First Time Buyer Mortgages in Cheshire
First time buyer mortgages – although buying your first property can be exciting, it can also be daunting. Finding the best mortgage to suit you isn’t quite as straightforward as you might like it to be. With dozens of mortgage lenders and literally hundreds of different deals available, it can be difficult to know where to start. There are so many different aspects to each individual case that comparison sites and search engines can struggle to deliver. – especially if you are a First Time Buyer. That’s where we come in.
When you deal with Aspire Financial Services, you can be confident that you are working with qualified professionals 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 to start and trying to figure out if you have found the right deal can be stressful if you try to do it on your own. Even 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’s important to take advice on your mortgage options before starting your property search.
You may hear an estate agent asking if you have a DIP. That is a Decision in Principle or Agreement in Principle. (AIP). It is a ‘light’ form of mortgage application, not underwritten and not binding, but it indicates the amount of borrowing that would be possible, based on your circumstances. If you have one, it helps you to get the property taken off the market when your offer is accepted. It is best to ask your broker to run the DIP because some lenders put a mark on your credit file. A broker will know which lenders to avoid and won’t run multiple DIPs.
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.
Your property search may take some time, so at application we will check that the original mortgage recommendation is still the right solution for you. We will submit a full application to the mortgage lender, upload all supporting documentation, property details and the solicitor you will be using. The lender will carry out the necessary checks, known as underwriting, to satisfy their lending criteria and will instruct a 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 adviser and your solicitor.
Your solicitor will have carried 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, will 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, we offer full advice and guidance for first time buyer Mortgages in Cheshire. We will hand-hold you through the processes and can advise on conveyancing and protecting your investment.
Book a free 30 minute consultation now.