Here at B Mortgages, we’d feel privileged to be able to help you on a journey as special as buying your first home. With several decades of experience between them, our mortgage advisers are the perfect choice to help get you onto the ladder.
Passionate, dedicated and friendly, they’ll ensure your first purchase goes as smoothly as possible; from finding The One, all the way to collecting the keys.
While a deposit is important, it’s not the only cost you’ll have to bear when you buy a home. Your mortgage adviser will be able to explain all the different fees to be aware of, such as legal and conveyancing costs.
We exist to find you a brilliant deal on your first-ever mortgage. We have a broad range of experience working with all types of lenders. Take away the stress of trawling through comparison sites and leave the searching to us.
Buying a property can be daunting at any time in your life, not least the first time. Our mortgage experts can help you navigate every stage of the home-buying process, so there’s no need to worry that you haven’t done it before.
As a first-time buyer, you might not be aware of the property purchasing process. Don’t worry! We’ve broken down the main steps for you below:
They’ll ensure the smooth running of the process for you. They will inform you of how much you can borrow, make mortgage recommendations and be able to secure your Mortgage In Principle (MIP). Your MIP is an agreement from your lender to grant you a specific amount specified provided the information you have given is correct.
Once you know the amount you can borrow, you can start looking for your new home. It’s worth drawing up a list of requirements that you have and speaking to different agents to find out what properties they have that match your needs. You may have to compromise on one or two things, or you may find something that suits your budget perfectly.
You think you’ve found The One; now it’s time to make an offer. Having your MIP means you know the maximum amount you can put forward. When your offer has been accepted, you can then proceed with the application.
Your mortgage adviser will work with you to complete your mortgage application. The lender will also arrange for a valuation of the property.
It is then the role of the solicitors and conveyancers to draw the contracts up for purchasing. They will also check the title deeds for any clauses that you need to be aware of and perform searches on things like planning permission applications in the local area that may have an effect on your property.
At this point your solicitor and your seller’s solicitor exchange contracts and agree a date for the sale to be completed. You normally transfer your deposit across at this point.
On the agreed date, provided all goes smoothly, you complete, meaning the final amount is transferred over and the keys are released to you.
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A mortgage is a loan taken out for a number of years, the length of time being called a ‘term’. Mortgage terms can be anywhere between 5 and 40 years.
A deposit of at least 5% of the property value is usually required when taking out a mortgage. Typically speaking, the higher your deposit, the lower your monthly repayments will be.
The lender providing you the mortgage will secure your loan against the property. This means your home can be repossessed if you do not keep up with repayments.
There are many different types of mortgages: fixed rate, standard variable rate, interest-only and repayment mortgage are a few of the terms you might hear. A broker will usually be able to advise on the best type of mortgage for your circumstances.
Interest rates will normally be fixed at an introductory rate when you first take out your mortgage. After this period has passed you may be put onto your lender’s higher standard variable rate. You then might want to consider remortgaging to take advantage of lower introductory offers from new lenders or switch to a new product with your existing lender.
Yes, your credit score will be checked if you’re applying for a mortgage. If you don’t know your credit score you can check it online on a free site before applying. If your score is fair or low, talk to your mortgage adviser about how you can improve your rating.
Your home may be repossessed if you do not keep up repayments on your mortgage.
