We have found a local mortgage advisor who we went to visit this week. We were advised to go to an all of market advisor and so that's what we chose to do. I am pleased to say that he was very helpful and informed us about mortgages in more detail (To be honest I didn't know much about them before).
We were there for less than an hour and passed over a few details and documents - They always ask you to provide wage slips and bank statements so they can see your overall income.
Some valuable things we learnt were:
- Although it is very hard to save more than a 10% deposit on your first house, the bigger your deposit the lower your interest rate and mortgage and therefore less for you to pay each month. We are however basing our mortgage on a 10% deposit and that is still okay.
- He also informed us that you must have building insurance on your house and also it would be useful to have critical life insurance as this means that if anyone gets ill then your mortgage will be paid for - Well worth paying for as you never know what will happen!
- He informed us that the house does not belong to you until you receive the keys so even after the long process someone can gazump you as they say (Put in a larger offer).
- Also, after the mortgage advisor has found a suitable mortgage for you, the next step is to find a solicitor to help with the legal process. If you go to a mortgage advisor they will normally recommend one that they have used before.
Do you have any tips or information about buying? If you do please share!
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