You may find buying your first home a little bit daunting. With the challenge of finding your first property, choosing the right mortgage, selecting the best solicitor and making sure the whole process runs smoothly, you may find the information below useful to help you achieve the first rung of the property ladder.
The first step is to contact us and we will advise you on the mortgage options available to you. It doesn’t matter if you haven’t found a property just yet, we can provide you with some facts and figures that will help you select the property within your price range.
In the meantime we’ve outlined below some background information on mortgages for first time buyers that we hope you’ll find useful.
How much can you borrow?
The amount of mortgage you can get depends on your income. Some lenders use a multiple of your income others look at how much you can afford based on your income and outgoings. As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders’ criteria. Lenders who look at what you can afford, base this on the number of people and any loans or debts that you have outstanding. Some lenders offer very good deals for first time buyers, so it is always worth asking us to research the market on your behalf.
What other costs do you need to be aware of?
It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.
For example, you will have to pay stamp duty for the property which you are purchasing. The amount of stamp duty varies depending on the price of the property.
Plus you will have to pay for the survey and the valuation of the property, and solicitor’s fees.
You may also have fees to pay to the lender for your mortgage. These could be an arrangement fee and/or booking fee. Contact us to find out how much these fees may be.
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Having worked with Lisa I can't recommend her highly enough - She is very knowledgeable and will always go that extra mile for customers. She is friendly, honest and reliable. I have already recommended her to family and friends and will certainly be using her services in the future myself.
Lisa has been fantastic with all of our mortgage, insurance and legal needs....I could not recommend her enough, in-fact i have recommended her to 2 of my friends who she also been able to secure mortgages for. Thanks you Lisa
Lisa was professional , friendly and really clear in explaining the best products that suited our needs , we felt we could really trust her which was so important when making Such a big decision , I would highly recommend her to anyone looking for a mortgage