First Time Buyers
When you are trying to get onto the property ladder for the first time, you could be overwhelmed with information that’s in front of you. It is a long process and you need to have a clear idea of what you’re up against before you can proceed. So, where do you start? By contacting us, of course! We can give you advice on every stage, giving you the peace of mind you need to make buying your first property a smooth, worry-free experience.
There’s every chance you’ve spent a few years saving every penny that you can for a deposit. Then once you’ve reached a certain amount that you believe you need, you then start thinking about how much you can borrow so that you have a better idea of the property type that you could be eligible for. We can give you this exciting figure! Then you can start looking at the properties you want.
The average age of a first time buyer is 30, which means you’ve spent a good chunk of your adult life already saving for the dream home. It’s for this reason that you need to make sure that you get through this process carefully – let’s look at what you need.
First Time Buyer Deposit
Your deposit is going to determine how much you can borrow from your mortgage lender. This means a great deal of shopping around for the right deals and 1st Mortgage Services will search the market for you to find you the most suitable first time buyer deal. The more money you have saved for your deposit, the less you will need to borrow and the bigger deposit, the more competitive the mortgage rates.
When it comes to the finances, you also need to have cash aside for the following:
- Broker fee
- Valuation/Survey fees
- Solicitor fees, including Stamp Duty
- Removals(if needed)
Even though you may feel you’ve not saved enough funds yet, it would still be of benefit to have a free financial review now. A financial review allows our advisers to show you what you could achieve, along with the associated costs, giving you something to work to. This really is the time to get in touch with us!
First Time Buyer Mortgages
When we have collected all the information needed on your current circumstances, we will assess your affordability based on your annual salary plus any other income. We will then look at your outgoings including debts, bills, travel and general living costs. Once we have determined which lender to use we will carry out a decision in principle with that lender (which in effect is a credit scoring system) to check to see whether you are trustworthy as a borrower, and this together should determine your maximum borrowing amount, if you need the maximum that is.
When to Apply
We only apply for a mortgage with a lender on your behalf when we are satisfied & confident that you are likely to secure a mortgage offer with them. And, of course, when you are happy with this too. This will only happen once we have provided you with an Agreement in Principle from the lender.
A mortgage application is generally submitted when you have an offer accepted on the property you are buying, be that from the estate agents selling the property, or a builder.
You need to have your solicitor in place at this time too.
What our clients say
Customer service is everything for 1st Mortgage Services – selecting a mortgage lender and knowing which is the right product for you can be a complex and time-consuming exercise. Julie and her team make this easy – they offer sound, reliable and friendly advice, taking the headache out of this important life decision. The team carry out their work over the phone, via email and by post – plus home visits, at times to suit the client, are also on offer. They offer a wealth of experience in the mortgage industry – their knowledge and expertise plus their openness and ability to convey understanding of the product, is very reassuring
Purchaser 2018, Northallerton
Given my experience, I feel that the company/individual operate in such a way that treating customers fairly is central to their culture. Julie was always on hand to answer my queries and advise me of the best way forward and sorting everything out for me, as I needed it, to a tight timescale. I could not have asked for a better service.
Purchaser 2018, Whitby
Ready to talk through your mortgage?
We charge a combination of an initial fee of £250 on application and retain the commission received from the lender. Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.