Independent Mortgage Advisors

Buying Your First Home

There’s no mistake, buying your first home is daunting. Luckily, we’ve helped thousands of first-time buyers take their first step onto the property ladder.

Top tips when buying your first home:

  1. Save as much as you can for your deposit. The more equity you have in the property, the more competitive the interest rates tend to be. For example, increasing your deposit from 8% to 10% of the value of the property, may produce a more competitive range of mortgage rates. For tips on how to maximise your saving visit Money Advice Services
  2. Find out what you can afford – we can help here! You can either speak to one of our mortgage advisers directly or use our Virtual Adviser to review your borrowing potential online.
  3. You may qualify for a government scheme to get you started on the property ladder. Check out which government schemes are available – Link to government schemes Government Schemes
  4. Get a mortgage agreement in principle. A lender will provide a statement confirming they will lend you a certain amount ‘in principle’ based upon basic information you have provided. This is useful when beginning your property search.
  5. Now you know what you can afford, you can start your property search

 

You can also familiarise yourself with the key terms involved in buying a house using JLM’s Jargon Buster

 

Virtual Mortgage Adviser

Review your borrowing potential now.

Virtual Adviser

 

Checklist:

Home insurance costs – our dedicated protection specialists can find the right insurance for your needs and discuss your options in detail

Stamp duty – use the government calculator for up to date info https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Mortgage Arrangement Fees – Remember, the lender may charge a fee for arranging the mortgage. Speak to an advisor to determine if you will have to pay this upfront or can include it over the term of the loan.

Deposit – For a residential mortgage, as a minimum you will need 5% of the property value.

Up-front costs

  • Surveyor fees (it’s advisable to get a survey before buying a property)
  • Legal fees (solicitors, professional conveyancer fees, etc.)
  • The cost of removals (also consider insurance for your belongings while in transit)

* If you’re buying a flat there may be other ongoing costs to consider including, annual service and maintenance charges

Get a head start; visit our knowledge base today

Knowledge Base Request Callback

“I had a very pleasant experience with your company when applying for my mortgage! Being a first time buyer I had lots of questions and Julian was always there to answer my questions for me! Will definitely recommend to anybody else who needs a mortgage!  Thank you”

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