First Time Buyer Mortgages

Mortgage Help

When you're looking to purchase your first home, the mortgage and house purchase processes can be daunting. How do you go about finding the right deal from all the first time buyer mortgages on the market and what things are the lenders going to want to know about you?

To start with you need to find out how much your can borrow and what it is going to cost. Speaking to a mortgage broker who has access to the whole market would give you the opportunity to find out which first time buyer mortgages will be the best for your circumstances. You will need to provide details of your employment and income, your address/residential history, savings for your deposit and any credit commitments you may have such as personal loans or credit card balances.

Lenders use this information to assess whether you may or may not be able to afford mortgage amount you are requesting. After performing a credit search, to check your payment track record on any other credit agreements, the lender will issue you with a mortgage promise confirming if they will lend the mortgage amount you are applying for. If they do not feel you are suitable they may decline your application.

Once you have a mortgage promise in place you can begin making offers on the property or properties you wish to purchase. When you have made an offer on a property and it is accepted the next step for any lender offering first time buyer mortgages will be to perform a survey of the property and confirm if is suitable to lend against and to give you a valuation of what it is worth. They will also ask you to send in certain paper documents to confirm your income, identification, address and outgoings, such as your latest payslips, passport and bank statements.

When you have satisfied the lender's criteria they will formally offer you a mortgage. At this point you can appoint your solictor to start the house buying (conveyancing) process. The solicitors will contact the land registry to check property ownership and the title deeds are all in order and from there will request the funds from the lender and the deposit from yourself to send to the vendor and complete the purchase. For more information on first time buyer mortgages why not speak to one of our recommended local mortgage brokers?

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