Buying a house can be a stressful experience for anyone, but for first time buyers who have yet to go through the process, that stress could be exaggerated. At Expedite Finance we have the experience to help first time buyers overcome the hurdles that you may face during the buying process, and we are more than happy to help. In truth, if you’re well prepared and have a good understanding of the purchase process, buying your first home could be a lot less daunting than you first thought. Let’s have a closer look at what it’s all about, and how to make it as smooth and as easy as possible.

What is involved for the First Time Buyer?

Money is often the first problem to tackle for a first time buyer – or, in fact, for anyone in the housing market and unless you are one of a very lucky few who are in a position to buy a home outright, you will need a mortgage. While getting a mortgage may have been a relatively simple step some years ago, following the recent economic downturn and various changes within the banking industry, lenders have tightened their belts somewhat. Starting at the beginning, the first question you have to ask yourself is this: have you set a budget, and can you afford it?

It’s important to build a number of essential points into your budget: remember, it is not just the mortgage you have to consider, there will be bills to pay. Council tax, amenities, insurance and general living allowances all need to be included in your budget. This is not a comprehensive list, but merely a few examples; you will also have other expenditure to consider, including furnishing the house with essential items.

The major issue at this point will be your deposit: 100% mortgages are pretty much non-existent now, and you will need to have a sensible deposit to obtain a mortgage. For first time buyers it is likely that at least a 10% or a 20% deposit will be required to satisfy the lending criteria, although there are 95% mortgages available which would reduce the deposit needed to just 5%. The Government’s Help to Buy scheme may be another option to consider. Further information about Help to Buy can be found here.

Furthermore, you may want to take a close look at your finances; a lender will look upon you more favourably should you have a bank account that is well-managed and healthy, and your credit rating will play a major part in the decision making process. The better your financial situation, the more readily you will be accepted for a mortgage, so it pays to focus on your historic and current financial situation before entering into the application process.

Once you have your finances in order, and you have budgeted carefully and raised the necessary deposit, it is time to search for your perfect home and apply for a mortgage.

At Expedite Finance, we can help you find the most suitable and affordable mortgage for you and present a wide range of possible options. As mortgage brokers, we may have access to products and rates which aren’t available on the high street and our friendly team will help you choose the best product most suited to your needs. So contact our team today on 0800 2012 148 and let us help you take your first steps into the property ladder.

For mortgages, we can be paid by commission from the lender and a client fee of £395 paid on completion of the mortgage.


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