First Time Buyer

First Time Buyers, should be enjoying one of life’s most exciting experiences, but without careful preparation, research and the right mortgage deal, it can quite easily turn into a nightmare.

Your new home will probably be your biggest asset, and your mortgage will probably be your biggest liability, so give them both the respect they deserve, after all this is what you have been working towards.

A few months prior to looking for your new home, Your First Mortgage Company will help you start your journey by arranging an appointment with their Independent Mortgage Consultant, Carol Brown, for a feasibility study. This appointment comes at our cost, not yours as we feel it is the most crucial stage in your ‘first purchase’ process.

Feasibility Studies

As the name suggests, this will let you know how feasible your objectives are. As a First Time Buyer, there will be a lot of questions you will want to ask, or understandings clarified. A Feasibility Study will aid you in many ways, most importantly settling on a budget figure for your monthly mortgage payment, and if you feel appropriate, the cost of mortgage protection.

Ask questions and fully discuss mortgage options, including;

1. How can I repay my mortgage?
2. What is the difference between the Bank of England Base Rate and the lender’s Standard Variable rate and how can it affect a deal?
3. What types of penalties are there and what do they mean?
4. Can I overpay on my mortgage without penalty?
5. What happens if I want to move home within an initial deal period?
6. What are the options in relation to protecting my mortgage payments?

Credit Report

Lender’s criteria have tightened up considerably, especially where First Time Buyers are concerned and it is very worthwhile having a look at your credit report prior to submitting a mortgage application to ensure that there are no apparent issues which need to be rectified first. More importantly by checking your credit report regularly, you can be aware of any identify theft attempts, and should you be an unfortunate victim to this, this too can be rectified.

By preparing thoroughly prior to placing a mortgage application, you can ensure that you will result in a mortgage deal which is affordable and appropriate for you. By good preparation, it will also minimise the chance of declined applications resulting in ‘foot-prints’ being left on your credit report which can lower your score causing potential problems for the future.

The Financial Conduct Authority does not regulate some forms of mortgages.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE
Please note that there may be variations for those living in Scotland and Northern Ireland.
The overall cost for comparison is 4.6% APR

The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate that it will be £350.

Whether you’re thinking about a Residential or Commercial mortgage, whether you’re First Time Buyer, or you want to explore your options for Equity Release, Shared Ownership or Buy to Let, we can talk you through the most suitable mortgage available to you and ensure that you fully understand and how it is set up. 

Ready to talk about your financial choices?

Contact us today for your initial consultation at our expense or find out more about how we can provide you with specialist guidance and advice that covers Savings and Investments, Pensions, Mortgages and Protection as well as a range of Additional Financial Services in Newbury.