Mortgage advice

[42]

Looking for some advice from the wise SMBers as I have very little knowledge of mortgages, the only one I have ever had was for 18k under the right to buy scheme.
My daughter is looking to leave us and buy her own home in the next month or two, obviously 1st time buyer, buying on her own, has a good credit rating, no other debt, car fully paid for, has access to borrowing via a credit card or two but uses them and pays each month before accrues any interest, looking at a house around 150k and has 20k saved for a deposit.
Who should she use for a mortgage, I'm assuming due to her personal circumstances she would get an offer from her own bank or any main high street lender, but is it worth using an advisor/broker ? I always assumed these were mainly for people with poor credit ratings and who would struggle to get a mortgage off a high street lender ?
What other sort of fees will she be responsible for during the buying process and roughly how much will they be ? I'm assuming stuff like estate agents and any certificate fees are paid by the seller. I'm thinking solicitors fee, possibly a survey if we think it needs it ? Not sure if there's owt else.
Any help/advice greatly appreciated

Brokers get their commission from the banks so there shouldn't be any extra fees. It's no harm in going to a broker to see what's available, and since its first time it might be better as they'll do most of the work

 

[Lambchops]

Looking for some advice from the wise SMBers as I have very little knowledge of mortgages, the only one I have ever had was for 18k under the right to buy scheme.
My daughter is looking to leave us and buy her own home in the next month or two, obviously 1st time buyer, buying on her own, has a good credit rating, no other debt, car fully paid for, has access to borrowing via a credit card or two but uses them and pays each month before accrues any interest, looking at a house around 150k and has 20k saved for a deposit.
Who should she use for a mortgage, I'm assuming due to her personal circumstances she would get an offer from her own bank or any main high street lender, but is it worth using an advisor/broker ? I always assumed these were mainly for people with poor credit ratings and who would struggle to get a mortgage off a high street lender ?
What other sort of fees will she be responsible for during the buying process and roughly how much will they be ? I'm assuming stuff like estate agents and any certificate fees are paid by the seller. I'm thinking solicitors fee, possibly a survey if we think it needs it ? Not sure if there's owt else.
Any help/advice greatly appreciated

I can put you in touch with a mate of mine who is a mortgage broker - really good and charges no additional fees - drop me a pm if you want

 

[STUMPY]

Brokers get their commission from the banks so there shouldn't be any extra fees. It's no harm in going to a broker to see what's available, and since its first time it might be better as they'll do most of the work

So she shouldn't pay anything to the broker ?
Sorry to sound thick but how do we find a broker ? Is it just a case of Google and "find a mortgage broker local to me" or do they come under a wider description like financial advisor?
Cheers

I can put you in touch with a mate of mine who is a mortgage broker - really good and charges no additional fees - drop me a pm if you want

Thanks for that mate, I will speak to her later when she's in from graft and if she's interested I will drop you a message

 

[Lambchops]

So she shouldn't pay anything to the broker ?
Sorry to sound thick but how do we find a broker ? Is it just a case of Google and "find a mortgage broker local to me" or do they come under a wider description like financial advisor?
Cheers

Thanks for that mate, I will speak to her later when she's in from graft and if she's interested I will drop you a message

No probs mate - costs nowt to have a chat with him to see her options anyway

 

[AndrewP]

To reduce the term, normally you have to specify that's what you want to do either by telling them direct or there might be a button to click on your online account.

It doesn't really make a difference keeping the term if you maintain the overpayments to the equivalent of a term reduction. And Personally think it's better to do this as it gives you greater flexibility should you need it.

It depends if you have a maximum overpayment amount or not really.

If you do then if your payments reduce so will the maximum amount you can pay off in a year.

 

[stretch]

Pissed about for 4 months with Avant mortgage advisors sorting a mortgage out for us, in the end got sick and was given a number for an independent. A couple of days later the mortgage offer was on the table.
They just listened to our circumstances ( self employed and foster carers) and nee who to go to.

 

[Drifter]

Is it just a case of Google and "find a mortgage broker local to me" or do they come under a wider description like financial advisor?

Search over 27,000 IFAs, Financial Advisers, Mortgage Brokers, Accountants & Bookkeepers

Connecting you with the UK’s biggest selection of financial advisers, mortgage brokers, accountants & bookkeepers, we’ve connected millions with the unbiased advice they need.

www.unbiased.co.uk

As noted above the broker is paid a commission by the lender so shouldn’t be any fees, other than those set by the bank.
Paying a bank fee can help reduce interest rate but only look to do this if cost effective.
Only warning I’d give about a broker is that they have a tendency to submit cases that are marginal in affordability over the max term available. Make sure she takes something that passes an affordability test over as short a term as possible. Better to pay a bit more per month over 25 years than over 40 years IMO as the extra interest will be significant.

 

[Edinburgh Black Cat]

Search over 27,000 IFAs, Financial Advisers, Mortgage Brokers, Accountants & Bookkeepers

Connecting you with the UK’s biggest selection of financial advisers, mortgage brokers, accountants & bookkeepers, we’ve connected millions with the unbiased advice they need.

www.unbiased.co.uk

As noted above the broker is paid a commission by the lender so shouldn’t be any fees, other than those set by the bank.
Paying a bank fee can help reduce interest rate but only look to do this if cost effective.
Only warning I’d give about a broker is that they have a tendency to submit cases that are marginal in affordability over the max term available. Make sure she takes something that passes an affordability test over as short a term as possible. Better to pay a bit more per month over 25 years than over 40 years IMO as the extra interest will be significant.

Another warning I'd give is don't get dragged in to buying things you don't want or need.

Mortgage brokers are salesmen at the end of the day. They get good commission for additonal sales of life insurance etc.

Have a look at price comparison sites for mortgage deals on your own as well. A broker can normally beat that, but it gives you an idea of what to expect.

 

[Drifter]

Another warning I'd give is don't get dragged in to buying things you don't want or need.

Mortgage brokers are salesmen at the end of the day. They get good commission for additonal sales of life insurance etc.

Have a look at price comparison sites for mortgage deals on your own as well. A broker can normally beat that, but it gives you an idea of what to expect.

Another warning I'd give is don't get dragged in to buying things you don't want or need.

Mortgage brokers are salesmen at the end of the day. They get good commission for additonal sales of life insurance etc.

Have a look at price comparison sites for mortgage deals on your own as well. A broker can normally beat that, but it gives you an idea of what to expect.

Another warning I'd give is don't get dragged in to buying things you don't want or need.

Mortgage brokers are salesmen at the end of the day. They get good commission for additonal sales of life insurance etc.

Have a look at price comparison sites for mortgage deals on your own as well. A broker can normally beat that, but it gives you an idea of what to expect.

Another warning I'd give is don't get dragged in to buying things you don't want or need.

Mortgage brokers are salesmen at the end of the day. They get good commission for additonal sales of life insurance etc.

Have a look at price comparison sites for mortgage deals on your own as well. A broker can normally beat that, but it gives you an idea of what to expect.

Although do give due consideration to taking appropriate Life/Critical Illness cover. @STUMPY get them to build the cost of that into their budget.
(Not sure why it’s replied 3 times there)