First Time Buyers
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A Guide to Mortgages for First Time Buyers
The following 6 steps walk you through the whole process and gives you some helpful hints and tips along the way. Remember there can be other complications through the process and that’s why it’s so important to use an expert. We don’t only help with your mortgage but we will help with everything else too.
Step 1 – Investigate your Options
Speak with a Mortgage Expert to find out:
What are the costs of moving or buying?
How much you can borrow?
How much you can buy for?
How much your monthly repayments will be?
Get an Agreement In Principle from your AL Mortgage Solutions expert
Step 2 – Find Your Dream Home
This is the fun part. Get yourself out there and view as many properties as you can…
Arrange viewings with Estate Agents
Negotiate on the property (don’t forget to start low. You can always go up but you can’t come down)
Agree a deal with the seller
Step 3 – Apply for your Mortgage
We will give you advice and submit all the applications on your behalf.
Apply for your mortgage and protection
Instruct your solicitors – we can help put you in touch with a local solicitor we work closely with to ensure everything runs smoothly
Your Mortgage expert will send off all your documents to the lender for them to review
Step 4 – Mortgage Offer
The importance of crossing the i’s and dotting the t’s. Make sure there isn’t a stone left unturned. Once your survey has come back and documents accepted form the lender, a full mortgage offer will be produced
We will review your mortgage and protection arrangements with you to make sure you’re happy with everything.
Step 5 – Exchange Contracts
This is a vital part of the process and it’s all legally binding. We will help you get to this period as quickly as possible.
Before you exchange you’ll need to sign a mortgage deed, a contract and a transfer of equity form
This is when your deposit is lodged with the solicitors and it becomes legally binding… Time to relax!
Step 6 – Completion
This is the most existing part of the process… Time to take the first walk in you’re lovely new home!
This will usually happen a week or so after exchange however, it might be longer depending on others in the chain or if it’s a new build
Time to pick up the keys, put the kettle on and have a cuppa in your new home!
Discover more about the different Mortgage types which AL Mortgage Solutions can offer.
Get your Free Initial Consultation
AL Mortgage Solutions Ltd
35 Eccleston Street, Prescot, L34 5QA
0151 329 3313