Buying for the first time should be exciting! Dodge the jargon & make getting your first mortgage a breeze.
What’s the first step for a first-time buyer?
If you’re a first-time buyer, you may have spent ages saving up a deposit so you can get on the property ladder. If that’s the case, the next step is way more fun – finding out how much you can borrow!
Once you know how much you can borrow, you’ll be able to start shopping around for your first home. Our expert advisers can help you figure this out in minutes.
- Get quotes from 150 lenders.
- Deposits from just 5%.
- Unbiased financial advice.
- No credit check is required.
When should I apply for my mortgage?
You should apply for a mortgage & get an agreement in principle before you start viewing properties, this will let estate agents & sellers know you mean business.
What’s an agreement in principle?
An agreement in principle (‘AIP’) is a written estimate from a mortgage lender, giving you an idea of how much money you can borrow. AIP’s are usually free, and some lenders can give you one in a few minutes. They’re valid for 30 to 90 days and can sometimes be renewed.
Estate agents or sellers will require proof of an AIP before you can make an official offer on a property – super important.
Does a first-time buyer need a deposit?
Just like any other buyer, first-time buyers need a deposit. Most lenders ask for a deposit of around 10% to 15%. If that’s too much we can find mortgages that only require 5% deposits, so there are always options.
What affects how much I can borrow?
Mortgage Lenders look at all sorts when working out how much you can lend. The most important is affordability (what you could afford to pay back each month). They work this out by looking at:
- The length of the mortgage term.
- Your credit record.
- The value of the property you’re buying.
- Existing debts.
- Your deposit.
- Your age.
- Your income.
- If you are applying solely or jointly.
Do I have to use the mortgage adviser that the estate agent recommends?
Will you charge me a fee?
We do charge a fee, but we won’t do this until your mortgage is sorted & you have an agreement in principle (AIP). All our advisers are fully CeMAP qualified, so you’re only getting advice from the best of the best.
What do we do?
We’re a fully independent mortgage broker. Our expert advisers have bags of experience when it comes to scouting out mortgage deals. We search high and low comparing quotes & we’re not biased toward any one lender. Our focus is on finding you the best deal going.