First-Time Buyers

What is a First Time Buyer?

A first time buyer is somebody that has never purchased a property within the UK before. Some lenders will have different definitions that relate to their specific products, we can make use of these options for you.

 

What do I need to consider?

Well as a first-time buyer you are likely to be in a fantastic position to purchase a property, as you have no other properties to consider. If you have a property to sell you can be termed as “being in a chain”. Basically, this means that you don’t need to sell a property before you can buy, this means you are a very attractive buyer for any vendors as there the process can be quicker and there’s less that can go wrong.

There are some additional costs associated with buying a property, such as stamp duty, lender fees, solicitor fees, broker fees and moving fees, to name a few. When we first speak, we can break these down for you and ensure they are accounted for as part of any mortgage options we send  over to you.

 

I have no idea what you just said to me…. 

If that sounds like what you’re thinking, you’re not alone. Part of the initial hurdle is getting your head around the terminology, we can help with that. A mortgage is likely to be the biggest sum of money most people borrow in their lives, it’s very important to understand what you are getting. Be sure to ask any and all questions you have when speaking to your broker.

Aside from the lingo there are an enormous number of options available depending on various factors ranging from your credit history, deposit size or rent on the property. We are on hand to answer any questions and make sure anything we discuss is affordable for you.

 

The basic process that you should expect:

  • Save your deposit, you can get a mortgage with as little as 5% of the property value as a deposit
  • Make sure you have other fees covered (get in contact and we can outline roughly what to expect for you)
  • Get your decision in principle; you’ll want this asap to be able to put an offer on the property and to be confident the lender can provide the mortgage
  • Go house hunting!
  • Once you have an offer accepted on the property, you’ll need to get your documents together for the application
  • We will then handle the application and everything that comes with it
  • Prior to completion you’ll need to have at least buildings insurance – we can help with this too!
  • We can also provide a full protection review to make sure you’re new property, and the people in it, are fully covered

Can’t I just do this myself though?

The short answer is yes. The longer answer is you could, but it would take you a very long time going to every lender. Some lenders are broker-only and there are a host of smaller lenders that most people haven’t heard of, they can all have some great deals that you could miss out on without a broker.

We can search for mortgages across the whole market for you with the knowledge to pick out lenders that fit your circumstances. We will only ever recommend a mortgage to you if you are better off taking it than not, we will never recommend anything, remortgage or otherwise, that doesn’t make sense to your situation. That aside there is no cost to get the figures, so there’s no downside to finding out your options and seeing what kind of savings are available to you!

How much will this cost?

This really depends on the situation,  generally, you’ll expect some fees from the lender. The best thing to do is to give us a call and see what’s available. We always aim to get you some options , usually 2, 3 or 5 years, based on the total cost over the period on the same day. We do charge a broker fee which is only payable on mortgage offer; after going through the application and the lender agreeing to lend you the mortgage. The cost is entirely dependant on the size of your mortgage and will always be disclosed during the initial conversation over the phone.

We'd love to hear from you!

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Call 01933 448 022

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JW Mortgages Limited is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority do not regulate Buy to Let Mortgages.

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