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Professional mortgage & protection advice for clients across the UK

First Time Buyers

It can be daunting when you make the decision to purchase your first home.  The many different options with a mortgage can be overwhelming at times, but here at advisors4me we can help take the stress away by providing step by step advice from our first contact with you, until you collect your keys. Explaining everything along the way in plain English.

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First steps before applying?

 

Before even searching for your ideal property, and well before you find one and fall in love with it, you need to assess your own financial situation. Here at advisors4me we can assess your current financial situation thoroughly and even apply for a mortgage in principle. This would help when placing offers on properties as the estate agent may require evidence that you would be accepted by a lender in principle for a mortgage before an offer is to put to the vendor. We will explain all of your options and provide you with advice on the most suitable course of action for your circumstances. 

 

How much deposit do you need?

 

The greater deposit you have the better the mortgage interest rate and mortgage deals will become available to you. Currently there are lenders that will consider lending to first time buyers with only a 5% deposit.

 

Government schemes have made it easier for first time buyers to get on the property ladder. Options include: Shared Ownership and Mortgage Guarantee Scheme. 

 

advisors4me can provide assistance with all of the above.

 

Other costs to be expected

 

You will know that you will need to part with a deposit and monthly mortgage repayments, however here are some other costs you may not be expecting:

 

  • Mortgage arrangement & valuation fees - an arrangement fee is what you pay for the lender to set-up your mortgage. The cost of this can vary and is sometimes a percentage of the loan rather than a flat fee. Valuation fees can sometimes come free with a mortgage but a survey needs to be carried out on the property, regardless, to ensure it's adequate security for the loan amount.  

 

  • Stamp Duty - an unavoidable lump-sum tax which applies to anyone buying a property. The rate will vary, depending on the price and type of your property.  It could even be exempt. 

 

  • Solicitor’s Fees - to cover any legal work carried out when buying a home.

 

  • Removal Costs.

 

  • Furnishing & Decorating – you will want to make your new home your own.  Set aside a budget for any issues you may uncover whilst decorating your new home. 

 

  • Building Insurance – this is a compulsory insurance policy that your lenders will insist upon.  It will cover damage to the structure of your home along with fixtures and fittings, such as bathroom furniture and kitchen fittings. Advisors4me Financial Services can help you with this and provide quotations, along with quotations for protecting your contents.

 

  • Personal Protection – we will discuss the options of life insurance, critical illness cover and income protection with you to ensure that should the worst happen you and your family are able to keep your home.

 

Other options available

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A guarantor mortgage could be considered should you be struggling to obtain a mortgage. This mortgage allows the opportunity for a close relative to agree to be responsible for the debt if you are unable. Not all lenders offer this option, however advisors4me have links with lenders who can help.

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