First-Time Buyer Mortgage Brokers
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Key Things About First Time Buyer Mortgage
What are the major stages involved in getting first home?
- Determining how much you can borrow.
- Getting your decision in principle.
- Searching for the property and make an offer.
- Find the conveyancer for legal work.
- Mortgage Application.
- Mortgage Survey
- You mortgage offered.
- Searches and other legal process.
- Exchanging contracts and completions
Do I need a first-time buyer mortgage broker?
When you buy your first house or a flat, you need to consider several things like which mortgage deal is right for me or how long it will take to secure a mortgage.
Your mortgage broker can explore all available options based on your circumstances. Banks, on the other hand, show you mortgages available through them. Independent brokers will advise on the most suitable deal that will work just for you and guide you through the entire process from start to finish.
Mortgage advisors have a crucial role in communicating with a lender and estate agent. Once your mortgage deal is finalised, they prepare an agreement in principle that many estate agents may require to consider your offer.
What type of mortgage available for first time buyer?
Fixed rate mortgage
Variable rate mortgage
What are the important costs I need to consider?
- A broker fee is a fee payable to arrange your mortgage. Good news is we do not charge fees and our services are free.
- Solicitor fees are fees payable to your solicitors for conveyancing, legal work required for your house purchase. Fees are depended on purchase price and property type as in free hold house or lease hold flat. A typical fee ranges from £1150 to £2000.
- A survey fee is a fee payable for the valuation of a property. Not every lender charges the survey fee, and it depends on the chosen mortgage deal. It ranges from £250-£1100, depending on the property price and the type of survey you choose.
- A lender’s fee, also known as a product fee, is charged by a lender. It is mentioned in a mortgage quotation. Depending on a chosen mortgage deal, it varies from £00 to £1495. It can be paid on the mortgage application or added to the loan. Remember adding fees to the loan mean paying interest for long term on that fee.
- Stamp duty is not payable for the first-time buyer purchase if a purchase price is under £425000. Your solicitor can confirm if you need to pay stamp duty when they undertake the legal work.
