Buying your first home and applying for a mortgage can be daunting but rest assured, I will walk you through the whole process every step of the way. The concept of mortgage payments, a joint mortgage, how much you could borrow and the final mortgage deal might all seem confusing and complicated but speaking to me, here at The Mortgage Depot, you get first-time buyer advice from a leading Bristol mortgage advisor.
Our job is to help put your mind at ease about first-time buyer mortgages and monthly payments. Getting on the property ladder might seem impossible for first-time buyers but we promise that it does not have to be as daunting as you may think. Using a mortgage broker might be a little worrying when starting the house buying process but choosing the right mortgage adviser to help you take the first step is always a good idea!
Whether you have already found the home of your dreams or you are simply curious about taking that first step onto the property ladder, I can put you in a more informed position at the start of your exciting venture. Mortgage advisers should be on hand to provide you with all of the information you require and I recommend getting an agreement before looking at properties, this will help you with your purchase price range.
What You Get From Our Bristol Mortgage Appointments
The whole home buying process. What happens and when
The amount of deposit you will need
The pros and cons of the different mortgage options
Which insurance you may need and what the cost might be
How much you can borrow
The other fees you will have to pay
How much your mortgage repayments will be
Find Your First-Time Mortgage In Bristol Today
We will then arrange and submit a Decision in Principle (DIP). This will show estate agents that you can buy a property and that your mortgage application has already been accepted.
As a first-time buyer, you will be in the unique position of not being in a chain and, therefore, able to move quickly. As well as having the Decision In Principle in place will further increase your credibility with estate agents, placing you in the best possible position when making an offer on your new home.
Once you have agreed on the purchase price, we will proceed with submitting the entire mortgage application, recommend a solicitor if you don’t already have one, and move the purchase towards completion and the big day when you pick up the keys to your new home. If you like more information about choosing a mortgage advisor, look at our new blog.
Do You Know About Stamp Duty For First-Time Buyers?
Stamp duty is also known as land tax, which has to be paid on either a residential property or any land that may turn into a property. It is part of a building’s transaction tax to determine how much stamp duty is paid after a valuation is carried out. The fee you will have to pay towards stamp duty will depend on the property’s value as land registry fees can differ across the UK, especially in England, Scotland and Wales, rather than regionally.
Land transaction tax might seem complicated but our team are here to give you access to the most up to date information possible. During the pandemic, the stamp duty fees were given a holiday. However, this tax relief has since been terminated so you need to make sure you are prepared to pay the stamp duty on your property.
Do You Know The Steps Of Buying Your First Property?
This is our quick-fire guide to owning your first property;
- Book an appointment with our team here and our mortgage and protection advisers will be on hand to help you.
- Find out how much you can afford, the repayment mortgage fee and the monthly repayments.
- Do not forget your agreement in principle.
- If you agree, estate agents are more likely to take you to view properties and know you are serious when looking for a first-time buyer mortgage.
- If you find your dream home, make an offer but make sure the monthly payment is affordable to you.
- Let us know if your mortgage is accepted!
Do You Have Your Deposit Saved?
Saving up the deposit for your first home might seem like an endless task. Still, we promise you can do it and if you are not sure how much you need to save for a deposit, the best option is to either speak to one of our team here in Bristol or take a look at the current property market and you will be able to see the amount of money needed to start the property buying process. Remember, do not forget the stamp duty, land tax and estate agent fees.
The greater the deposit you have, the better mortgage deals any mortgage lender will offer you. With our free initial consultation, we can look at the amount of money you have saved and see what the home buying process looks like for you off the back of it.
Your circumstances matter when it comes to getting on the housing market and it is much easier to save for a mortgage offer with two people applying rather than one. Do not be put off by the daunting prospect of doing it independently though, as many others do. The good news is that since April 2021, first-time buyers have been able to buy a property with as little as 5% deposits.
With a range of initiatives available today, all you need to do is contact the team here at The Mortgage Depot to find out more information. We are not your average mortgage brokers, we are mortgage advisers on hand to help you get your loan secured and your dream home purchased. Let us help you determine how much deposit you need.
Contact The Mortgage Depot In Bristol Today
Buying your first home is, without a doubt, an overwhelming experience. However, using The Mortgage Depot for all your mortgage advice will help you become first-time buyers more quickly than you imagined possible. Our team will guide you every step of the way when you search for your first mortgage in Bristol. We can discuss credit references with you, equity loan options, lender’s criteria and much more.
To find out more, please reach out to our team today. We are always more than happy to help you find the best mortgage on your first home. If you would like our help, all you need to do is call us today. Based in Bristol, we offer highly competitive rates and are primarily targeted at helping first-time buyers get their foot on the property ladder!
Give us a call today if we can help you find and buy your dream home, what are you waiting for?
Help to buy
If you are considering using the government’s Help to Buy scheme to aid your purchase, I can help you with that too. I have helped many first-time buyers understand the application process and meet the specialist criteria lenders look for.
You can find out more about Help to Buy by clicking the button below
Please be aware that by clicking on the above link you are leaving The Mortgage Depot website. Please note that The Mortgage Depot nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site accessible from this page.