Mortgage Broker

First Time Buyer Mortgages

Are you looking for a first time buyer mortgage or advice?

First Time Buyer Mortgage; The Buying Process

Well, this is where it gets exciting, the thought of buying your first home, but before you start picking out your curtains and furniture, it is worth being mindful that it takes on average 12 weeks from offer to completion.

This period can be shorter, but it can also be longer!

So, let’s go through the whole process, from start to finish, so you can get a rough idea of timelines and what you can expect. (prepare yourself for lots of random mortgage jargon)

2021 11 04 Tipping Webb Photography 168 7I6A1959

Stage 1

Get prepared

1. Look at your finances and work out how much you can afford to spend on a mortgage
2. Speak to one of our advisers about arranging a MIP (Mortgage In Principle)
3. Do your research to find a conveyancer (See Partners for our recommendations)
4. Find a property within your budget
5. Put in an offer
6. Offer is accepted
7. Your Mortgage Adviser will now apply for your mortgage

Stage 2

The Legal Process begins

8. Send documents, including MIP, proof of ID and Conveyancer’s details to the estate agent
9. Memorandum of sale sent by both buyers and sellers Conveyancer’s
10. Draft contracts are sent to your (the buyer) Conveyancer
11. Searches are paid and applied for
12. Management packs are now applied for (if leasehold)

Stage 3

Surveys

13. Pay and apply for searches
14. Time for property surveys, by the bank or private
15. Property survey returned and any enquiries are raised (This tends to be the lengthiest part of the process)
16. Valuation report is sent to the lender
17. Your Mortgage offer should now be issued

Stage 4

Searches returned and enquiries

18. Survey and valuation reports are returned
19. Enquiries can be raised by the buyer’s conveyancer
20. The seller and seller’s conveyancer answers enquiries

Stage 5

The home stretch – The legal process completes

21. Completion dates are agreed upon with all parties involved within the chain
22. The buyer’s deposit is sent to the conveyancer
23. Time to sign contracts
24. HOORAY IT’S COMPLETION TIME

Congratulations, you now own your own home!

tipping webb 71

What is the next step

It’s a lot to take in isn’t it, but now that you have an idea of the whole process, why not take the next step in Stage 1 and speak to one of our team who can talk you through arranging your MIP? (Here’s more of that jargon, MIP means Mortgage in Principle… don’t worry you will know it all soon!)

Our team of advisers are ready to help and are looking forward to helping you on your First Time Buyer Mortgage journey… and beyond!

Find out more

Speak to us about First Time Buyer Mortgages

Contact us

What our customers say

  • “Amy has been a wonderful support as we look at getting our first mortgage for a renovation. She has explained everything with a wealth of experience behind her and in terms that even I can understand! We feel incredibly comfortable making such an important decision with Amy to advise and guide us; we couldn’t ask for any more patience and knowledge from this lovely lady. Would always recommend, without hesitation.”

    R. Longley

  • “Fantastic help and advice from day one! Within a few minutes of meeting Dan for the first time both myself and my partner felt at ease and have never felt pressured which is so important, especially when making one of the biggest purchases of our lifetime. Would thoroughly recommend Dan to anyone and definitely those who are a first-time buyer as every step and process is well explained and any questions are always answered promptly with honesty.”

    J. Humphries

  • “When we were just about at our wit’s end with the process of getting our first mortgage, Amy quite literally saved the day (and our sanity!) She was professional, calm and thorough. Fantastic communication throughout the whole process, she managed to secure us a fantastic rate and explained everything to us every step of the way. A genuinely lovely lady, cannot recommend enough.”

    C. Charters

  • “Lisa was recommended to me by a friend and she did not disappoint, fantastic from start to finish. I found a house I wanted to make an offer on, emailed Lisa at 9 pm on a Sunday (not expecting a reply till the following morning) and I had a mortgage in principle by 10 pm the same night. Lisa was always on the ball even through COVID. I honestly can't thank her enough for all her help and will definitely be recommending her to people in the future.”

    D. McCafferty