Wouldn’t it be great if there was a first time buyers guide that fully explained the house buying process in its simplest form?
Buying a property is one of the most exciting, yet daunting things we all go through, especially when it’s for the very first time. Gaining support and seeking guidance are key parts of taking your first steps onto the property ladder. Whether that’s searching for first time buyers advice, or speaking to family or a local mortgage broker.
Whether your dream property is a quaint terraced country house, an amazing centric flat, or even something with potential… Having an experienced mortgage broker you can trust, will make the process a lot more enjoyable, and a lot less stressful.
At JWD Mortgages, we take pride in being part of your first time buying experience. We have created an easy to understand 10 step First Time Buyers Guide, which aims to simplify the process of buying your first home. If you’ve made it this far, consider yourself on the right path to applying for your first time buyer mortgage!
JWD Mortgages’ First Time Buyers Guide
- Get a clear idea of how much income you earn and obtain your documents for both estate agents, solicitors and your mortgage broker.
- Provide a realistic view of your deposit. Remember, mortgage lenders have a range of solutions, both with using your own money or a gift from a family member. There are also some “family assist” options, so even when 95% mortgages are not available, we can explore your wider family.
- Have a good and open discussion with a JWD Mortgage Broker. We will discuss your goals and draw a frame-work into the plan. Understanding what type of property you wish to buy, and establishing a “max borrowing” level is really important.
- Instruct JWD to run a Decision in Principle for you, once you have analysed our research. This can be the same week or a few months later. It’s important not to feel rushed into making a decision, as buying a property is a large personal and financial commitment.
- When you find your dream property, send us a link so we can check the property through with the lender. Sometimes the property type can change the mortgage value available to you in “loan to value” terms. New build flats and unique property types for example, are capped lower with some lenders.
- Ensure your documents are sent over in the best quality possible. This will enable your mortgage broker and lender to accept and understand them first time.
- Decide the right mortgage product for you. Choose between 2, 3 and 5 year fixed rates, or other types available such as discounted variables and tracker rates. Sometimes, this can be used as a stepping stone, to achieve what you really want in a few years time.
- Once we apply for your first time buyer mortgage, we estimate a wait of 15 – 20 working days on average, to achieve a mortgage offer. Some lenders come back quicker than this and some longer. It depends on the “risk” of your case as well as the climate when you apply. For example, COVID made lenders really strict about Self-Employed cases being manually checked over.
- With a solicitor panel, contacts in wealth management, and a bespoke advice service on life cover, income protection and critical illness policies, JWD can help with more than just your mortgage application. The only legal insurance you need on freehold houses is “buildings” cover.
- Keep talking to us – as it is a nervous situation buying a property for the first time, and we are passionate to help you achieve that dream goal of property ownership. There does need to be some element of being realistic, as sometimes the amount you want or the timing of the enquiry isn’t right. We check every lender for you – but where adverse credit is involved we can look to help, but it does affect which lender is available & the cost of the mortgage payment.
If you’re a first time buyer and looking for mortgage advice, or have any questions about our first time buyers guide, please get in touch with our team today.