Buying your first home is very exciting, however, it can be a daunting experience. If you are a first time buyer the likelihood is you have spent the last few years saving towards a deposit. The next step of selecting the right mortgage is very crucial.
Starting your mortgage journey
It is very important to get the right advice before you start your property search. Your mortgage advisor will review many different factors including your income and spending habits and decide upon a realistic budget to put towards your new home.
What do I need for my mortgage?
Below is a summary checklist to what you will need to obtain a mortgage. We advise you get all these together before embarking on this journey. If you have any questions at any stage simply give us a call.
Top tips to boost your mortgage chances
The biggest fear when applying for a mortgage is rejection. We can help decrease this fear by applying for the right product and making sure everything is perfectly in place before the application is processed.
Lenders will check on affordability,and, credit to assess your chances. During the process you will undergo several credit checks. There are no quick fixes to boost your credit score, however, some of tips below will certainly lower the risk of rejection.
Once you have agreed with you advisor on the best mortgage for you, your application will be sent to the lender for review. If successful, you will receive a mortgage in principle as a statement from the lender quoting the amount you have been offered to purchase your new home.
Know your additional costs
Avoid the surprise of hidden or forgotten costs. Our advisors will give you a full breakdown of what to expect. This can include the following.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
If we arrange a mortgage on a property from one of our associated new homes developers we will waive our fee, otherwise there may be a fee for mortgage advice. The actual amount you pay is dependent upon the amount of research and administration that is required and a typical fee is £295 which would become payable on application. We will also receive commission from the lender in addition to any fees you pay.