Buying your first home can be a daunting experience, preparation is extremely important and can h...
Buying your first home can be a daunting experience, preparation is extremely important and can help smooth the process from start to finish, but where do you start?
A key factor is finance, advises Aaron Lynch of Mortgage Hunters, You would be surprised how many first time buyers start a search without having even assessed their borrowing potential. It seems odd to consider a search range without an understanding of your available budget, it is also important to consider that when you do find the perfect home your position as a buyer will come under scrutiny. Having a mortgage agreement in principle will increase your appeal to prospective sellers and their agents. Arranging an agreement in principal is easier than it seems, in many cases we are able to complete one inside of 48 hours. This then gives you confidence in your budget and in the event that you end up in a competitive purchase scenario you are instantly a more attractive proposition. In many cases an agent will not even remove a property from the market until you provide an agreement in Principle, leaving you vulnerable to missing out.
In acquiring an agreement in principle you will be assessing the lending criteria of mortgagors and their compatibility with your circumstance. As this proceeds we will effectively be highlighting the most appropriate lenders and the best available products for you. In order to complete an agreement in principle we need to provide certain information to the lenders; mainly a credit check, proof of incomes and ID documents. As suggested above if these are provided promptly we can complete an agreement extremely quickly.
Our aim is to give you a total mortgage cost, in doing this we are able to select the most cost effective product, considering more than just your interest rate.
Once your offer is accepted a good mortgage broker will oversee the process through to mortgage application and offer. Many of my clients are surprised by how quickly things then proceed and it is important to understand the scope of the service that we are able to offer. We correspond directly with, agents, lawyers, surveyors and even on occasion vendors themselves. We offer a comprehensive management of the mortgage process from day one, all the way through to completion.
Why not join us for our Mortgage Workshop, here at our offices in Hitchin on the 3rd of June at 10am. Guest speaker Aaron Lynch of Mortgage Hunters will be on hand to give a specialist presentation for first time buyers.
We will also discuss the common queries below and much more;
How much could I borrow?
How much deposit will I need?
What will my monthly costs be?
What insurance products will I need?
How long does it take to arrange a mortgage?
What government schemes are available to me and how do they work?
What other moving costs are applicable?
Should you have any specific questions or if you are unable to attend the workshop then please do get in touch with us at firstname.lastname@example.org and we can arrange a no obligation, free consultation with Aaron at your convenience.
Can I afford to buy a home?
The answer to this question will always be subject to your specific scenario, but there are a number of government backed schemes to assist you with your purchase. There are many competitive products available to first time buyers with lenders offering products with only a 5% deposit required. With interest rates being historically low now may be a great time to get on the property ladder. (subject to terms and conditions)