FIRST TIME BUYERS
We appreciate buying your first home can be both a daunting and exciting prospect. This is why we are happy to meet and help plan things out with you in advance of starting to look for properties.
We can check your affordability, assess how the level of expected borrowing ties in with your budget and size of deposit. We explain clearly how the process works, the costs to budget for as well as the differences between all the mortgage schemes available to you; for example Help to Buy and Shared Equity and the difference between all the products and rates on offer.
There is a lot to take on board; we understand that, that is why we aim to spend as much time with you as possible.
Initial consultations are free and we aim to put you in a position so that you know what options are available to you and what you need to do.
Few tips and ideas:
Get on top of your finances. If you are in any doubt about your credit score check your credit report, Equifax or Experian are reliable credit companies. Sometimes discrepancies can occur on your report and it is good to get them rectified prior to making an offer on a place.
Pull together your last 12 months payslips and bank statements and assess your level of spending each month. How much can you afford to allocate towards a mortgage each month? Remember there will be insurances to budget for as well.
Other documents you will be asked for are: proof of Identity, proof of address, p60s, proof of deposit, if you are self employed your last 3 years Sa302s and tax year overviews and accounts. Be prepared to send personal documents, however remember to send them securely.
If you are buying a flat you will also have maintenance and ground rent charges to factor in. Lenders will use the costs as part of the overall affordability assessment. Also do your research on the property, are any works intended as this may impact your savings and amount of available deposit.
Consider how much can you afford to put down as a deposit and how much do you want to put down. It might be you wait to buy until your savings are a certain level. If you are receiving a gift from family members remember it has to be a true gift for a lender to accept it.
Contact us for more information and help to get on the property ladder.