Securing a mortgage offer is a critical milestone on your journey to buying a home. If you’re searching for how to get a mortgage offer,
Securing a mortgage offer is a critical milestone on your journey to buying a home. If you’re searching for how to get a mortgage offer,
With UKMC’s support, digital tools, and access to a wide range of first-time buyer mortgage deals, our expert advisors can help you to take this big step with confidence.
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As specialist mortgage advisors for first-time buyers, we always recommend booking a free 20-minute call with a member of the UKMC team to explore your deposit options and available schemes.
We’ll secure an Agreement in Principle (AIP) to show sellers you’re a serious buyer and once your offer has been accepted, we’ll apply for a formal mortgage offer from your lender.
Once you and your solicitor have conducted the necessary property survey and legal searches, and exchanged contracts, we’ll help you finalise the purchase.
Whether you’re worried about borrowing enough money or have had to reduce your deposit, we can help you overcome these issues with our expert first-time mortgage advice, getting you closer to your dream of home ownership.
We specialise in making the mortgage process simple and straightforward. We’ll help you to understand and navigate through the entire home-buying process with ease, leaving you to focus on the most important things – like new flooring, comfy couches, and where to put the TV.
We search the whole of market, comparing 1000s of mortgage rates for you. Whether you’re worried about your affordability following a drop in income or you’ve had to reduce the size of your deposit, we’ll review your eligibility across hundreds of lenders and find the most suitable deal for you!
You’ll be assigned a dedicated mortgage advisor and case manager from your first call with UKMC, providing you with a single point of contact throughout your home-buying journey.
Your personal first-time buyer mortgage advisor will liaise with your chosen lender, surveyor, and solicitor on your behalf, helping to minimise stress and save time.
With our easy access online portal, you’ll be able to seamlessly access and download comprehensive reports on your property with just a few clicks.
Reports include:
You can also access a handy home buying check list!
Life happens, and let’s face it, when you work a 9-5 job, it’s often impossible to make appointments during standard business hours.
That’s why we offer late-night appointments 5 days a week. We are committed to accommodating your schedule, ensuring you receive the support you need at a time that works best for you.
Obtaining a mortgage for first-time buyers starts with determining your affordability. Salary, extra income, pre- and post-tax deductions (such as share save schemes, season tickets, or loans) should all be taken into consideration to accurately estimate your borrowing capacity. Following a credit check and deposit information, we'll know the value of properties you can potentially purchase.
Deciding on a mortgage product involves considering interest rates, your deposit, the mortgage term, and any associated fees.
It's crucial that you seek tailored first home buyer advice from a specialist broker to ensure you can afford the mortgage repayments, while maintaining your standard of living.
To strengthen your negotiating position when purchasing a property, consider applying for an Agreement in Principle (AIP), also known as a Decision in Principle, from a lender. This indicates how much a lender is willing to offer after a credit check and affordability assessment.
Some estate agents may also ask request that you have an AIP before showing you properties or allowing you to make an offer.
The search for your new home often begins online on property websites like Rightmove and Zoopla that allow you to filter properties based on location, size, and other factors. After finding a property you’re interested in, speak to the estate agent and arrange a viewing, bearing in mind your criteria as you look around and ask questions.
Once you've found your ideal first home and had your offer accepted, you'll need to appoint a solicitor to carry out conveyancing services. They’ll explain the costs involved with this process and conduct the necessary property searches, helping you to make a more informed decision about your purchase.
With an accepted offer and solicitor lined up, your dedicated mortgage advisor will liaise with your chosen lender to arrange the formal mortgage application. At this stage, we may ask for some additional documents, such as payslips and bank statements, keeping you up to date every step of the way.
Once your lender has received your application and assessed the relevant documents, a survey will be booked. This survey is used to ensure the property is worth the value of the loan. Following the results of this survey, the lender can begin to underwrite the case and produce your formal mortgage offer.
Now the mortgage has been formally approved by your chosen lender, a copy will be sent to your advisor and solicitor, so that they can begin the legal work associated with the property. At UKMC, we stay in contact with you and your solicitor to make sure you have a smooth transition into your first home!
After the solicitor has completed their work and you’ve exchanged contracts with the vendor, you'll set a completion date. The completion date is the day you get your keys and can move into your new home. The next time you hear from us will be when it's time for your first remortgage.
Designed to give first-time buyers the opportunity to buy their first home at 30-50% discount, the First Home Scheme can significantly increase your affordability for new-build properties.
The Mortgage Guarantee Scheme is designed to support first-time buyers by making home ownership more accessible, enabling them to secure a property with a 5% deposit rather than larger savings.
Shared Ownership involves purchasing a share of a home while paying rent on the remaining portion. Over time, you have the option to increase your share, eventually owning up to 100% of the property’s value.
There are so many options when it comes to boosting your affordability. Book a free call with a member of our expert team and let’s make you a homeowner.
You’ll only be eligible for a first-time buyer mortgage if you (and anyone you’re applying with) have not previously owned a property before. You must also meet additional lender criteria, such as being at least 18 years old.
If you wish to apply for a joint mortgage and qualify for the stamp duty relief, both applicants must be first-time buyers.
To be eligible for any first-time buyer schemes, it is essential that all individuals mentioned on the mortgage are first-time buyers.
Typically, you can borrow between 4 to 4.5 times your salary for a mortgage as a first-time buyer.
If you’re buying with someone else, like a partner or family member, this will be based on your combined salary. However, there are many first-time buyer schemes and help which can boost your affordability.
Try out our mortgage calculator for a clearer idea of how much you can borrow as a first-time buyer.
Securing a mortgage as a first-time buyer depends on your personal circumstances! You’ll need to demonstrate to lenders that you’ll be able to afford the monthly payments, and they’ll also want to see how you’ve managed debts in the past.
To do this, they’ll get a copy of your credit report, so it’s worth requesting a copy yourself before applying to learn more about your score. Our expert mortgage advisors for first-time buyers can help you understand what the lenders are looking for and suggest ways to improve it.
A typical mortgage term is usually around 25 years. However, lenders can offer you a mortgage much longer than this depending on your age and personal circumstances.
If you choose a longer the mortgage term, your monthly repayments will be lower, as it will take longer to pay off. However, you’ll end up paying more in lender interest over a longer period of time.
If you choose a shorter mortgage term, the monthly repayments will be higher, but you will clear your mortgage quicker and pay less interest to the lender.
When choosing how long you want your mortgage to be, think carefully about your monthly budget – you’ll be committed to paying this every single month until you remortgage.
Most lenders will ask for 5-10% of your purchase price as a deposit. For example, if you were to buy a home for £225,000, you’d need £11,250-£22,500 deposit for that home.
However, there are products called 100% mortgages, which means you do not need a deposit as a first-time buyer. This is aimed at helping renters over the age of 21 get onto the property ladder.
They generally come with no fees and are subject to affordability and credit checks, as well as evidence of 12 months of good track of rental history.
Lenders will want to verify the information on your application before they can issue a binding mortgage offer. To ensure a stress-free first home-buying process, it makes sense to get everything you need to hand prior to applying.
Your lender may want to see any or all of:
There’s plenty to consider when purchasing your first home. Fortunately, we’ve put together a comprehensive guide to getting your first mortgage which breaks down this process into easy-to-understand information.
First-time buyers aren’t required to pay stamp duty on properties worth up to £300,000 thanks to first-time buyer’s relief. For the portion between £300,001 and £500,000, they’ll pay 5%.
The freeholder of a property owns the property and the land that the house is situated on. If you buy a freehold, you’re responsible for maintaining your property and land, so you may need to budget for these costs.
However, by owning the house as freehold, you won’t need to worry about paying ground rent, the lease running out, or having to deal with the freeholder (landlord).
With a leasehold, you own the property (subject to the terms of the leasehold) for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder, unless you can extend the lease.
You can either book a call here at your convenience or give our friendly first-time buyer mortgage broker team a call today on 01925 573328.
Request a call back at a more convenient date and time using our online contact form, or simply send us your enquiry via email to hello@ukmc.co.uk.
Why not speak to our team of mortgage advisors for first-time buyers? Located in the heart of Warrington, this family-run business welcomes office visits!
First-time mortgage buyers can find expert guidance, and all the information they need to make more informed decisions on the path to owning their first home.
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Check out our helpful video content to demystify the first-time buyer mortgage process
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