First Time Buyers2024-11-18T14:50:03+00:00

Mortgage advice for First Time Buyers

first time buyers mortgage advice
first time buyers mortgage advice

Mortgage advice for First Time Buyers

My advice will help get you on to the property ladder, here’s how:

1. As a first-time buyer, you will no doubt want to discuss what a mortgage is, how the process works and who does what and why. In our initial conversation I can also work out your budget based on your earnings and outgoings, add in the deposit you have and give you a clear idea of what sort of price range you can look at. We will discuss your credit history, the pros and cons of houses versus flats, what type of valuation to book, and what to look for when choosing a solicitor and conveyancer.

2. Paperwork assistance. Once you have a clear understanding of the process I usually request things like proof of income, bank statements, a copy of your credit report so that I can provide you with a detailed overview of what the mortgage options look like and what they will cost. At MK Mortgages each client is treated as an individual and no client is pushed down a sales process that doesn’t suit them.

3. You can start your property search. As you now have a better idea of the costs and your budget you can commence viewing properties within your price range. I will arm you with a decision in principle at this stage so that the agents know you are serious and in a strong position to move forward with making your offer. I can also offer help with estate agent negotiations, leveraging my experience and knowledge of how the process works to get you a great deal on your home.

4. Now you have secured your property I will fully submit the application to the lender and secure your mortgage At this stage we can instruct the surveyor’s valuation and your solicitors.

5. Advice and introduction to mortgage insurance and protection

6. As a first-time buyer many things will seem unfamiliar, and you will have questions that need answers. I am always on hand to help you. Just get in touch for a no-fee conversation at any stage, and we can go over anything that you are unsure of.

How much will I be able to borrow?

The way a lender determines how much you can borrow on your first time buyer mortgage depends on a number of things:

  • The property: House or Flat
  • Employment status: Employed or self employed? How much you earn and if there are any additional income streams like overtime or bonuses

  • Financial commitments: Current, and future, to include; credit cards, loans, car finance, student loans and pension payments. And don’t forget that latest phone contract may well show as a small loan on your credit file, which is why we ask clients to obtain a copy of their credit report

  • Term of the mortgage: How long you borrow the money for.

There is now more focus on affordability and expenditure. The process to working out how much you can afford is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.

What I do

I pride myself on being up to date with regulation, legislation and the economic market. I work to understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.

This way, I can help you save time and money in the new world of mortgage advice.

Common Faqs

When I give you advice, I encourage you to continue asking any mortgage related questions. The more you understand the better I can help you. Below are some typical questions first time buyers ask.

I’m self-employed, can I still get a mortgage?2023-07-10T14:25:23+00:00

Yes, you can. You just have to prove your earnings to the lender in a different way. Read more about mortgages for the self employed in the news section.

How can I check my credit score?2024-09-23T13:58:53+00:00

Your credit score has an impact on how much you could borrow. My advice is to improve that score where possible by clearing credit cards, shopping accounts and cancelling any unnecessary memberships. You can check you score with Checkmyfile*.

 

*By clicking the link, you will need to register your details with Checkmyfile and enter into a free 30-day trial period. This will allow enough time for you to register your information and download your report. You are free to cancel this trial period at any time during the 30-day free trial period without penalty. Should you fail or choose not to do so, Checkmyfile will charge you a subscription fee of £14.99 per month thereafter. To get the best from this service, please ensure you register all of your primary and/or associated addresses within the last 6 years. MK Mortgages will receive a payment of £12 per free trial entered into via the link to Checkmyfile’s website. This is payable whether you cancel the trial period or not.

It should be noted that lenders will not be assessing the report produced from Checkmyfile and will undertake their own research and assessment. Neither MK Mortgages nor Quilter Financial Planning are responsible for the accuracy of the information contained within their site. Details of how to unsubscribe or cancel this service, is available directly from the Checkmyfile website under their T&C’s which states “If you wish to cancel your subscription, please log in and send us a Secure Message at any time, email us, or call us on our Freephone telephone number 0800 086 9360 during normal office hours. In all cases we will provide you with a cancellation reference code in confirmation.”

 

What does Loan-to-Value (LTV) mean?2023-07-10T14:20:22+00:00

This is mortgage adviser speak for how much the lender is willing to lend you in relation to the value of the property you wish to buy. A 5% deposit results in 95% LTV. Lender LTVs vary so it’s best to ask for advice before setting your sights on your first home.

How much deposit do I need as a first time buyer?2023-07-10T14:33:04+00:00

You should really aim for a minimum deposit of 5% of the value of the property you would like to buy. However, I would not advise searching for your home before finding out how much you can borrow, as that can lead to disappointment.

Does your no-fee mortgage advice limit my options?2023-07-10T14:13:56+00:00

Not at all. All mortgage advisers are paid a commission from the lender when we arrange a mortgage. I accept this to cover my costs and choose not to add a 'mark-up' cost to you. Paying for mortgage advice in no way opens the door to more lenders or products, and certainly cannot reduce your interest rates or monthly payments.

Contact MK Mortgages

Please use the contact form to get in touch. The earlier you start the process the better.

Marc Kavanagh is a non-fee charging, whole of market mortgage adviser, providing advice purely for your benefit.

I cannot recommend Marc and his team highly enough. They helped and supported me throughout the whole process of buying my first home and were always kind and professional.

Marc and Sooz made everything as simple as possible and went above and beyond to help. They were always there for guidance and to answer any questions, which was amazing as I was embarking on a process I had very limited knowledge about. I’m not sure I would have been able to do it without them!

E Brooks

Fantastic experience – Marc and Sooz have been outstanding from start to finish in helping guide me through the complex process of finding a suitable mortgage for a first-time buyer. Marc even helped guide me on what best/worst attributes to look out for when house hunting, and what kind of offers should be pitched to the vendors in the current market.

Other additional services such as mortgage cover were offered, but never pushed – which I appreciated.

Very easy to deal with and get in contact with when needed, professional at all times – Highly recommend MK Mortgages.

C Richards

Go to Top