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Buying your first home is an exciting (yet often daunting!) time in your life that you are unlikely to ever forget. You will only ever be a first-time buyer once in your life, so the decisions that you make now will build the foundations for your medium and long-term future.
Being a first time buyer can be a daunting process, so Dan The Mortgage Man aims to take away the stress of this process to allow you to enjoy this special milestone in your life.
How do first-time buyers get a mortgage?
Taking your first step onto the property ladder and buying your first home is an exciting part of your life that you are unlikely to ever forget. The decisions you make as a first time buyer will build the foundations for your medium and long-term future, so it’s important to get everything right first time.
Dan The Mortgage Man is here to eliminate any stress or worry of the process, allowing you to enjoy this special milestone in your life.
How do first-time buyers get a mortgage?
If you’re considering buying your first home, you’ll probably need a mortgage – otherwise known as a loan that uses a property as security for the lender. There will be different rates and types of mortgages available, but all mortgages will have a few things in common:
- You’re charged interest on the money that you borrow
- The higher the mortgage rate, the more money you pay in interest
- The quicker you pay off your mortgage, the less interest you pay
When a first time buyer applies for a mortgage, a lender will assess their affordability by looking at their annual salary and other incomes received, to see whether they are in a financially stable position to be able to pay for the recurring monthly payments. The lender will also have to carry out a historic credit check to see if the applicant is a reliable borrower.
How Dan The Mortgage Man can help
As a confident mortgage expert, I will be able to find and arrange the right mortgage deal for my clients across the country. I will search through hundreds of mortgages to find the right one for you, and my team of friendly CeMAP qualified mortgage advisers will help to guide you in the right direction with advice and recommendations. Above all, we’re here to make the process less stressful for you so you can focus on the moving-in element.
For more first time buyer advice, please contact me and I will be in touch shortly to discuss the process.
When should you apply for a first time mortgage?
Before you start viewing properties, it would be a good idea to get a mortgage agreement in place for a lender. Having a mortgage agreement will provide you with an idea on how much you can borrow, and would demonstrate to estate agents how serious you are about joining the property ladder and buying your first property.
Lenders may carry out a hard credit check on you (which will appear on your credit file) and a soft search (which won’t affect your credit score). The mortgage agreement will last between 30 and 180 days, so it’s important to keep in mind that the offer will be just an estimate and isn’t a guaranteed offer on a mortgage.
You can apply for a first time mortgage if:
- You are buying a UK property
- You are a UK resident or have full rights to live in the UK
- You are at least 18 years old
Dan The Mortgage Man is on hand to provide help and support throughout the entire process, helping to source a number of schemes and policies and filtering through them to find the one that’s best suited to your needs – such as a variable rate or fixed rate mortgage.
Why use a mortgage broker in Birkenhead?
As a financial adviser who specialises in offering advice on mortgages, I have a duty of care towards each of my clients to present the best mortgages to you and I will be able to justify my reasoning for doing so.
Mortgage advice from a reputable broker such as Dan The Mortgage Man is an invaluable service, as I am qualified to provide help and guidance; I know the industry very well and the value of advice I can provide is far more than any bank could provide.
I will be able to access a whole market of mortgage products and will show you realistic price ranges and talk you through the finer details, such as recurring monthly payments. My team of professional CeMAP qualified mortgage advisers will be on hand to guide you in the right direction and help you to find the best mortgage deal available in Birkenhead.