First Time Buyer

Before embarking on your first time buyer journey, it’s crucial to assess your finances. Determine your budget by considering your savings, income, and existing financial commitments.

You may want to seek the assistance of an expert mortgage advisor who can help you understand how much you can borrow and the associated costs. A good mortgage advisor can provide personalised mortgage planning advice and support to help you achieve your financial and property goals.

The Mortgage Pride recommend speaking to a mortgage broker who specialises in helping first time buyers at the earliest opportunity to avoid unnecessary stress and upset.

Educate yourself about the different types of mortgages available in the UK for a first time buyer. Fixed-rate mortgages, variable-rate mortgages, and Shared Ownership schemes are just a few options to explore. Research mortgage lenders, compare rates, and consider seeking professional advice to find the best mortgage deal for your circumstances.

Remember, not all mortgage lenders are the same so it is important to ensure you understand which mortgage lender is most suitable for your personal circumstances especially if you perhaps have complex income, are self-employed or have adverse credit.

Getting in touch with a whole of market mortgage broker like The Mortgage Pride can really help you to understand what your best options are. 

The UK government offers various schemes to support first-time buyers. Some popular schemes include Shared Ownership and the First Homes initiative. Research these schemes to determine if you meet the eligibility criteria and understand how they can assist you in purchasing your first home.

As a first time buyer, you should familiarise yourself with the property market by researching different locations, property types, and prices. Consider factors like proximity to amenities, transport links, schools, and potential for future growth. Online property portals, local estate agents, and attending property viewings can provide valuable insights into the market.

Once you have found the right property for you, you will need to submit an offer to the seller, usually via the estate agent that are marketing the property. The Mortgage Pride can support you in this important part of the homebuying process. It is important to be mortgage ready when you offer on a property to show the seller and estate agent your offer is valid. It is likely they will ask for a copy of your mortgage decision in principle and proof of deposit to substantiate your offer.

Your offer has been accepted so it is now important to submit your full mortgage application and supporting key documents such as proof of your income and bank statements to your chosen mortgage lender.

When your chosen mortgage lender receives your full mortgage application, your application and supporting documents will be assessed by a mortgage underwriter to make sure you meet their lending criteria and affordability. They will also instruct a mortgage valuation on the property you intend to buy.

Once the mortgage lender is confident your application is affordable and your circumstances meet their criteria and the property you are purchasing is suitable security to lend on, they will approve your mortgage and issue your mortgage offer.

One of the benefits of using an experienced mortgage broker like The Mortgage Pride is that they will have confirmed the mortgage lender is the most suitable one for your circumstances and needs prior to submitting the full mortgage application on your behalf.

Protecting you against the unexpected

Your mortgage has been offered and your purchase is progressing. Now is the time to start researching your options for suitable insurances such as life insurance, critical illness cover, income protection and home insurance.

These policies are designed to provide you with financial protection in the event the unexpected happens so you have peace of mind you and your loved ones can stay in your new home long term. You can read more about the different insurances you may want to consider here.

The Mortgage Pride don’t just offer mortgage advice, they are insurance experts too and are able to help you make sense of the different insurances you may want to consider. They can also arrange suitable life insurance, criticial illness cover, income protection and home insurance for you by matching you to the most suitable insurance providers for your circumstances.

During the conveyancing process, your solicitor will conduct various checks, such as local authority searches, land registry searches, and environmental searches. They will also liaise with the seller’s solicitor to address any queries or concerns (known as enquiries).

Stay in regular contact with your solicitor to keep track of the progress and action any requests as soon as possible to avoid unneccessary delays to the purchase process.