Buying your first home is an exciting milestone, but it can also feel overwhelming. As a first-time buyer, you have a range of mortgage options available to you, and we’re here to guide you through the process.
Application Process:
Determine Your Budget: Assess how much you can afford, considering your deposit, income, and monthly outgoings.
Get a Mortgage Agreement in Principle (AIP): This gives you an idea of how much a lender is willing to lend based on your financial details.
Find a Property: Once you’ve found a suitable home, you can formally apply for a mortgage.
Submit Your Application: You’ll provide financial documents, such as payslips, bank statements, and ID, to your chosen lender.
Property Valuation and Lender’s Decision: The lender will conduct a valuation to ensure the property’s worth aligns with the loan amount.
Mortgage Offer: If all checks are satisfied, you’ll receive a formal mortgage offer.
Factors Lenders Consider:
Deposit: Typically, first-time buyers need at least 5-10% of the property’s price as a deposit.
Income & Employment: Lenders assess your income stability and employment history.
Credit Score: A good credit history is essential for securing a mortgage at competitive rates.
Affordability: Lenders look at your ability to afford monthly repayments based on your income and outgoings.
Top Tips
Save for a Larger Deposit: The more you can put down, the better your chances of securing a favourable interest rate.
Check Your Credit Score Early: Ensure there are no errors or outstanding issues before you apply.
Consider Government Schemes: First-time buyers can benefit from initiatives like Help to Buy or shared ownership schemes.
Mortgage repayment calculator
Work out your repayment
Looking for a First-Time Buyer Mortgage?
If you’re getting on the property ladder, a Liverpool Mortgages can help you navigate the house buying process.
