How do you find an IFA? And mortage Qus, sorry dull.

We had a vg experience with a chap at London and Country- can post details if you like.

Www.unbiased.co.uk

I do wish when people post about financial advice, they would stop saying its dull!??

I think word of mouth is the best way to go when it comes to an IFA. Have any of your colleagues recently used one?

Thanks all and sorry claire ? I actually read the money bits in the paper for fun (shocker) but it's not much of a lively evening thread is it!

Mal - most docs use medic specific ones from what I can gather from colleagues (mostly single or in medic-medic partnerships) - which I don't think would be of much use given H's side of things - but again most of his mates use a specific musician guy. So I guess we need someone who knows loads about the inner workings of medicine and also being a self-employed jazz musician ? Failing that I think we'd better just find a good generalist!

KN I'd be interested in the details of your guy if you don't mind. I think you're not a million miles from me IIRC.

Douglas Mooney - ****

He's not local though- we did it all by phone. It's a fee-free service so nothing to be lost by giving him a call, even if you don't go with him in the end.

Douglas Mooney - ****

He's not local though- we did it all by phone. It's a fee-free service so nothing to be lost by giving him a call, even if you don't go with him in the end.

I second the unbiased.co.uk recommendation, particularly if you select the 'fees' option when prompted at section 4 about how you'd like to pay for the advice. Unless you opt for fee based advice, you can not be sure you are getting the right recommendation, rather than the best commission for the adviser. (You will still pay for the advice if you opt for commission based advice - you'll pay for it through higher monthly costs embedded into the product - and pay interest for the privilege.)

There is no fixed multiple - depends on the lender and their judgement of your position. However, 3* joint income is common if you are both straight forward credit risks, possibly up to 4* joint income. Depending on how long you spend saving, your H may have sufficient accounts to represent a standard credit risk. If you are married you are unlikely to be given the option of 5* your salary alone, as you will both have rights over the property and therefore the lender will want both names on the mortgage. (In the cowboy days prior to the credit crunch there were sometimes ways you could swing this with the wide-boy lenders, but not anymore AFAIK.)

Deposit required - again, depends. There are some 10% deposit deals for first time buyers around, but 20%- 40% deals are more common and much cheaper. (There are some rare 0% deposit about, but they are horribly expensive.)

In terms of savings targets, on top of the deposit you'll also need cash to cover stamp duty if applicable, your legals (£500 perhaps), lenders legals (about £500), advice fee (perhaps £400), survey costs (£250-£500)and possibly arrangement fees (£200-£500). Sorry if that's teaching you to suck eggs - it's not my intention.

Well done on clearing the CCs.

Https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/

Moneysaving expert doesn't agree on the fee v commission thing, provided you use someone covering the whole of the market.

Thanks KN, and thanks very much Dopper2, that's really very helpful. I sorta thought we wouldn't be able to swing the 5* thing, unfortunately, though it would give us a higher amount.

Can I ask one more QQ if it's not too cheeky? What would be the usual length of accounts needed for a self-employed type to be a 'standard' credit risk? I have 3 years in my head but not sure where I have that from.

KN thanks for that MSE link - didn't think of looking there, thanks.

Would it be totally inappropriate to go to a mortgage broker now rather than 'just' an IFA to see what kind of savings we are looking at needing/how much we could potentially borrow? It will be at least 18 months before we'll be buying but this time depends entirely on how much deposit we need so a bit of a chicken/egg situation.

We have a SE friend who needed less than the 'standard' amount of accounts for a nationwide mortgage. I don't know a hell of a lot more than that, but am happy to ask him if you want any more details.