First Time Buyer Guide
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Buying your first house is one of the most important purchases of your life and can be equally exciting and daunting.
Our experienced first-time buyer mortgage advisor at MariannaFS can guide you through the process. Remember, getting a mortgage secure is main part of the buying process.
You should always look at the mortgage options and try to understand how the whole process works.
So here is all you need to know about your first mortgage:
In this guide we cover,
First time buyers
How it works
What do you mean by a First Time Buyer Mortgage?
As the name suggests, a first-time buyer mortgage is a mortgage offered to individuals buying a residential property for the first time.
If you already own (or have owned) a house or a flat within or outside the UK, you will not be eligible as first-time buyer.
How does a First-Time Buyer Mortgage Work?
Getting your first home can be exciting and stimulating experience. However, it is important to understand how the mortgage process works.
Here are the Major Stages Involved in Getting Your First-Time Buyer Mortgage:
1. Determining How Much You Can Borrow
Before you start with your property search, it is important to know the amount you can borrow. This would help you narrow down your search for a property and have a realistic approach as you go ahead with your Purchase.
You can use mortgage calculators to determine the amount you are eligible to borrow based on specific criteria. But, it’s always a good idea to speak to a mortgage broker and they can calculate the maximum mortgage you will get.
2. Getting Your Decision in Principle.
Also known as the agreement in principle (AIP or DIP). Mortgage in Principle is an official agreement from a bank or a building society that means you may be able to borrow a certain amount for buying your first home.
See more about Decision in principle.
Now a days, most estate agents would want to see your DIP that proves you are serious buyer before you submit the purchase offer.
Get in touch with us for a free decision in principle.
3 Searching for the Property
After getting your decision in principle, you can start searching for the properties that fall within the range of your mortgage amount plus your deposit.
Make an offer if you find your dream home as per your budget.
4. If Your Offer is Accepted
If your estate agent informs you that your offer is been accepted, contact us and we will offer wide range of mortgage deals compared with going direct to the bank or building society.
Depend on your circumstances, your mortgage broker will find the right mortgage deal for you.
5. Find The Solicitor
You will need to find a solicitor or conveyancer to work on your property purchase.
The solicitor or conveyancer will do all the legal work related to the purchase of the property.
A solicitor is qualified as solicitor and can handle all legal matters with your property purchase.
A conveyancer is specialized in purchases but can not handle complex legal matters.
We can recommend a solicitors with competitive prices to help you with your journey but dont be hesitate to ask others for a quote. Get few quotes to see how much they will charge.
6 Applying For the Mortgage
After you have a sale memo from an estate agent, your mortgage advisor will collect all the documents required and prepare your mortgage application.
On submission of full mortgage application the lender will do a full credit check on you, leaving a hard foot print on your credit file.
7. Mortgage Survey
After the application is processed, valuation of the property is carried out by the lender to see if the value of the property is worth the amount you offer to pay.
Your broker can tell you about the different types of survey that are available for homebuyers.
Your broker will communicate with your lender throughout the process and update you.
8. Your Mortgage Offer Issued
After all the checks and valuation, your lender will approve your mortgage and issue you a mortgage offer.
Mortgage offers are sent to you, your broker and solicitor.
This offer is generally valid for a period of 3 to 6 months.
9. Exchanging Contracts and Completions
Once all the legal work and checks are done on your purchase, the seller’s solicitors would decide the possible exchange and completion date.
You will have to send deposit to the solicitor, in order to exchange contracts followed by completion.
That’s it! Once the completion is done, you will get your house keys via estate agents and you are ready to move in your very first home.
Remember, to secure the mortgage first time, your deposit, credit commitment, credit report and income will play big role.
Talk to our free mortgage broker to know more about mortgages you can get and arrange a decision in principle.
