All you need to know to get on the property ladder

I have listed below top tips to prepare for buying your first home.

- Register onto Right Move and research property prices in the area that you want to live.
- Find out how much you can afford to borrow as a First Time Buyer.
- Find out what rates are available for First Time Buyers and how much the monthly payments would be.

In addition to the above steps, you will need to provide evidence of deposit and source of funds. If you are lucky enough to get help from a family member, you will be asked to provide identification and bank statements from the donor. Also, you will need to allow for stamp duty if applicable and solicitors costs.

I will give you hints and tips about getting a mortgage as a first-time buyer. We will discuss what to expect during the process. It doesn’t need to be overwhelming, applying for a mortgage can be stressful, it doesn’t need to be that way. I always recommend using an experienced mortgage broker. I will help by assessing your needs and then researching the market and finding the best mortgage offer for you.

When you have successfully put in an offer on your property and you are happy with the mortgage product, I will submit the application. I will look after the process, so you do not have to deal with all the required paperwork.

What to look for when buying your First Home.

You may be disappointed because the property you want is beyond your price range, this is normal, it is important to remember that this is your first property and is the first step to getting you on the property ladder.

Please see below some important things to consider when looking for your dream home.

- Condition does the property require major refurbishments which may be costly.
- Location, check transport links, schools, visit location as different times of day.
- Space – do you have enough space for future plans.
- Amenities – this may affect the property price.
- Construction type – Is it a standard construction, if they are priced cheaper than the average, check to see if it is a non-standard construction. For example, houses made from concrete or timber-framed properties can be difficult to get loans.

The main stages of a mortgage application

- Initial application, following our discussions, this will help me with my research to getting a mortgage that meets your needs and budget.
- Soft credit check – the lender will carry out a soft credit check, this will identify if you have any missed payments, defaults or any other credit issues.
- Decision in Principle – Estate Agents usually request this document prior to you viewing a property. This means that the lender will consider your application subject to full credit assessment.
- Mortgage Application, once your offer has been accepted, I can apply for the mortgage and will need to up to date documents to provide to the lender together with property address, Estate Agents and conveyancer details.
- The lender will assess the application by checking the income and may request a valuation or rely on a desktop valuation. I will always recommend that you instruct your own valuation for comfort, they may identify any issues with the property.
- Mortgage Offer, if everything is in order, the lender will make a formal offer, this will match the key facts illustration already provided prior to the application.
- Conveyancing, A copy of the mortgage offer will be sent to your conveyancer, they will send you their terms of business along with a mortgage questionnaire to be completed online. You will also be asked to make a payment in the region of £300 upfront to cover the cost of local searches.
- Exchange and completion, when the conveyancer has completed all of the searches and enquires satisfactory, they will discuss with all parties a preferred exchange and completion date. This is when you will be asked to pay your deposit and will be legally bound. Buildings and contents insurance should be put on place at exchange date. You will be given a completion statement, this will breakdown the costs and legal fees. 


(c) Ann Evans of Immediate Mortgage Solutions

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This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. Please note if we recommend a Product Transfer with your existing lender then no mortgage advice fee will be payable, we receive commission from the provider.

Immediate Mortgage Solutions Ltd is an appointed representative of Mortgage Advice Bureau and Mortgage Advice Bureau Limited which are authorised and regulated by the Financial Conduct Authority. Immediate Mortgage Solutions Ltd is registered in England & Wales no. 08390051. Registered office: 1623 Warwick Road, Knowle, Solihull, West Midlands, B93 9LF.

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