First Time Buyer – Getting Started

By Prospect Mortgage Services

Looking to buy your first property? Its worth saying that most people getting on the ladder feel a mixture of excitement and panic. In this guide, we will cover the basics of how to get started buying your first home.

Can I afford it?

The first thing to do is assess what you will need to buy your property. We are talking about what mortgage you can get and afford along with what deposit you can obtain.

It’s important to calculate roughly how much you can borrow. You need to determine whether you can afford the long-term commitment and check that your credit score is up to scratch. It’s always a good idea to obtain a mortgage decision in principle (DIP) which will give you confidence that you will be able to proceed when the times right.

What can I do to increase my chances?

There are a few steps you can take to improve your chances of being approved for a mortgage. Consider the following:

  • Work with an independent mortgage broker to get expert advice.
  • Check your credit score and see if there is anything you can do to improve your score –
  • Start saving – you will need a deposit.

How can I build a deposit?

To start saving for a deposit, you need to avoid unnecessary expenditure. If you have an ISA you could have your deposit topped up with a bonus from the government (subject to type of ISA). There a plenty of ways to boost your deposit either by getting a second job or receiving a family gift.

How much money will I need?

There is no ‘cheap’ way to buy a home, and there are various other costs in addition to saving for a deposit. Here are some key costs you must budget for:

  • Conveyancing fees
  • Homebuyer survey
  • Valuation fee
  • Land registry
  • Stamp duty
  • Moving costs
  • Building insurance

 What is the process of buying a new home?

There may be several months between finding a property and moving in. Here is a brief outline of all the steps involved:

  • Approach an independent mortgage advisor (hopefully us)
  • Get an agreement in principle so you know your buying power
  • Start viewing properties to find what you want
  • Make an offer
  • Once your offer is accepted, instruct your solicitor to work on your behalf.
  • Submit the mortgage application to the lender
  • Wait while the lender and underwriter processes the application
  • Have a surveyor carry out a property survey on the potential home.
  • When your mortgage offer comes in, check over the paperwork.
  • Confirm a date for completion with solicitor
  • Exchange contracts with solicitors and pay your deposit
  • Sign the transfer deeds and solicitors will request the mortgage funds
  • Receive the title deeds

This is a very basic overview of the process – there are other areas which could be added to the list depending on your circumstances and what property you plan on buying.

Our role at Prospect Mortgage is to make the journey as pain free and stress free as possible for our customers. When you work alongside us here at Prospect, we do all the heavy lifting and look after the majority of the above list on your behalf.

Check out our reviews to see what our customers have to say about our service –

Get expert help to make everything easier

An experienced mortgage broker is very familiar with the entire process described above and can offer support and guidance at every stage. Prospect Mortgage are your mortgage experts on the Isle of Wight and help you throughout the journey as a first-time buyer.

Give us a call on 01983 616666 or email to find out how we can help.