First Time Buyer Mortgages in North Devon
Buying your first property can be exciting, but it can also be daunting. Finding the best mortgage to suit you can be more confusing than you may think.
With dozens of mortgage lenders and hundreds of different deals available, it can be difficult to know where to start. There are many different aspects to every individual case that comparison sites and search engines will struggle to deliver the results you require, especially if you are a First Time Buyer. That is where Aspire Financial Services can help.
A mortgage is a loan that is secured against your property. The lender allows you to borrow the money, so you buy the property. The lender registers a legal charge against the property, thereby securing their loan. You become a property owner and over time the mortgage will be paid off, which is when the charge is removed.
When you use Aspire Financial Services, you can be sure you are working with fully qualified and experienced professional Mortgage Brokers, who will deal with your mortgage application from beginning to end, liaising with the lender on your behalf and helping to make the process as smooth and effortless as possible.
First Time Buyers
Knowing where and how to start, whilst trying to figure out if you have found the right deal can be stressful if you try to do it on your own.
Finding out how much you can borrow can vary from lender to lender, depending on your type of employment, age, or credit history, so it is important to take advice on your mortgage options before starting your property search.
You will often have an estate agent asking if you have a DIP (Decision in Principle) or an AIP (Agreement in Principle) often before allowing you to make an offer on a property.
This is a form of mortgage pre-application, which is not underwritten or binding. However, it does indicate the amount of borrowing that would be possible, based on your circumstances.
Having a DIP or AIP, helps you get the property taken off the market when your offer is accepted. It is best to ask your Mortgage Broker to run the DIP / AIP because some lenders put a mark on your credit file. Your Mortgage Broker will know which lenders to use and will not run multiple DIPs or AIPs.
A mortgage is a loan that is secured against your house. The lender allows you to borrow the money, you buy the property, and the lender places a charge against the property, thereby securing their loan. You become a property owner and over time, as long as you keep up the payments, the mortgage will be paid off, and the charge is removed.
As your property search may take some time, at application we will check that the original mortgage recommendation is still the correct solution for you.
We will submit a full application to the mortgage lender, upload property and supporting documentation and the details of the solicitor you will be using.
The lender will then carry out all the necessary checks. This is known as underwriting, which is to satisfy the lending criteria and instruct the basic mortgage valuation to ensure that the property is suitable security for the mortgage loan.
Satisfactory checks and valuation will lead to your Mortgage Offer. A copy will be sent to you, your Mortgage Broker, and your solicitor.
Your solicitor will carry out ‘searches’ on the property to make sure there is nothing unforeseen in the background. Then solicitors from both sides draw up the contracts to prepare for the exchange between buyer and seller.
Your solicitor will ask for your deposit funds and make sure you have your buildings insurance ready to go and arrange the date for the completion. The solicitors will handle the exchange of funds, signing of contracts and you will be handed the keys to your house.
What else do I need to know?
At Aspire Financial Services, we offer full advice and guidance for first time buyers. We will guide you through the process and advise you on conveyancing and protecting your investment.
To book a free 30-minute consultation, call….