First Time Buyer Mortgage

We may charge a fee for our services.
Your home may be repossessed if you do not keep up repayments on your mortgage.

If you are looking to buy your first home you are probably finding the whole process of choosing the right mortgage and buying your ideal home rather daunting.

With so many factors to consider it can be difficult to know where to begin.  At First4Finances we are here to help you every step of the way, from working out how much you can borrow, to when you pick up the keys to your first home.

How to get a first time buyer mortgage

Step 1 – Work out how much you can afford

The amount of mortgage you can get depends on  your income. Most lenders will assess what level of monthly payments you can afford after taking into account various personal and living expenses, as well as other factors such as existing loans and other credit commitments.  This is called an affordability assessment. For a more detailed analysis of how much you can borrow call us on 01702 416417 or use the call back request form provided.

Step 2 – Obtain a Mortgage Agreement in Principle

Obtaining a mortgage agreement in principle means that you have your finances ready, before you find a property you wish to buy.  This will give you an accurate indication of how much you can borrow and implies you are a more serious purchaser to the vendor and estate agent.  Contact our team who will be happy to obtain this for you. Terms Apply

Step 3 – Choose your home and suitable mortgage product

This can be the hardest stage, but the most exciting.   Once the price has been agreed, we will finalise your mortgage arrangements quickly as this will show your commitment to the vendor. We will also discuss your insurance requirements at this stage to ensure these are all set up ready to protect you on completion of your mortgage.

Step 4 – Instruct a Conveyancer

You will need to instruct a Conveyancer who will act for you.  Using someone who has been recommended to you is normally a good idea.  If you need any guidance in finding a solicitor we will be pleased to help.

Step 5 – Exchange of contracts/Completion

Exchange of contracts is when you fully commit to your purchase and normally part with any deposit monies to secure the transaction.  Completion will follow shortly after and you will be handed the keys to your new home!

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