Buying your first house is ultimately one of the biggest life events, as this is your first step onto the property ladder. We understand all of the different emotions that will be running through your head, from excitement to the stress of the unknown, but we can guarantee that we will be there to support you through your mortgage journey.
To help with managing the organised chaos, our mortgage advisors at The Levels have created this helpful guide to keep you on track throughout every step of your first-time buyer journey. From the numbered steps and helpful tips, we ensure that you are on track to your mortgage completion and provide a helping hand every step of the way.
- First-Time Buyer Mortgages At The Levels Financial
- First Time Buyer Guide By The Levels Financial
- First-time Buyer Reviews
- Get In Touch With Our Friendly Team Today
First-Time Buyer Mortgages At The Levels Financial
A first-time buyer mortgage is ultimately for individuals who are buying a house for the very first time. A first-time buyer mortgage has many significant advantages, such as the following:
1. There is no chain where you are waiting for the seller
2. No stamp duty (a large sum that is paid for all houses, except your first house up to £300,000).
At The Levels, we understand the importance of choosing and becoming part of such a large financial commitment, so want to make sure that you receive the right deal for you and the service possible. We know that buying a house for the first time can be a complicated process, however, we aim to make this journey as straightforward and smooth-gliding as possible, because we always have your interests at heart.
This guide will inform you on how to make the most of your mortgage deal by selecting the right options for you and your current financial state, with added help available from one of our trusty mortgage advisors here.
First Time Buyer Guide By The Levels Financial
Step 1: Consider If A Mortgage Is A Right Option For You
It can be very easy to think that we can afford certain things, but in reality, we can actually oversee this and realise that there are actually a few barriers in the way of being able to afford this.
We recommend having a deep think to see if a mortgage really is appropriate for your situation and if it is, then, brilliant. Continue reading to the next step.
Step 2: Do The Maths And Work Out Your Budget!
We can’t emphasise enough how important this next step is, as the foundation which your mortgage rests upon depends on your total budget. You will need to work out your budget in order to give you a better understanding of the type of mortgage that you can afford and the houses that will be available within your budget.
If you need any additional help in working this out, please let us assist you with our expert knowledge where we can take into account your income, monthly expenses and any other debts you may have. This will help you decide how much you can comfortably borrow.
Step 3: Get A Mortgage In Principle Confirmed From A Lender
After you have worked out your budget, it’s time to get this pre-approved by your mortgage lender.
This gives you an indication of the mortgage amount and interest rate you can expect to get, but keep in mind that the mortgage in principle is exactly what it says on the tin, it is a principle and not a guarantee that you’ll get that exact mortgage, but it does give you a good indication of what you can expect.
Step 4: Consider Your Mortgage Options
Although there are fewer mortgage options for a smaller deposit, there are still many different types of mortgages that are available to first-time buyers, so it’s important to compare and contrast different options to find the right one for your personal situation. It is vital to consider many factors when contemplating a mortgage, such as:
1. The sum of the deposit
2. The length of the mortgage
3. The interest rate
4.. The fees and charges
5. Any other factors that can affect your decision.
Step 5: Shop Around For The Right Mortgage Rate
At The Levels Financial, we will help you to shop around to access the right mortgage for you in order to ensure that you’re getting the deal that suits your needs. With access to over ninety high-street lenders, we have plenty of connections so that we can compare and contrast different rates from varying lenders.
Step 6: Consider The Fees And Charges
We can’t stress enough how important planning is, with the process involving a range of fees that must be paid, when taking out a mortgage. For example, some of the fees noted below may be required from you when taking out a mortgage:
1. An application fee
2. Origination fee,
3. Closing costs
4. Other fees
Make sure you allocate a section of your budget to fees when calculating what you can afford, and if you don’t have much allowance for fees left, make sure to increase your budget if you possibly can.
We know that looking at different fee costs can be somewhat scary, but insist to not let the fees put you off. With our knowledgeable and friendly team, we can help discuss which fees you may have to pay, and how to get the most out of your mortgage deal.
Step 7: Find Your Dream Home And Make An Offer
We collectively agree that this is the best part, where you can search for and ultimately find your ideal home. But remember to stay on budget, keep an open mind and ask for help if you need it!
Create a list with your preferences and any reasonable requirements that you are looking for. By making sure that you and anyone else going to live in that home know exactly what you are looking for, you are kept on track and able to construct a visual image in your head, making your searching process one step easier!
Did you know that if you’d like us to, we can call the estate agent and make the offer on your behalf? We have built-up relationships with many estate agents and can give you the best chances possible in securing your dream house.
Step 8: Get Professional Advice
Finally, it’s critical to request professional advice when applying for your first mortgage, as help can make your journey so much easier! Remember that at The Levels Financial, we are here to help you every step of the way and have a whole team of friendly mortgage advisors available. It’s true, we can help you with anything mortgage related by comparing different mortgage options, giving you first-rate advice on the right rate for your situation, and above all, helping you apply for the mortgage to get you started. For more information, see our blog post ‘10 mortgage FAQs answered by our Yeovil mortgage brokers.’
First-time Buyer Reviews
We make sure that we put you at the heart of everything we do, and consequently aim to provide you with high-quality service every time. Read some of our excellent five-star reviews below, from a series of previous first-time buyers which we have helped out during their mortgage journey.
Gemma Derrick: “Worked with both Connor and Luke to purchase our 1st home! Without both of them (and their team) we would not have been able to do it. Both were friendly, knowledgeable and always willing to answer any questions we had and help us every step of the way. We look forward to seeing you both in a few years’ time.
Emily Newbery: “Edd was very professional and personable. Nothing was ever too much, he is always an email or call away. As a first-time buyer who doesn’t really know what they’re doing, Edd took time to explain everything and regularly checked in.
Dannii Warren: “This is the second time we have used Luke Roff in relation to our mortgage and we wouldn’t go anywhere else. Luke guided us from start to finish as first-time buyers & has excelled again this time around when we came to the end of our fixed term, finding the best solution to suit us. Super grateful & would highly recommend. Thanks again Luke
Get In Touch With Our Friendly Team Today
Here at The Levels Financial, we are here to help by providing professional advice and answers to all of your first-time buyer mortgage questions. Make your house a home with The Levels Financial and call us on 01458 772040 or email us at admin@thelevelsfinancial.co.uk if you would like us to assist you with your first-time buyer mortgage questions.
Important information: If you do not keep up with your mortgage repayments your home may be repossessed.
A fee may be included for mortgage advice. The actual mortgage amount you pay will differ depending on your circumstances. Fees can be up to 1%, but typically a fee is 0.3% of the borrowed amount.
