First time buyer mortgages

October 7, 2021

Buying your first property can be both exciting and daunting and there are many important decisions to make and criteria to be considered before you take your first steps onto the property ladder. We will advise on all aspects of your first time buyer mortgage and will assist you throughout the home buying process to ensure you receive the right guidance and advice.

Getting started

It is important to take advice on your first time buyer mortgage options before getting serious about your property search. Our aim is to put you in the best position to proceed once you have found a property. At your first meeting we will review your income and outgoings to determine a sensible budget for your new purchase. We will then be able to tell you how much you may be able to borrow, what the possible monthly costs of your first time buyer mortgage will be and guide you through the next steps in the house buying process.

Next steps

Once you have discussed your options and chosen your first time buyer mortgage deal, we will apply for a decision in principle before making a full application. The mortgage lender will carry out a credit search and based on the details provided offer a decision in principle. This will be subject to a full application to the lender with supporting documents.

Starting your property search

Now you know what the costs of your first time buyer mortgage are likely to be, you can begin your search. Once your offer is accepted, it will be confirmed in writing. Remember, the property is not officially yours until legally binding contracts are exchanged and all monies have been paid.

Property surveys

A survey is a key part of obtaining a clear idea of the property’s condition and value. There are different types of survey from a simple valuation indicating how much the property is worth through to a full structural survey.

Applying for your mortgage

Depending on how long your property search takes, we will check that your original first time buyer mortgage recommendation is still the right solution for you and then submit a full application to the mortgage lender.

You are nearly there

Once your solicitor has carried out all of the necessary searches on your new property, solicitors from both sides will draw up formal contracts for you and the seller to sign. This is to prepare for exchange of contracts; the final agreement between buyer and seller. Your solicitor will ask for your deposit funds in order to exchange. Make sure you have your buildings insurance in place for exchange of contracts (this is something we can help with). These contracts are legally binding so make sure that you are totally prepared to go ahead.

Moving day has finally arrived!

This is also known as completion. On completion, your solicitor will transfer the funds released by the lender to the seller’s solicitor and you will finally get the keys to your new home!

Need help with your first mortgage?

Speak to one of our mortgage advice specialists, who will be happy to help.

01777 809700

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