First Time Buyers Guide
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Your home may be re-possessed if you do not keep up repayments on your mortgage.
You should now be clear about what you want and it's now time to consider how to raise finance. Most first time buyers do one of three things, they go directly to their own bank or building society, who will only be able to offer them a limited selection of mortgage products. They consult a mortgage adviser who can offer them a choice from the whole market or, they turn to the Internet and leave their details on one of the many sites. This last option usually brings them into contact with a Mortgage adviser.
Arranging Finance for First Time Buyers
Last updated 15 March 2009
Complications for First Time Buyers
The foregoing sounds easy and sometimes it is. However, in todays climate, it can be a long drawn out process and is often stressful. Occasionally, it can end in terrible disappointment and can have cost you dearly. The next few pages cover the topics that are likely to affect you but you should read through the general mortgage section of this Website as much of this is covered there. The next few pages introduce the following:
Step 5
The Process for First Time Buyers
Assuming you use a whole of market Mortgage adviser, he or she will provide you with the terms under which they will deal with you. They will also explain how they are regulated and tell you about your rights. Once that is out of the way, they will do what is called a "Fact Find". This is a process that will identify all of the things about you that might influence the type of Mortgage that, as first time buyers, is best suited to you. It is vital that you ensure that your adviser has a full picture of your circumstances as this will determine if you will obtain a loan.
Having completed the Fact Find, your Mortgage adviser will discuss the various options that are available to you and recommend what is considered to be most appropriate. Once you have agreed a product, your Mortgage adviser will need to make an application to the chosen lender who will check your details, carry out a credit search on you and may ask for certain information from you to prove your circumstances.
Once everything checks out and the lender is satisfied with your application, they will issue you with an offer of a mortgage. Although this is never absolutely binding, it is the first point in the process where you can be sure of the amount you can borrow. This is the stage where your Solicitor can begin finalising the arrangements to buy the property. When that has been done, your solicitor can draw down the funds and complete the sale.
Having completed the Fact Find, your Mortgage adviser will discuss the various options that are available to you and recommend what is considered to be most appropriate. Once you have agreed a product, your Mortgage adviser will need to make an application to the chosen lender who will check your details, carry out a credit search on you and may ask for certain information from you to prove your circumstances.
Once everything checks out and the lender is satisfied with your application, they will issue you with an offer of a mortgage. Although this is never absolutely binding, it is the first point in the process where you can be sure of the amount you can borrow. This is the stage where your Solicitor can begin finalising the arrangements to buy the property. When that has been done, your solicitor can draw down the funds and complete the sale.
Next Page
Typical fees charged by mortgage adviser, lenders and other professionals.
The role of the survey.
Government Stamp Duty.
The role of the survey.
Government Stamp Duty.
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