FIRST TIME BUYERS
WHEN YOU’RE GETTING A FOOT ON THE PROPERTY LADDER, IT HELPS TO HAVE AN EXPERIENCED FIRST-TIME BUYER MORTGAGE SPECIALIST BY YOUR SIDE
Buying your first home can be a very exciting albeit daunting experience and likely to involve some of the most important financial decisions you will ever make, which is why it is important to get the right advice at the very start. There are many different mortgage products to choose from so it is important to get the solution that best meets your needs.
Stratford Mortgage Solutions specialise in finding the most suitable first-time buyer mortgage product for your individual circumstances.
From the moment you contact us right through to accepting the keys of your first home, we will help and guide you through the first time buying process. Cutting through the jargon, we make you feel at ease and keep you in control, ever step of the way.
Of course, we are on hand after you have moved into your first home to answer any questions and review your circumstances regularly.
We guide you through the full process of buying your first home with care and understanding.
TOP TIPS FOR FIRST TIME BUYERS
How much can I borrow?
It is important to be realistic when working out how much you can spend on your new home. A budget planner will help to ensure your mortgage is affordable.
How much deposit will I need to put down?
When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV). For example if you are looking to buy a property valued at £100,000 and have a £5,000 deposit you will be looking to borrow 95% of the property value. Typically the more deposit you have to put down the better the mortgage rates will be.
Have you considered any extra costs?
Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. These should be considered alongside the purchase price, and fees such as conveyancing and stamp duty.
Know what to look for when viewing properties.
Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on.
Household Budgets.
If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
Council Tax Charges.
Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
Remember a mortgage is a long term commitment and there are lots of different products available, so it is important you get the right solution for you.
Your property may be repossessed if you do not keep up repayments on your mortgage.
The initial consultation and sourcing of a mortgage is free. A Broker fee may be payable upon mortgage application. The total fee payable will depend on your circumstances, complexity of the application and loan amount, and this will be confirmed to you prior to any application.
Stratford Mortgage Solutions is a trading name of Robin Stratford who are an Appointed Representative of Primis Mortgage Network, a trading name of Advance Mortgage Funding Limited. Advance Mortgage Funding Limited is authorised and regulated by the Financial Conduct Authority. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Trading address - 8 Thorncombe Close, Bournemouth, Dorset, BH9 3QL