The prospect of buying your first home can be both daunting and confusing. Our aim is to guide you through the process from start to finish so that you understand exactly what the purchase entails and how much it will cost.
The mortgage market changes all the time, not just in terms of mortgage deals and regulation, but also how lenders assess loan applications.
Some of the changes have been in the way mortgage lenders assess the suitability of all clients for the types of loan on offer. They base this decision on a variety of factors, primarily:
- The property – type, condition, access and location
- Employment status – amount and frequency of income (and time in your current role)
- Financial commitments – current and future (and your history of managing credit)
There is now more focus on affordability and expenditure. This is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.
We pride ourselves on being up to date with regulation, legislation and the economic market.
We understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.
Getting on the ladder
There are some advantages to being a first-time buyer as first-time buyers are more appealing to sellers because they are not in a chain.
As we have access to many lenders, we are well placed to assist you. However, these days, it is a necessity to provide a substantial deposit to get a mortgage (although there are a number of 95% mortgage deals around), and you may be eligible for further assistance from the Government.
Contact us now and we'll be delighted to assist you.
