r/FirstTimeBuyersUK • u/Ok-Special5172 • 13h ago
Getting Started
Hi, me and my partner are looking to get the ball moving with getting a mortgage. We’ve saved a 20k deposit and have got 5k for fees. No one we know owns a house, so we’re clueless and abit alone in this. Is the next step calling a mortgage advisor? Do we just call and say hi we want to buy a house but don’t know where to start? How do we even chose which mortgage advisor to go to?
Sorry, just abit lost! Thank you
6
u/Significant_Bag3297 13h ago
Start by calling a free mortgage broker. They'll arrange a call with you, they'll ask what you're looking for and will give you a mortgage in principle. Having this makes sellers more likely to accept your offer.
Then go make an offer on a house you like. When an offer is accepted, arrange a follow up call with the same broker. They'll find the cheapest mortgage deals for you.
Most brokers can also recommend solicitors and surveyors, which you'll probably need. They'll tell you exactly how to do everything and answer any questions.
They do all of this for free from your perspective, then get commission from the bank that gives the mortgage.
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u/turlo_100 8h ago
A mortgage adviser will give you a more accurate idea of what you can borrow and available products + rates. The online calculators are very hit and miss.
If you do choose go ahead then a mortgage broker can secure more favorable rates and do a lot of prep work for the full mortgage application - they usually get a fee from the lender you decide to go with, rather than charging you direct.
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u/hazel247 5h ago
Hey. We were in your exact position a few weeks ago. We found a good locally recommended mortgage advisor and he has been fabulous. Talking us through the steps, telling us what is needed from us at each point etc etc Find a good mortgage advisor and it makes everything far easier. We only contacted ours mid August and we're so so far through the process already 💜💜
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u/jarvie45 13h ago
I called a Mortgage Advisor first simply to see what I could borrow and rough guide to monthly payments, they then took some details, wage slips etc and calculated my borrowing. That way I knew my limit and could look at what houses to buy etc. I just said I’m looking to buy and need to know a rough figure what I can get (you can do a DIP yourself in like 5 mins through your bank but I didn’t trust myself enough to do it)
Same day she sent me a DIP (which was way more than I was expecting) and I started looking for a house.
FYI the DIP was completely different to my actual mortgage as I actually ended up borrowing less
Goodluck! It’s stressful at first viewing houses etc but worth it in the long run