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First Time Buyer
Things can quickly add up when buying your first home. That’s why My Mortgage Finder are happy to offer “Fee-Free” advice to all first-time buyers wherever possible.
Our experienced whole of market advisers are here to lend and hand and guide you every step of the way.
Working with trusted and verified lenders….
"Three simple steps to getting a mortgage for your first home."
Step 1: Speaking to an adviser
Before you start the search for your new home it’s important to speak to someone who knows what they’re talking about. During a short conversation a “whole of market adviser” will be able to advise you on:
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The timeframes and steps you can expect to take before you pick up the keys to your new home
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How much a bank or building society may be prepared to lend to you and how much you might expect to pay
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Other costs and services to factor into your home buying process
Step 2: Getting an agreement in principle and finding your new home
After your initial chat your adviser will get to work searching the market for the most appropriate mortgage solution. This will normally be based on the lowest available interest rate with the lowest associated costs. Once this has been identified your adviser will apply for an “Agreement in Principle” on your behalf, this will:
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Provide you with a certificate confirming you have passed the initial checks and meet the declared criteria of that particular bank or building society
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Provide a specific amount the bank or building society is prepared to lend to you
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Allow you to start viewing properties and make an offer once you’ve found your new home
Step 3: Starting the mortgage application process
Once you’ve had an offer accepted on your new home it’s time to start the formal mortgage application, this will need to be approved by an Underwriter who works for the bank or building society. Your adviser will make the application on your behalf. Things to expect during the mortgage application will be:
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Providing supporting documents to your adviser such as payslips and bank statements
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A valuation to take place on the property you are purchasing
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Answering questions around your personal circumstances that an Underwriter may require before issuing a mortgage offer. These questions will be managed via your adviser.
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Receipt of a mortgage offer once all of the bank and building societies checks have been satisfied
Every bank or building society has a different timeline that they take to underwrite and issue a mortgage offer, on average this can take around ten working days.
Once your mortgage offer has been issued a copy will be sent to your appointed conveyancer who will be responsible for arranging the completion of the mortgage and finalising the purchase of the property.
Next Steps.
So now you know the three simple steps to getting a mortgage for your first home.
But, what to do now? Contact My Mortgage Finder today where you can have a chat with one of our experienced advisers who specialise in helping first time buyers like yourself every day.
Or simply fill in our contact form and we’ll get in touch with you.
FIRST TIME BUYER
Specialists
Our advisers are specialists in helping first time buyers onto the property ladder and we’re here to help you every step of the way when it comes to securing your mortgage.
With record low interest rates the deals currently available are as competitive as ever, providing you with a great opportunity to buy your first home.
FIRST TIME BUYER
Interest Rates
Lenders offer better interest rates when you put down larger deposits as you are seen as a safer borrower.
It is important that you don’t just look at the interest rate on offer and, taking into account product fees, exit fees, whilst not forgetting the excellent cashbacks available from certain lenders.
All of this will have an impact on the amount you will ultimately pay for your mortgage.
FIRST TIME BUYER
Affordability
Lenders will look closely at your income as well as your monthly expenditure and commitments, when making their decision.
You can influence this affordability calculation by doing everything possible to reduce your monthly outgoings as well as considering how many years you take the mortgage over.
Whilst a longer term for your mortgage will reduce your monthly payments it may also mean that you pay more over the term of your mortgage.
The first steps we can help you with is getting ‘an agreement/decision in principal’.
This is an important part of the home buying process, as it will put you in a stronger position when viewing properties and making an offer as it shows the estate agent and seller that you are serious and ready to proceed. The decision in principal will also make it clear to everyone involved what houses you can afford.
There are a number of other costs you need to consider, such as Stamp Duty Land Tax, click the link to use our stamp duty calculator, although you may be exempt from this.
Legal fees can be a significant further cost that first time buyers need to factor in,
It is important not to be completely price driven when choosing a conveyancer as they will be handling potentially the biggest transaction of your life, so you need to be confident in their ability. Speak to My Mortgage Finder to get quote from our carefully selected panel of conveyancers.
Ready to take the first steps into purchasing your first home?
Right to Buy scheme
The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £110,500 (£82,800 outside London).
Shared Ownership
If you are unable to afford the home you really want, there is a government funded scheme called Help to Buy: Shared Ownership.