Buying a house as a first time buyer is an amazing and exciting experience and the most important part to ensure a stress free journey in the first time buyer mortgage process is preparation.
Many first time buyers find a property they love and then talk to a mortgage broker at the last minute which can lead to extra stress and pressure caused by the rush. Obtaining the correct documents for the mortgage lender, making an offer, checking credit reports are but a few of the steps involved in the process. Understanding the process and preparing in advance ensures when you find your dream home you are ready to act and make a concrete offer.
When applying for a mortgage for the first time it is important to obtain your credit reports as your credit score is one of the key factors that all banks will look at in assessing your mortgage suitability. Equifax and Experian are the agencies that hold your information and identifying any inconsistencies or errors as early as possible in the mortgage process allows time to rectify them without detrimentally lowering your credit score. Key things to look for are ensuring you are on the electoral roll and that your correct address history over the 6 years is present in addition to ensuring your credit commitments are in good order.
Once we have a baseline of your information we can obtain an agreement in principle from a mortgage provider. This is the start of the mortgage process and essentially is a bank agreeing to lend you a sum of money against a property based on the information provided to them. This agreement is typically valid for 30 to 60 days and can be taken to an estate agent when making an offer on a property. It demonstrates that not only are you serious about purchasing a property but you have the finances in place to be able to afford it. Estate Agents look favourably when they know first time buyers have their mortgage in place.
It is also worth bearing in mind that there are a range of incentives and benefits exclusively targeted to help first home buyers which may include a free survey, a contribution towards your stamp duty, cashback, help with your deposit or money towards your legal costs which can help you with the costs associated with a first time mortgage.
A first time buyer scheme is available to help first time buyers buy their first home, mortgage schemes like Shared Ownership, Help to Buy, 95% and 90% mortgages can help you take your first step on the property ladder.
As mortgage advisers we have lots of experience with first time buyer mortgages, we will guide you through the process, explaining as we proceed and showing you the right mortgages for first time buyers based on your individual needs.
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We have a range of calculators to help make things simpler for you, from calculating payments to understanding how much your stamp duty may be. These calculators are for guidance purposes only.
Our mortgage brokers offer mortgage advice on a wide variety of mortgages, more detailed information about the different mortgages can be found below.