Buying our own home

jimnicebutdim

Old-Salt
Ladies & Gents,

I need some advice from an unbiased and understandable source about homebuying.

Me and the missus are thinking times right to start down the route towards becoming owner-occupiers. :D Trouble is both of us are complete buffoons about the whole setup. :(

Currently I'm in the block and the missus is in a rented house. She refuse to move back to the pad and I'm getting annoyed chucking money away on the house.

So I bow to knowledge that will be (hopefully) forthcoming:

1)How do I get LSAP (bearing in mind I'm a crab)

2)What is the critera for Key Worker? Do I get to choose my own house under the scheme? Is it a big con?

3)What do all the different types of mortgage do? What is the best type for a young family, with not a great deal of savings, but a regular incoming.

4) How essential is a deposit, I know pre-credit crunch you could get a 100% mortgage but apparantly these are the source of all evil in the world, so what is a realistic deposit? If my savings are not sufficent to cover the deposit is it advisable to get a loan or to wait.

5)Are there any hidden costs or other things I need to take into account when budgeting for a mortgage (Home Insurance as opposed to Buildings, cost of repairs for the boiler, etc)? What is better in these circumstances, having savngs for emergencies, or using any savings to reduce the total overall of the mortgage?

I hope you can answer some of the questions, and if anyone has any personnel experience of Key Worker, then could you let me know.

Thanks
 

lewiscollins

Old-Salt
1)How do I get LSAP (bearing in mind I'm a crab)

See your admin office - it's an £8,500 advance of pay if you meet qualifying criteria, but remember as an advance it does need paid back so will reduce your income for a while until repaid.

2)What is the critera for Key Worker? Do I get to choose my own house under the scheme? Is it a big con?

Open Market Scheme lets you choose your own house and may give you a percentage to put down against it. You pay the mortgage as normal on your part and pay them a subsidised interest rate.

3)What do all the different types of mortgage do? What is the best type for a young family, with not a great deal of savings, but a regular incoming.

Depends on your circumstances - impossible to say here

4) How essential is a deposit, I know pre-credit crunch you could get a 100% mortgage but apparantly these are the source of all evil in the world, so what is a realistic deposit? If my savings are not sufficent to cover the deposit is it advisable to get a loan or to wait.

Under homebuy scheme deposit not always necessary - if you want to buy on your own then 10% at very least necessary.

5)Are there any hidden costs or other things I need to take into account when budgeting for a mortgage (Home Insurance as opposed to Buildings, cost of repairs for the boiler, etc)? What is better in these circumstances, having savngs for emergencies, or using any savings to reduce the total overall of the mortgage?

You need a float to cover unforseen circumstances, and also make sure you have buildings/contents insurance.
 
Look here Key Workers for information on Key Worker eligibility, and take some independent advice on the types of mortgages available to you.

Our experienced mortgage team look at the whole of the market and specialise in helping the Armed Forces so you could start there. If you would like some help call us on +44 (0)870 837 5724 or visit www.forcesfinancial.com.


Forces Financial is a trading name of Harmans Ltd. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk IP4 1DL. Registered in England Number 04229567. Harmans Ltd is authorised and regulated by the Financial Services Authority. Registration Number. 221363
 

jimnicebutdim

Old-Salt
Thanks for the help so far. As soon as I get back from the desert I'll call forcesfinancial and have a chat.

Question for FF though, are you offering to help as an unbiased charity, as an unbiased business (ie not influneced by any particular company, just making a profit for yourseves) or as a biased company (trying to push me towards a mortgageby one particulra company). Just so I know what to expect when I call.

Thanks
 

Grownup_Rafbrat

ADC
Kit Reviewer
Book Reviewer
Reviews Editor
Don't forget costs of purchasing, too. Legal fees, stamp duty, environmental surveys, etc. all add up.

Then you'll need to decorate when you move in .....
 
Forces Financial is one of the leading providers of insurance, travel and banking products for serving and retired members of the UK Police and Armed Forces, the MOD and their families.

We offer a complete mortgage service for first time buyers, remortgages, buy to let and overseas properties. We search the whole market, as opposed to a limited panel of mortgage providers, so we can offer independent, unbiased advice. I hope that helps.

Call us on +44 (0)870 837 5724 or visit www.forcesfinancial.com.


Forces Financial is a trading name of Harmans Ltd. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk IP4 1DL. Registered in England Number 04229567. Harmans Ltd is authorised and regulated by the Financial Services Authority. Registration Number. 221363
 

Magdovus

War Hero
If in doubt about a Financial Adviser, look them up on the FSA Website.

In this case: http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=94435

So far as I can tell (I'm no expert but I used to work for a major insurance company) they're an Independent Financial Adviser, so they offer unbiased advice. They would usually receive commission on products bought through them, but if they do the work then that's fair enough really.
 

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