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We
have several advisors who specialise in mortgages for First Time
Buyers.
- Buying your
first home is one of the most important and most exciting decisions
you will ever make. A Mortgage may also be the longest-term undertaking
you will ever face! Taking best advice is really essential.
- It can also
be a most rewarding investment for you and your family. It is
absolutely important that each step is well thought out, and that
you get the best advice along the way.
- Choosing
the right mortgage is as important as choosing the right property
to suit your needs. www.mortgage.gb.com
has lined up
a large number of specialist qualified financial advisors to help
you find the best mortgage and our advice is absolutely FREE.
- We have
chosen our advisors very carefully. They are fully qualified,
experienced and they all comply with our stringent Customer Care
Code.
- Our advisors
understand that 'First Time Buyers' need additional help at every
step. They will give you the benefit of their experience, having
helped many others in similar situations.
Here are a
few general guidelines, but once you've completed our simple enquiry
form, one of our advisor will call you and guide you comprehensively,
answering all your questions.
How
Much Can I Afford?
- A general
rule used by most lenders is that you can borrow up to 3 times
your annual income or two and a half times a joint income. Some
lenders will happily lend you more than that. Our advisors have
access to information on every lender and will identify the best
mortgage according to your circumstances.
Deposits
- You will
normally need to pay a deposit of 5% and this is payable at the
time of exchange of contracts.
Survey
of the Property
- It
is normal practice that most lenders will commission a survey
of the property before they will give a final YES to your application
for a mortgage. You
can also ask the lender if they will give you a copy of the surveyor's
report. You
may even commission a more thorough structural survey of the property
for your own use.
Solicitors
Most
people employ a Solicitor or Licensed Conveyancer for the following
services:
- to complete
the legal formalities of conveyancing (i.e. an exchange of contracts,
thereby transferring the property from the seller to you).
- to securely
handle the transfer of the monies including the lender's cheque
(usually for many tens of thousands of pounds), and obtaining
the house keys for you.
- to search
the Land Registry and Local Authorities records to make sure that
your first home is not encumbered with any hidden secrets. These
searches will show if your next home has been built upon any disused
mines, or have any restrictions on use. BUT...these searches may
not inform you if a nightclub or a new motorway is being
considered nearby. Always ask!
- and filing
your "Title of Ownership" with the Land Registry.
Our advisors will point you to a reliable firm of solicitors to
take you through the process. You are also free to shop around
and to compare fees from one Solicitor to another. Remember a
lower fee is not the only thing you should consider. A reputation
for efficiency and reliability can be much more important.
Mortgage Guarantee Insurance
- This is popular
these days with Lenders. This is an insurance policy that you
pay for, but which actually protects the Lenders if the property
should, for some unusual reason, lose a lot of its resale value
in the future.
Buildings
& Contents Insurance
- Most Mortgage
Lenders want to see a certificate of Buildings Insurance for the
property as part of their requirements. Your solicitor will find
out if the seller has a policy currently in place. You may be
expected to pay for the remaining period of this policy and to
transfer this policy to your name. You may like to buy a separate
policy.
- Most insurers
offer to extend the Buildings policy to cover your home contents.
This is not a legal obligation and is only to protect your possessions,
if you wish to do so. In fact you can start a Contents Insurance
policy at any time, even from a different insurer. There are different
classes of Contents Insurance, covering accidents that damage
your furniture, carpets, etc, or covering specific items of high
value.
- Some insurance
policies allow business to be conducted in your home, some do
not - so be sure to check!
Don't
forget, first time buyers do not have a property to sell
and can usually complete their purchase quicker than people moving
home. Use this fact when negotiating the purchase price of your
new house - you will rarely be in such a strong negotiating position
again!
Finally
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You are a first time buyer. Decisions you make will affect your
life for many years to come. A good professional advisor is therefore
crucial.
It
costs nothing to ask
now !
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Useful
reading
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Useful
Links
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add a link
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'Buying
a House'
'Buying & Selling'
and many other books
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