First time buyer mortgages
If this is your first house purchase then it’s all pretty daunting stuff. It's also expensive, and the bare fact is, you have to find a lot of money. However, some of the better news arising from the March 2013 budget was the governments announcement that it will provide homebuyer loans to borrowers to enable them to only have to find a 5% deposit, as well as news that that they will guarantee higher loan to value mortgages, enabling lenders to offer more 95% deals.
Without question the first rung on the property ladder is the hardest to get on to, with high house prices and lenders looking for lower risk investments, so it's a good idea to talk to someone about mortgages as early as possible. You aren't under any time pressure to make a decision, and being prepared means that you can move quickly once you've had an offer accepted.
We know how confusing and stressful it can be trying to take that first step and we use our 20 year experience of arranging mortgages for first time buyers to introduce you to the most suitable lender with the most favourable terms for your specific circumstances. There are lots of different mortgages on offer and we’ll help you to understand which one is best for you.
Our advice and guidance, specifically built for the first time buyer, will make you feel at ease and give you a clear understanding of the process. We will handhold you through every stage and through all the communications with the other parties you will need to work with – solicitors, valuers, surveyors and estate agents. We won’t use any jargon and we’ll make the whole process painless and easy to understand. We’ll also be on the end of the telephone at any time if you have any questions along the way.
Your advisor at Financial Resolutions will usually start by talking through your individual circumstances to give you an idea of how much you can borrow. While lenders used to work this out on strict multiples of your income, nowadays you are likely to find that a decision is based more on what you and the lender think you can afford.
Once you've had an offer accepted on a property, you need to get a formal mortgage offer sorted out quickly and this is where we can help you get ahead of the game. If you already have a mortgage promise, getting a formal offer should be much more straightforward, subject to a satisfactory valuation of the property.
Call us today on 01442 831607 and let us help you get started.