First-Time Buyer Mortgages

What things do I need to consider to be in the best position to get onto the property ladder?

Here are the 5 key things that we would consider being key to obtaining your first mortgage:

1. Save as hard as you can to build as big a deposit as you can, and discuss if your family will be helping you with the deposit
2. Get your finances in order – if you have any debt like credit cards, loans or overdrafts aim to pay these down as much as possible, consider what you are purchasing and how this can be viewed by an underwriter reviewing your bank statements e.g. online gambling
3. If you are still living at home, consider how you spend or save your money. Too often we come across people looking to purchase their first home and everything looks great only to then find out that they have a car on finance and are paying £400/month for this. Not an issue when you are living at home, but a big impact on the amount you can borrow when trying to buy a house.
4. Review your credit file – make sure that there is nothing there that shouldn’t be, ensure that your addresses are all correct etc.
5. Speak to a good local mortgage broker before looking at properties as they will help you understand what you can afford, help manage your expectations, and obtain a Decision In Principle for you to start actively pursuing properties.

Why should a mortgage broker be your first point of call prior to looking at properties?

A good mortgage broker will be able to first assess your current financial position and confirm how well placed you are to obtain a mortgage and also what you can afford.

They will also be able to confirm what lenders there are in the market who are able to help, and they will also be able to confidently talk you through the entire buying process from viewing properties all the way through to completion.

They will also be able to advise on other potential costs and who else you should be engaging with to purchase your first property, and they will be able to cover off all the other important areas of consideration like suitable and relevant insurances.