Simple, Jargon Free Mortgage Advice for 1st Time Buyers
We often hear that getting on the property ladder for the first time can be a difficult process but this doesn’t always have to be the case.
At Mortgage Style we make it our business to make the process as easy as possible for you. Whether it is helping you to realise the costs involved and understanding the process, locating a suitable mortgage product for you or just being at the end of the phone with advice and guidance until you finally move into your first home. We’ve also put together a fantastic First Time Buyer Guide to help you get started.
So what is a mortgage?
The majority of first time buyers will rely on a mortgage when purchasing a home and will rarely be able to buy a property outright. Although often a daunting prospect, relying on a mortgage simply means that you have a loan secured against your property and in doing so you are able to borrow money to buy your home. You’ll repay your mortgage over an agreed period of time with agreed rates of payment which are dependent on your needs and circumstances. A mortgage may also be used to obtain the resources to make improvements to your current property.
The mortgage market review in April 2014 meant that lenders placed even tighter controls on lending and more focus on affordability. They will look very closely at the relationships between any outstanding debt and your current level of provable income before approving you for a loan. Even if you earn a sufficient salary any outstanding debt and/or regular comitted expenditure can weigh heavily on your application and the amount you can borrow. However, Mortgage Style can assess your expenditure and advise you on which lenders would be the most appropriate for your circumstances therefore still allowing you to borrow the amount you need and securing the most competitive rates possible.
“Buying a house is a stressful business – and the right mortgage advice made everything run so much more smoothly for us.”
When should you contact a Mortgage Broker?
When buying your first home there’s a desire to start looking at properties immediately. In fact the best place to start is to contact us to find out if you can get a mortgage and how much you can borrow. There is nothing worse than falling in love with a property only to find you cannot get a mortgage.
We can review all of your finances with you and help you determine the amount you can borrow and even get you a mortgage agreed in principle, putting you in a much better position when you start to look for a property.
Estate agents will often ask you to provide an ‘agreement in principle’, this where a mortgage lender will assess your circumstances and carry out a credit check to confirm if they could lend to you. We can organise this for you to put you ahead of other potential purchasers.
More Help and Information
If you are a first time buyer and need some help and guidance on the process or how much you can borrow then give our team a call on 0117 070 818. In addition, don’t forget to take a look at our First Time Buyer Guides to give you a helping hand.