First Time Buyers

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First Time Buyers Mortgages

Free Residential Mortgage Advice For First-Time Buyers

Buying your first home can be a daunting experience, and so Warren & Co aim to help make your house-buying process as smooth as possible.

Our local mortgage advisors are located across the Midlands and South West and are happy to come along to meet you at a time that suits you, or if you prefer we can arrange an appointment over the phone or on Zoom.

If you are looking for free residential mortgage advice, contact Warren & Co today.

Mortgages For First Time Buyers

Your Local Free Residential Mortgage Advice

Deposit

There is no set amount that you need to have saved up before you can get a mortgage.

Things worth considering are the shared ownership or a gifted deposit from a family member.

You will also need to remember the other costs associated with buying a home. You will need to account for solicitor’s fees, stamp duty, survey costs and the cost of furnishing your home once you have moved in.

Income and Affordability

If your current income is not enough to allow you to purchase the property you would like, it may be worth considering are Guarantor Mortgages or a Joint mortgage with your Parents or close family.

Agreement in Principle

When you are looking for a property, the first thing you will need is an Agreement in Principle. To arrange one for you, please contact us.

As an agreement in principle requires a credit check to be carried out, it is very important that you seek advice beforehand to avoid unnecessary “hard” credit footprints on your file.

Mortgage Application

Once you have had an offer accepted on a property you can then proceed to the full mortgage application. We can email you an electronic application form to complete, or you can book an appointment with one of our expert mortgage advisers.

Property Valuation

As part of the mortgage application, the lender will carry out a valuation of the property to make sure that is suitable security for the mortgage. There are 3 different types of valuation:

A basic mortgage valuation will tell the lender the basic sale price of the property and will only highlight significant issues with the property.
A HomeBuyers Report is the most common type of survey and gives advice on any defects and repairs or maintenance.
A Building Survey is particularly useful for older or heavily altered properties. It is more comprehensive and gives a full breakdown of the structure and condition of the property.

Exchange and Completion

You will need solicitors to advise and help you buy the property, from offer through to exchange and completion.

Until the contracts have been exchanged, the buyer or seller can pull out without incurring any serious costs. After the contracts have been exchanged you are legally bound to purchase the property. Exchange and completion usually happen several days apart, however they can be carried out simultaneously. Completion is where the money changes hands through the solicitors, and is when you can finally get the keys to your new home.