As a first time buyer you probably don’t know an awful lot about mortgages, or the confusing terminology that goes along with them… This is perfectly fine, we don’t expect you to call us armed with all the right knowledge as otherwise, you probably wouldn’t need our help to begin with.
Buying a property is a huge decision and often the biggest investment you’ll ever make, so as a first time buyer this can be a daunting prospect, but no doubt one you’re very excited about.
There are a lot of things to consider, and while this is by no means an exhaustive list, some of these points might be;
What is a realistic monthly budget for a mortgage payment, also factoring in other costs to consider such as council tax, gas/water/electric, tv package, insurances, travel costs etc?
What sort of mortgage product is right for you – do you need the facility to overpay a certain amount, do you want to make sure your payments won’t fluctuate, how often do you want to be able to review your options…
How many years should the total mortgage term be over? There is no such thing as a ‘standard’ mortgage term, this should be structured around your individual requirements…
Will a standard mortgage valuation be sufficient, or will you want a more in-depth property report/survey and have you considered the options?
What are the total fees to expect which will be payable on top of your deposit? As an absolute minimum you should be expecting to cover solicitor’s fees, potential stamp duty, a valuation/survey fee and any mortgage related setup costs – and then you may wish to consider further services such as will writing, etc…
What percentage deposit do you have, and if you’re close to being in the next ‘bracket’ where interest rates would improve, is it worth saving that little bit extra – and what difference would this make to your payments?
These are just a handful of the things you’ll need to think about, so if you’re in any doubt at all, seeking advice is a no brainer… Not only will we ensure you get the right mortgage, but we'll help explain and guide you through the entire process, assisting at every stage.
Send us a message and we'll call you to discuss your requirements and explain the next steps.
We will always cover the cost of an initial consultation, so feel free to get in touch!