First time buyer mortgage

We’re here for you every step of the way

Let’s start the journey together

Buying your first home is an exciting time. And we know that it can also be pretty daunting. Our job is to take as much of the stress away as possible. You’ll have your own personal advisor who will help you navigate the entire purchase process – on hand to answer any questions.

Our step by step guide on
how it all works

Start
Find out how much you can borrow

Put bluntly, it depends on what you can afford.

That’s why we start with a review of your current finances, and we talk you through the various costs of buying a property. Before you start browsing the property pages, you need to know your budget, including how much deposit you should have available.

We will let you know what documentation is required.

Step 1
Get a Mortgage in Principle

A mortgage in principle is not a guarantee, but it does show that a lender is willing in principle to financially support your property purchase.

When you start viewing properties, this makes you look like a serious buyer.

Step 2
Start house hunting

Know what you’re looking for (including your must-haves, nice-to-haves, and deal-breakers).

Then you need to know where to look, including websites, estate agents, property developers, and auctions.

Step 3
Contact your mortgage broker

As soon as you’ve found your perfect place, put in an offer and wait for it to be accepted. Contact us to let us know and we’ll start to get the wheels in motion for you.

Step 4
Find a solicitor

You’ll need a solicitor to take care of the legal work involved in purchasing a property.

1) They understand the property sale and purchase process
2) They handle the various pre-purchase searches so that there are no surprises
3) They take care of the contracts
4) They will register the property in your name

Step 5
Apply for a mortgage

Now it’s time to get back in touch with your mortgage broker and make a detailed mortgage application.

You won’t necessarily apply to the lender you have the agreement in principle with, your adviser will assess the most suitable options available at the time of application.

Step 6
Get a valuation

As part of the application process, the mortgage lender will carry out an independent valuation and survey of the property.

The minimum requirement is a ‘basic’ or ‘mortgage’ survey which is a relatively simple price appraisal, but you have the option to go for a more detailed survey that examines the building’s structure and flags up any possible long-term issues.

Step 7
Receive a mortgage offer

Following the lender’s credit check, an examination of your financial details, and valuation of the property – and assuming everything is okay in that it falls within their lending terms and conditions – they will offer you a mortgage.

Step 8
Exchange contracts with the seller

Exchanging contracts usually takes place 7-28 days before the date of completion (when the property becomes yours!) and involves the lawyers on both sides confirming that both seller and buyer are ready to proceed (for you as a buyer, that usually means the mortgage offer has been issued, having a signed contract, transferred deposit funds and a buildings insurance policy is in place.

Step 9
Move into your new home

Once contracts have exchanged and completion has taken place, you’ll be given the keys and can move in when you want – it’s yours now!

Step 10
Complete

Helping to find you the best
possible mortgage

We deal with a wide network of lenders offering the best mortgages on the market

Talk to an expert advisor today
020 3102 9545

Too busy to talk now? Find a convenient time for you Arrange a callback

Commonly asked questions

Can I overpay my mortgage?

This depends on the lender, and the mortgage.

The majority of lenders allow you to make regular or lump sum overpayments of up to 10% per annum of the amount owed, without having to pay an early repayment charge. If the amount you overpay during the year exceeds 10% you will only be charged an early repayment charge on the proportion you overpay above 10%.

Some lenders offer greater allowances, e.g. charge-free up to 20% or no early repayment charges at all. There are very few fixed-rate products without an exit penalty clause. The more flexible overpayment arrangements tend to be associated with variable interest rate loans.

Why use a mortgage broker?

A mortgage broker will have access to a wide range of lenders and will help you choose the most suitable mortgage for your situation.

It is our job to make the process as hassle-free as possible. We liaise with the lender and your solicitor, complete the paperwork, and are available to guide you through the specifics and answer any questions that arise.

How is ‘new build’ classified?

Different lenders have varying criteria as to which properties are defined as ‘new build’. A common definition is a property that has been built, converted or refurbished within the last two years;  often including properties that have not been occupied since being built.

It can often be more restrictive to secure a mortgage on a new build property. However, most lenders are prepared to lend at a higher loan to value rate (LTV) on a new build house than on a new build flat.

The complete guide to buying your first home

Buying your first home is exciting! It’s also stressful, with plenty of ‘traps’ for the unwary.

Expert advice and guidance is essential, and we lay out the whole process – step by step and jargon-free – in our complete mortgage guide for first time buyers.

First time buyer - case study

Learn how Mai’s personalised experience saved her time and money, giving her the mortgage she wanted.

Read Mai's story

Talk to an expert advisor today
020 3102 9545

Too busy to talk now? Find a convenient time for you Arrange a callback