If you are looking to own a property for the first time the common term for this in the industry is a first time buyer. As a first time buyer you will invariably require a mortgage on your property. You will also have a number of questions surrounding the process of buying a home,
- Who do you contact to make an offer?
- How much can I borrow?
- What are the solicitor costs?
- Do I need to pay stamp duty?
- How can I compare the costs of mortgages?
- What other fees might I have to pay?
Your parents or friends will be able to help you answer some of these questions, but their information may be out of date if it has been a while since they purchased a property. That is why it is best to speak to a mortgage adviser if you are a first time buyer. If you are unsure about any aspect of purchasing your first home they are on hand to answer any questions you may have.
One of the biggest questions is understanding your budget and having an accurate idea of how much you can borrow before looking for your first home. There is nothing worse than falling in love with a property only to find a later date it is not within your budget or mortgage lending criteria.
If you see a mortgage adviser in the first instance not only can they give a good idea of the level of borrowing you can achieve, they can also be on hand if you need any assistance in understanding how to make an offer on your new home.
If you are a first time buyer and require a mortgage to purchase your property our mortgage advisers have a free guide which may answer some of your questions and concerns. If you would like a copy of this please fill in our mortgage enquiry form.
If you are looking for mortgage advice in London as a first time buyer, we have mortgage advisers who are happy to help.
