  Ours has always told us up front.

[phatomch]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

if you do go with a 'free' advisor, dont be afraid to ask them how much commission they are making on selling you this product (not just mortgages, any product). Apart from the fact that it is important for you to know , to ensure that they are getting the best deal for you, and not just for themselves. It also gets right up their noses

normaly 0.35% of the mortgage value, so on 90k so £315, not worth it unless they sell life cover or cic, so they have to charge as it takes a long time to do the paperwork etc.

[TheChipPrince]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

Whats the negatives of this?  Must be a catch! 

[Jon MW]

The mortgage advisor I use charges nothing, he's paid a small commission from the company you end up getting the mortgage with.  You still get the best deals that the lenders are offering and he does all the leg work for you, but you don't pay him anything.

Whats the negatives of this?  Must be a catch! 

He'll only advise you on the mortgages which he is being paid a commission for

[Graham C]

Yeah I guess so but ours has always offered us a fair deal from a wide range of mortgage providers and I've always been very pleased with him. 

I'd give you his number but I think he only covers round here.

[EvilPie]

Worth talking to a mortgage advisor

Thanks, how much would I expect to pay for this?

About £100 they organise the whole thing for you start to finish including mortgage, solicitors and insurance.

less than I expected, thanks, i'll look into it...

put a 0 behind that minimum, most fa's i know (and i work fo a ifa company) wont touch it for less than £1000-1500, if you want i can have a word here and try and get you on  a fee's free that we do for family and friends.

 

£1k for sorting something that probably takes 4 hours max of actual work on the advisors part?

Maybe a few years ago when things were booming they could charge this but there's a thing out there called competition which increases when things are booming.

Now that it's no longer booming this competition are prepared to do the same job even cheaper.

If someone won't touch it for less than £1k I'm afraid they're living in a dreamworld where everyone's got money to burn.

All they do is input your requirements in to a database. You can do it yourself but it'd mean a lot of surfing the net to find the best deals. The database has them all in one place so it's quick.

Don't get ripped off. £150 - £250 max.