First Time Buyers
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 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!
Please note that only the initial financial review is free. We charge £349 on the application as standard, but if the loan is under £100,000, we would then charge £500 on the application. There may be other fees applied by third parties as well in the overall home buying process.
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.
First Time Buyer Guide
Download our First Time Buyer Guide for all you need to know about getting your first foot on the housing ladder.
Experiencing Financial Difficulty?
If you are experiencing financial difficulty and struggling to make repayments, then you can contact your lender who may be able to help taking account of your individual circumstances.
You may want to contact one of the free impartial money guidance and debt advice services such as StepChange, Citizens Advice, or Turn2Us.
What our clients are saying
Benefits of Being With the Business
Considering succession planning can be overwhelming, especially when trying to navigate industry compliance and changes. However, I found a solution that not only alleviated these concerns but also offered valuable support for my clients.
By meeting with Julie Gilbert at First Mortgage Services, I discovered the advantages of fully onboarding with them. They provide access to additional resources, such as an administrator and regular sales meetings. This support allowed me to not only continue advising my clients but also have more time for my family.
When the time comes for succession planning, I can make the decision to continue advising without feeling pressured or rushed.
If you're in need of succession planning or considering onboarding, I highly recommend First Mortgage Services. They have the expertise and support to make the transition seamless and beneficial for all parties involved.
1st Mortgage Services is a lovely place to operate under as a mortgage and protection intermediary. They have a positive and forward-thinking attitude and a great team around you to support all aspects of the job.
I have personally gained a vast amount of experience from my time with the company and have benefited greatly from the shared experience of the whole team. The support of the marketing and paraplanning departments helps greatly with managing workload while ensuring industry standards are adhered to.
The team were all very welcoming and I have always felt at home since joining. It really makes a difference to have that positive working environment with other individuals and to feel part of a team, and 1st Mortgage Services has always had that for me.
Since joining 1st Mortgage Services, I have felt a level of support in growing my business I have not had before. Julie constantly thinks of new ways to generate business, keep engaged with local business’ and promotes the company in various different ways so we are never really out of people sight.
The recent regulatory changes haven’t been a challenge as the support we get from our colleagues, in admin and para planning are fantastic. So we are always on top of our cases and clients constantly kept up to date. This just means everyone who steps foot through our door gets the best possible service in all areas of the advice process from start to finish.
Speak to Us
We specialise in finding suitable mortgages for our clients from a curated list of over 65 lenders. We’ve done the hard work – we’ve already built fantastic relationships with these lenders, so you don’t have to. Our service is completely tailored to fit your requirements. We cater for most parts of the mortgage market and clients nationwide.
To inquire about succession planning or onboarding, reach out to us by email or phone.
- 01845 501830
- info@1stmortgageservices.co.uk
