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25-07-2010, 11:08 PM
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Advice For First Time Buyer
Hi,
I am new comer to UK and living in Birmingham from last one year in a rented house. Now thinking why should I not get mortgage instead of paying rent. I have savings of about 15K and looking for 2-3 bed room property. Is it possible with 15K deposit to get mortgage of about 100K house? What are charges of estate agents when I buy a house using agent? What are documentation charges for solicitor or mortgage adviser? Can any body please suggest good mortgage adviser in Birmingham area? Look forward for your suggestions. 
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28-07-2010, 10:50 PM
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Re: Advice For First Time Buyer
The max you can borrow now is 90% of the value of the property so you need 10% deposit. How much you can borrow will depend on your affordability (how much you earn, how much money you have outstanding on your credit card, etc) Estate agents will not charge any fee when you buy but you have other fees involved (legal - £500+, valuation - depends on the value of the property and a type pf the valuation but anything from £300+). Make sure you talk to a mortgage advisor who deals with the whole of the market (so they will advise on products where they get fees from a bank or not. They will charge a fee but you will get a mortgage which suits you).
New Comer to the UK: if you get a mortgage or not will depend on your status, how long you have been in the country, your current job, etc. If you need any further help or information - let me know.
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