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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?
When a first time buyer applies for a mortgage, a lender will assess the affordability by looking at their annual salary and other incomes received, to see whether they are in a good position to be able to pay for the recurring monthly payments. The lender will also do a historic credit check to see if the applicant is a reliable borrower. Mortgage providers will usually have a maximum loan-to-value that they’re prepared to offer, so the background checks will be used to decide how much can be borrowed.
When should you apply for a first time mortgage?
Before you start viewing properties, it would be beneficial to get a mortgage agreement in principle for a lender. This will provide you with an idea of how much you can borrow, and it would demonstrate to estate agents how serious you are about buying your first property.
There’s a chance that a lender will carry out a hard credit check – which will appear on your credit file – and a soft search – which won’t affect your credit score. The offer should last between 30 and 180 days, so it’s important to keep in mind that this will only be an estimate and isn’t a guaranteed offer on a mortgage.
You can apply for a first time mortgage if:
- You are a UK resident or have full right to live in the UK
- You are buying a UK property
- You are at least 18 years old
Dan The Mortgage Man is on hand to provide help and support throughout the process, helping to source different types of schemes and policies to help find the one that is best suited to you; whether it be a variable rate or fixed rate mortgage.
Why use a mortgage broker in Chester?
The biggest advantage of using a Chester independent mortgage advisor is the ability to access a whole market of mortgage products. Our qualified Chester mortgage advisors are on hand to help make sure you are looking at a realistic price range and to find out the finer details, such as the recurring monthly payments.
We are the experts of finding and arranging the right mortgage deals for clients across Chester. We work hard to search hundreds of mortgage options and to find the right one for you. Our friendly and professionally CeMAP qualified mortgage advisers will be on hand to help guide you in the right direction, and to help make the process less stressful so that you can focus on the big move ahead!
We will be your guide to finding the best mortgage deal available in Chester, so get in touch with Dan The Mortgage Man today to find out more.
How Dan The Mortgage Man can help
Dan The Mortgage Man is highly experienced at finding and arranging the right mortgage deal for clients across Chester, Cheshire and the rest of the UK.
We search thousands of mortgages to find the right one for you. Our CeMAP qualified mortgage advisers are on hand to provide advice and guide you in the right direction. We’re all here to make the first time buyer mortgage process less stressful for you, so you can focus on the move ahead!
For more first-time buyer mortgage advice in Chester, please call us on 07837 820 894 or email info@DanTheMortgageMan.co.uk.