First in Mortgages

First-Time Buyer Mortgage Advice

You might find that arranging a mortgage can be a daunting process, with lots of factors to consider, it can be difficult to know where to begin. At First in Mortgages we give mortgage advice to help you every step of the way, from working out how much you can borrow, to when you pick up the keys to your first home.

At First in Mortgages we can advise you on a range of exclusive mortgage deals from reputable lenders. We can do this as we give independent mortgage advice across the whole market, which allows you access to mortgage options that will suit almost any borrower. This also includes Government backed initiatives such as Help to Buy Mortgage Guarantee and Help to Buy Equity Loans.

Whatever your mortgage needs, First in Mortgages are able to help.

Seven steps to buying your first home

Step 1 - Understanding how much you can borrow

The amount of mortgage you can get depends on your income. Most lenders will assess what level of monthly payments you can afford after taking into account various personal and living expenses, as well as other factors such as existing loans and other credit commitments. This is called an affordability assessment. For a more detailed analysis of how much you can borrow talk to us on 02921 400 771.

Step 2 - Obtain a Mortgage Agreement in Principle

Obtaining a mortgage agreement in principle means that you have your finances in place before you find a property you wish to buy. This will give you an accurate indication of how much you can borrow and implies you are a more serious purchaser to the vendor and estate agent. Contact us to obtain this for you.

Step 3 - Giving you the mortgage advice you need

After we have collected all the information we need, we will agree a time to present you with our recommendation. The recommendation will be based on your individual circumstances, making sure it is in your best interests. At this stage we will also discuss all your insurance requirements to help you protect and keep your new home, we are able to advise and recommend what products would be most appropriate including Life Insurance, Critical Illness cover and Income replacement plans. We will also be able to help you with buildings and contents cover.

Step 4 - Instruct a conveyancer or solicitor

You will need to instruct a conveyancer or solicitor who will act for you. Using someone who has been recommended to you is normally a good idea. If you need any guidance in finding a solicitor we will be pleased to help.

Step 5 - Getting the right survey

There are a number of options available to you from a simple Mortgage Valuation through to a full Building Survey and Valuation. We will be happy to discuss these options with you.

Step 6 - Your mortgage offer

When all the legal and financial checks have been completed, you’ll receive your formal mortgage offer from the recommended lender, which we will check and talk you through.

Step 7 - Exchange of contracts / completion

Towards the end of the process you will exchange contracts with the seller of the property, this is normally when any deposit monies are payed to secure the transaction. Completion will follow shortly after and you will be handed the keys to your new home!

Your property may be repossessed if you do not keep up repayments on your mortgage.

What we charge

Initial consultations are free of charge. A typical fee of £295 may be charged to arrange your mortgage. The fee is dependent on your circumstances. £95 paid on application, this fee is non-refundable. £200 is payable upon completion of your mortgage.