House buying and mortgages for dummies

I'm not certain if this is the correct board to post on, but I'm sure it'll be moved if it's not.

Anyways, we have suddenly been thrust into a situation where we have to start the house buying process (landlord is selling the house we live in) and we've got NO idea where to start, which mortgage company to work with, etc.

Is there a house buying for dumies book?

Also, I know that some lenders won't take the American spouse's income into consideration until they have ILR. Are there any who will take my income into consideration?

Step 1: seek mortgage advice (ask friends, use Google), make sure they are CEMAP certified - usually best to use an IFA (independent financial advisor) rather than a bank (who will just try to sell you THEIR product); most IFAs have access to the WHOLE market.

Step 2: look on the internet (rightmove.co.uk / findaproperty.com) for comparable sales in your area on similar properties to get a rough idea of what you should be paying.

Step 3: find a lawyer.  DON'T use a conveyancing firm, as they tend to be full of phone monkeys and useless "assistants" and you'll never be able to talk to the lawyer themselves.  I can personally recommend someone I have found to be very good and efficient in the past if you would like (and her rates are very reasonable).

Is the landlord using an agency for the sale or not?  Because the advice will be different from here on out depending on that.

(guide written by pianohouse, ex-estate agent extraordinaire!  )

For the love of God PLEASE thing VERY carefully before buying now.  It is a REALLY, really shitty time to be buying - it could be a major hassle to get a mortgage, you may need a huge deposit, and you may find the joys of negative equity are just around the corner.

My advice - yes, talk to an independent broker - but wait a while if you can.


Vicky

Well, we have thought about it, and we (luckily) do have a huge deposit. We also live in an extremely expensive area that has not and hopefully will not see a huge change. (Oxford)

Also, I should have made it clear that we are not buying the house that we are currently renting - it will surely be out of our price range.

Why does one need a lawyer when buying a house?

Ahhh, that makes more sense!  Sorry, I/we thought you were buying the house you were already living in - durrrr.

Then you can probably wait on the lawyer thing.  You will have to get one, though, when you are ready to buy as the conveyancing (the progression of the sale) cannot be done without one.  The lawyer takes care of all the legal issues surrounding the sale.  Don't worry, you would only have little contact with your lawyer, as it's the estate agent's job to chase them and progress the sale.  Most agencies will recommend a lawyer when you're ready to buy if you don't already have one.  However, a chain estate agent will likely have their own conveyancing firm that they use - which does NOT mean this is the best choice, but more that they get referral money for using them!  Again, I (my husband, actually) can recommend some firms that I know from experience are good, if you would like.

Like I said before, the mortgage is really the first step.  Agencies (probably especially now) sometimes don't want to even talk to buyers until you have a mortgage agreed in principle.  Lots of estate agents have an ISA working in-house, so that's useful too.

I guess step 0 on the list should've been RESEARCH.  Look on the internet.  When you find stuff you like, contact the agent.  Looks at several agencies' stock before making any decisions.

I know our mortgage company wouldn't consider my income until I had an ILR. The bank told my husband 'I was a flight risk' - he wasn't overly pleased with that comment.