Your first mortgage

Applying for your first mortgage can be a daunting thought.

How much can I borrow? How much deposit do I need? When do I need to apply?

Sound familiar? Having helped hundreds of first-time buyers purchase their first home, let us help you take your first step onto the property ladder. 

Firstly we’ll confirm what you can borrow to ensure you can afford the type of property you’re hoping for. From there we’ll guide you through the application process until the day you get the keys to your first home!

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Please fill in your details below and a member of the team will aim to call you within 24hrs to discuss your specific needs.

The steps you'll take to becoming a home owner...

We’re with you every step of the way.

  • Affordability
  • Agreement in Principle
  • Mortgage Application
  • Mortgage Offer
  • Exchange & Completion
  • Calculate what you can afford

    We’ll assess your income and outgoings to provide you with a maximum borrowing amount after a short phone call. We may require you to send some basic documents, such as income proof to help us. This will depend on the complexity of your situation.

    Once our initial assessment is complete we’ll provide you with your maximum borrowing amount. To accompany this you’ll also be given an idea of the costs associated with buying your first home, an estimate of the interest rate you could expect and the monthly payment.

    It’s important for you to have this information upfront to ensure there are no surprises later on. Even if you’re not looking to purchase for a while it’s a good idea to know what’s possible.

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  • Let's get your Agreement in Principle

    This is a pre-approval from a specific lender confirming that they should be able to lend you the money you need. After completing a short questionnaire, we’ll aim to get you the decision within 24 hours in most cases.

    There is usually a credit search involved to ensure your credit rating meets the minimum requirement set by the lender. With most lenders it’s a ‘soft’ search and will not impact your credit score.

    Estate agents are likely to ask for evidence of your agreement in principle prior to being able to view properties and make an offer when ready.

    These are normally valid for 1-3 months, but can be renewed if it takes you a little longer to find the perfect place.

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  • Make the mortgage application

    Once you’ve found a property and had an offer accepted, it’s time to make your application to the lender.

    In preparation for your application you will need to provide the following documents:

    – Proof of ID

    – Proof of address

    – Income proof

    – Proof of deposit

    – Bank statements

    As accuracy is crucial, we’ll thoroughly check these before we send them to the lender. Supporting the documents we will also explain to the lender your story, ensuring your mortgage is approved as fast as possible.

    Applications can take 1-6 weeks depending on the lender and your individual situation. You’ll be receiving regular updates throughout the application process.

     

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  • Your mortgage has been approved!

    A mortgage offer is a legally binding document, produced by the lender which confirms they have approved your mortgage application.

    Upon receiving your mortgage offer, it will be checked thoroughly to ensure it’s correct. Once we’re happy, the document will be shared with all parties and a call will be arranged with you to run through the offer and any queries you may have.

    Typically mortgage offers are valid for 3-9 months depending on the type of application.

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  • The exciting part!

    Once your solicitor has confirmed that all legal matters have been finalised, a date will be agreed to exchange contracts. Exchange of contracts is when the purchase of your property becomes legally binding between all parties.

    Following exchange of contracts, a completion date will be set. Once completion has happened you will pick up your keys and the property is yours!

    Your first mortgage payment will not be payable on completion, the lender will write to you once you’ve completed to confirm when the first payment is and how much is due.

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FAQ's

How much can I borrow?

There are many ways that lenders calculate your affordability and they all do it differently.

As a rule of thumb they’ll usually offer a maximum of 5x your annual income, however there are occasions when they may lend more. Any commitments or outgoings you have will need to be considered, which then could affect the maximum borrowing amount.

After our initial consultation we will be able to give you an accurate idea on how much you can borrow.

How much deposit do I need?

We work with lenders who offer mortgages with as little as 5% of the property value, however it is subject to meeting the lenders criteria as to whether you’ll be approved for a 95% mortgage or not. We do also offer Help to Buy mortgages which is useful for first time buyers with a 5% deposit.

This is something we will discuss with you in our initial consultation and provide feedback where necessary.

What is an agreement in principle and why do I need one?

Also known as a Decision in principle or a Mortgage in principle. Once we’ve established we can help you and get you to the desired mortgage amount, we will run you through the agreement in principle stage so you have that ‘bit of paper’ ready to go for your viewings.

The agreement in principle usually involves the lender doing a soft credit search on you to ensure that you pass their initial credit scoring, but they also look at affordability. This is needed by estate agents usually to prove you’re in a position to proceed.

An agreement in principle usually lasts between 1-3 months giving you plenty of time to find your desired property.

Can I add a Guarantor onto my mortgage if I cannot borrow enough?

Guarantor mortgages are more of a thing of the past, however there is a new way of doing things known as Joint Borrower, Sole Proprietor. This means that you will own the property, but the mortgage will be joint with someone else, typically a family member who earns enough to help with the affordability. They’ll be named on the mortgage, but not the deeds to the property therefore it doesn’t impact them with Stamp Duty etc.

There are a select number of lenders who offer these types of mortgages. We can find out whether you’d be eligible and if this could help you buy your first home.

What do I need to provide?

Every lender has different requirements, as a broker we will always need to verify your identity and address, as well as evidencing your income. We will clearly outline from the start what you’ll need but as everyones situation is different there may be other documents and information needed once we begin to apply for the mortgage.

When do I begin the process?

Ideally you want to begin the process before you start looking at properties. It is important to find out how much you can borrow and the deposit required so you know what price range to be targeting.

I appreciate the personable, well thought out and professional service. Clear explanation every step of the way and speedy response times to any queries we had."

4th July 2023

Find out what you can borrow today

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Mortgage Services