This guide has been specifically created to help first time buyers and tells you everything you need to get the right mortgage to purchase your first home. When buying a property, the process can appear overwhelming at first. Each section of this comprehensive guide focuses on a key area of the loan application process, enabling you to look at whether a mortgage is the most suitable option for you currently based on your current circumstances.
Also included are a range of expert tips that can help increase the chances of a lender accepting your application, whilst ensuring you get the best mortgage deal possible.
The UK mortgage market is becoming increasingly competitive with prospective buyers facing three key challenges:
- You need to ensure your current situation is deemed attractive to lenders;
- You need to make sure you are eligible to apply for a particular mortgage product;
- You need to find a mortgage product that is affordable both today, and on an ongoing basis.
“First time buyers are those individuals who do not own a property currently, never have in the past and are looking to purchase their first home.”
Whether you currently have a large or small deposit relative to the current purchase price, either a good or poor credit history and are unsure about the whole home buying process, this guide will help you grasp the key information you need, explore the options available to you and highlight ways to improve the choices available to you.
Introduction to mortgages
Making the decision to get a mortgage is one of the largest financial commitments you are likely to ever undertake and is often the largest loan to ever be taken out in one’s lifetime. The process is often confusing and overwhelming at first, however this does not need to be the case.
There is a lot of help available such as online resources including this guide along with if you opt to use a mortgage broker, who will be able to discuss and help you along every step of the way. Differences in credit scores and affordability criteria among other factors often differ between lenders. A competent broker will be able to focus exactly on available options without you needing to search yourself which can save you both a considerable amount of time, and potentially money which could be used to reduce your monthly payments going forward.
The motivation for creating this guide stems from our commitment as a company to enhance financial education and help make you aware of the basics of obtaining a mortgage. This means that although you may not fully understand everything there is to know about mortgage loans, you will at the very least have a strong foundation of knowledge to drawn upon when ready to formally start on your property journey.
Alongside this, it will also allow you to ask the right questions when meeting a mortgage broker both enhancing your knowledge and not relying on what your broker says on face value.
What is a mortgage?