First Time Buyer Mortgages
Take your first step on the property ladder. Get a professional First Time Buyer Mortgage Advice.
First Time Buyer Mortgage Advice that you can trust.
Buying your first home is likely to be one of the most expensive purchases in your lifetime. Here at DJB Mortgages, we know you have searched tirelessly to find the right home, so we will do the same to find you the right mortgage. After all, you will likely have a mortgage for most of your adult life so it is vital to get it right. As experienced mortgage professionals, we will lead you through the entire process, from the provisional mortgage agreement, right through to collecting the keys to your new home.
How DJB Mortgages help First Time Buyers
> we search thousands of products to ensure our clients get the most suitable first-time buyer mortgage for your situation.
> we explain the process of getting a mortgage in simple terms – no jargon,
> we discuss your CREDIT REPORT/SCORE to avoid any issues,
> we help to choose the right survey,
> we put in touch with trusted solicitors who handle all the legal aspects of buying your first property (this service is not regulated by the FCA),
> we take care of any insurances that you may need to put in place to make sure that you do not lose your home should the worst-case scenario should happen,
> we make sure the process of getting a First Time Buyer Mortgage runs smoothly.
> In depth discussion
Everybody's circumstances are different. From what is your employment status through your income to your credit history. We match your information to the most suitable lender to obtain the most suitable first-time buyer mortgage for your needs.
> Decision in Principle
Once we have gathered all of your personal and financial information, we will look to secure your DIP (Decision in Principle). A DIP or AIP (Agreement in Principle) is a non-binding offer by the lender based on the information you have provided and initial checks such as a soft or hard credit check, depending on lenders. The lender will then, in principle, issue you with a certificate stating the amount they are prepared to lend you for your property purchase. It should be noted that a DIP is not a guarantee of acceptance by a lender for a loan, as this will be subject to a full mortgage application and valuation of the property you are purchasing.
> Offer on Property
You have your DIP (Decision in Principle) secured, now it is time to make an offer on a property.
> Mortgage Application Submission to the lender
Following the acceptance of your offer, we will check and submit copies of your documents to the lender ( payslips, company accounts, bank statements, proof of deposit and sometimes many other documents). It allows the lender to agree on the case.
> Full Mortgage Application
At this point, the lender verifies the information that you have provided is correct and reviews all the documents. If the lender is happy with everything, they will send you a mortgage offer.
The legal part of the process is where the solicitors/conveyancers draw up contracts and organise the actual, legal purchase of the property.
> Exchange and completion
Once everything is in place, your conveyancer/solicitor will exchange contracts with the seller’s conveyancer/solicitor. Congratulations! At this point, you put down
your deposit and are legally bound to buy the property.
Savings & Deposit when Applying for a First Time Buyer Mortgage
There are many ways to purchase your first home, but one of the main things you will need is a deposit. Most banks/building societies want you to put down at least a 5% deposit. It determines which "LOAN TO VALUE" you gain, along with interest rates. Some lenders do offer 100% mortgages, but this is subject to family help. The more savings you can put as a deposit, the less you will need to borrow from the bank, and the more competitive mortgage rates you will get.
How much can I borrow when applying for First Time Buyer Mortgage?
Finding out how much you can borrow can become very frustrating. You may have experienced this already by looking at multiple lenders websites and using their calculators. Quickly you will find out they all give you various amounts. The reason behind this, all lenders will use different methods towards working out your maximum borrowing.
Here our experience and knowledge come to hand. We start by having an in depth discussion with every client to gain a clear picture of a current and future financial situation. We calculate exactly how much you can borrow based on individual circumstances and what that would cost. You can rest assured that we only look at lenders that give the best affordability for each situation.
Types of mortgages
When you start to dive deeper into the mortgage process, you will discover that you have many types of 'REPAYMENT METHODS' towards the mortgage, such as capital and interest, interest only, and part and part.
Along with this, you also have different types of 'MORTGAGE PRODUCTS' such as Fixed Rates, Variable Rates, Tracker Rates, Discounted Rates, Capped Rates, and Offset Mortgages.
We will talk you through each option and explain which may be best for your situation, and then essentially, we will be able to create a shopping list of what is important to you on the mortgage and make sure we find a lender that suits all of your needs around the type of mortgage required.
Getting First Time Buyer Mortgage is simple with DJB Mortgages. Contact us today and check it out.
Why use us for your First Time Buyer Mortgage
Here at DJB Mortgages, we compare thousands of mortgage products to deliver comprehensive Mortgage Market Advice. We are not one of the online comparison sites. DJB Mortgages is a trading name of Just Mortgages Limited which is an Appointed Representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. The Openwork Partnership is one of the UK’s largest Financial Advice networks, with over 4,500 advisers and in excess of 700 appointed representatives based throughout the UK. This gives us the backing of one of the largest financial advice networks and allows us access to semi-exclusive and exclusive mortgage deals.
We tailor each First Time BuyerMortgage to fit personal circumstances. We complete all of the relevant paperwork for each client, liaise with solicitors, lenders and surveyors throughout the process, to make sure each mortgage process goes as smoothly as possible.