Secure your first home with a mortgage that prioritises you
Our mortgage advisors will offer you advice and assistance from the first point of contact to:
- How to make an offer on your dream first home
- Recommending a solicitor
- Researching the mortgage market
- Making a recommendation as to the most appropriate mortgage product for your circumstances
- Completing all the paperwork for you (even though we know how much you would prefer to do this yourselves!)
- Liaising with the lender to ensure that your first-time buyer mortgage is offered as quickly as possible
- Keep you informed on the progress of your first-time buyer mortgage application on a regular basis
- Ensure that all protection and insurances commence at the appropriate time
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Mortgages for First-Time Buyers
The mortgage process for a first-time buyer is relatively straightforward. After finding a mortgage provider that you feel comfortable with, the next step is to make an application. This will involve the lender carrying out various background checks to assess whether you are eligible for a loan; including a credit check, income and expenditure calculations, employment verification and affordability assessment.
Once these checks are complete, the lender will make a decision on your eligibility and will offer you a mortgage based on these results.
In order to finalise the mortgage offer, additional paperwork may be required and this can include proof of identity and address documentation such as passports or driving licences, payslips or bank statements showing your financial history. In addition to this information being provided, the lender may also require a valuation of the property. This is usually carried out by an independent surveyor who uses their professional expertise to ensure that all aspects of the property are suitable for lending purposes. This can result in further enquiries being raised and satisfied before terms can be offered to you.
Once you have your mortgage offer, arrangements can be made for completion of the transaction so that funds are transferred from the lender to your solicitor enabling legal transfer of ownership of your new property.
For more information on how first-time buyer mortgages work, get in touch with our advisors for a no fuss breakdown of the process.