First time buyer

looking for propertiesPurchasing your first home is one of the most exciting times of your life, but the whole process, from finding your dream home to selecting the best mortgage and overseeing conveyancing, can be daunting and confusing –especially if you have little prior experience. However, by following some simple steps and with our help you can remain focused and informed, able to concentrate on that special day when you move into your new home.

Explore your mortgage options

Use a mortgage broker instead of going to your bank as normally the banks take a considerable amount of time for an appointment to be arranged, do not have access to the best deals on the market and have poor customer service. An appointment with an independent mortgage specialist will enable you to assess the entire range of loans available, so you can select the one that best suits your personal needs and financial situation. Even if you haven’t found your dream home, you can have a mortgage agreed in principle, which will also make you an attractive buyer to homeowners.

Decide how much you can borrow

Strict rules now mean that mortgage companies must use affordability criteria to decide how much they can lend and you may find that different lenders will offer different amounts. In general, the more cost-effective deals are available for those applicants who can input more in the way of a deposit, so saving as much as you can before applying, as well as cutting back on your day-to-day expenditure, will help you to achieve the maximum loan possible. Give us a call on 02084324566 and we will be more than happy to discuss this.

The costs you will have to pay

As well as your deposit, you’ll need to pay some other costs so it is well-worth estimating what these will be, so you can budget accordingly.

The main costs are:

• Arrangement fees on some mortgages – we will inform you if there is an arrangement fee or if there is no fee.

• Stamp duty, payable on property purchases in excess of £125,000.

• Survey and valuation fees on your chosen property. We can also offer a free valuaton on many deals.

• Solicitor’s fees, for carrying our searches and overseeing the legal exchange of contracts. These can be free also.

By being in the know for each of the stages of the process of buying your first home and letting Rated Financial assist you along the way, you can relax in the knowledge that completion day – and your chance to move in – is becoming more of a reality every day.