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First Time Buyer Mortgage Advice

Scott’s Story Buying His First Home

Buying a house can be a stressful time and getting your head around the process of ‘buying a house’ can be confusing, even for those who have been through it before.

However, our experienced team of mortgage advisers are here to assist, guide and reassure you every step of the way. We will explain the process to you and talk to you about your attitude to risk in order to help find the best process for you.

We will explain the difference between a fixed rate mortgage where the amount you pay is fixed so you pay the same every month for a period of time, usually two or five years, and a variable rate mortgage where rates are often lower but they go up or down as the lender, or the Bank of England, move interest rates.

In order to find out what size mortgage is affordable for you, we will need to ask you about your income and what you spend your money on.  Once we have identified the right mortgage for you we will have to ask you for copies of your pay slips and your bank statements as well as proof of identity.

We will also guide you through the maze of fees, solicitors and surveyors so you understand what is happening and what you need to do through every step of the process.

Because you haven’t been through this before, you will likely have many questions for us which we will be happy to answer.

The benefits of being a first-time buyer

Sometimes, a first-time buyer is desirable to someone who is hoping to sell their house as you will help reduce the housing chain by not having a property to sell.

A property chain refers to a number of buyers and sellers linked together because each is buying and selling a property from someone else. A first-time buyer is at the beginning of the chain because they have nothing to sell so they can often move more quickly as they are not waiting for someone to buy another property off them.

Therefore, a seller who has many offers on the table may choose a first-time buyer as they are not in the chain themselves which can often speed up the house buying process.

The mortgage market is continuing to develop and grow and mortgage applications are often viewed as a minefield by many first-time buyers. With hundreds of different mortgages to choose from, hunting out the most suitable deal can feel like trying to find a needle in a haystack – but our team is here to help.

We will search the whole of the market, taking into account factors like fees, rates and, more importantly, how suitable the deal is for your personal circumstances.

There may be a fee for mortgage advice, the precise amount will depend on your circumstances but we estimate that it will be £299. We do not charge a fee for our services for New Build Homes; we receive commission from the provider.

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Your home may be repossessed if you do not keep up repayments on your mortgage