First Time Buyer Mortgage Guide
A mortgage is essentially a loan that you take out to help you buy a property. You usually pay it off over a specific number of years whilst residing in the home. Read our guides or contact us for the best advice for first-time mortgages.
Download the Complete First-time Buyers Guide
Essentials for Getting Started
Mortgage Applications
All mortgage lenders will request income verification when applying for a mortgage. The amount of documentation required can vary depending on the lender. For a clear idea of these requirements, read the “Useful Tips” document below.What are solicitors searching for?
We often get asked what solicitors searches involve for when buying a property? Solicitor searches are necessary to find out if there are any issues with your intended property before you assume ownership.Mortgage Deposits
You may be wondering how much deposit is needed to buy a house? Quite simply, the more money you can save up, the better. Lenders tend to work in multiples of 5%. The larger the % deposit you have, the better the deals will be available.
Read the Guides
Have your paperwork ready All mortgage lenders will request income verification when applying for a mortgage. The amount of documentation required can vary depending on lender.
A solicitor is required to carry out the conveyancing process, and they will need to conduct various searches before your property purchase can take place. Solicitor searches are necessary so that...
Quite simply, the more money you can save up, the better. Your mortgage deposit will generally need to be for at least 5% of the value of the property you are buying. For example, if you wish to buy...
Help for First-time Buyers
What is a mortgage?
Our first-time buyer’s guide will help you understand the mortgage essentials in simple terms, which can be a great benefit when you come to deciding on the type, size and length of a mortgage on your first home. feel comfortable when you come to apply.How do mortgages work?
A typical mortgage term is usually 25 years, but some lenders do allow longer terms of up to 35 years or even longer, dependent upon your age and circumstances. The longer the term you choose, the lower your monthly payments will be, but the more interest you will end up paying overall.Types of mortgage
Most mortgages are arranged on a repayment basis. This means that every month you repay a portion of the capital you have borrowed, as well as a part of the interest you owe. Some mortgages, however, are arranged on an interest-only basis. This means that you will repay the interest you owe each month and pay off the original amount you borrowed at the end of the mortgage term.
Read The Guides
Quite simply, the more money you can save up, the better. Your mortgage deposit will generally need to be for at least 5% of the value of the property you are buying. For example, if you wish to buy...
How does the interest on a mortgage work? The amount of interest you will pay on a mortgage depends on the mortgage deal you select. If, for example, you choose a fixed-rate mortgage for a set...
Mortgage types explained All mortgage types work in the same way: you borrow money to buy a property over a set term, and pay interest on what you owe. How much you pay back each month is determined...
Things you need to know
Government schemes
There are a number of Government schemes for first-time buyers to take the first steps to purchase a property. These include Shared Ownership and Help to Buy Schemes.Who’s who?
If you are unsure who’s who when you are buying a home, our guide will help shed some light. There are several specialists involved, including Estate Agents, Mortgage Brokers, Surveyors and Solicitors.The cost of buying a house
It’s important to understand the costs associated with buying a house. As the largest purchase you are ever likely to make, it’s sensible to have a good idea what they are likely to be before applying.
Read the Guides
There are multiple government schemes available to aid first-time buyers take the first step on the property ladder, including the Shared Ownership and Help to Buy Equity Loan schemes.
What does an estate agent do? Their role: The estate agent is required to market and sell homes, and if you are looking to buy, they will be responsible for showing you round the properties that...
Do not be fooled: buying a property is expensive, irrespective of the property price. A mortgage is not the only expense that you will encounter. Before you can claim ownership of your home there...
Surveys, Conveyancing and Insurance
Different types of surveys
As a purchaser, it’s essential to understand the different types of survey. There are 3 main types, basic valuation, Homebuyer Report and Building Survey. Read on for a further explanation.How long is the mortgage process?
In general, you can expect the application process to take between 18-40 days, depending on the complexity of the mortgage. Having all your paperwork in order prior to the application can speed the process.Insurance
Building and contents insurance policies provide cover for your home and possessions and are essential to protect against any damage or loss to your property. Life insurance is also a key consideration for many mortgage holders.Read the Guides
If you require a mortgage to purchase a new home, your lender will require a valuation of the property to ensure they are comfortable to lend against it. You may decide to have a more in-depth...
The length of time it will take for you to secure a mortgage depends on numerous factors:
In this guide, we aim to guide you through the types of insurance needed to provide adequate cover for your home, possessions and family. The information included is a general overview of the types...
Speak to us today for jargon-free mortgage advice
We are an mortgage advisor based in Southport and covering Merseyside and Lancashire. We work with clients across the region, including Liverpool, Manchester, Bolton, Preston, Wigan and St Helens, and sometimes further afield depending on the project.
Call Us: 01704 539492
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
JB Financial Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
Our FCA number is 531615.