Download your Free Step-by-Step Guide To buying your first home
Any type of mortgage application can be stressful and confusing, which is why we have made this step-by-step guide to support and inform you throughout the purchase process.
Here at Easy Mortgages, we love helping first time buyers.
We understand you have lots of questions, we take pride in explaining the process clearly and in plain english. We’re here to make the process as easy as possible for you.
Founder & Managing Director
When simulating your first time purchase it is important to consider your deposit and your income(s) to determine your borrowing power and likely mortgage conditions.
Although we have lenders on our panel that offer poor credit mortgages, your Credit Score can affect your mortgage conditions & interest rate.
Consider carefully where you want to live, local property prices and the market conditions. Knowledge is power when purchasing your first property.
Getting a mortgage is one of the biggest financial commitments you’re ever likely to make so it should be taken seriously. However, while it may feel scary, it needn’t be difficult.
There is a lot of help available.
You can and should, use a mortgage broker such as Easy Mortgages to go through the options with you.
We have access to information you don’t — such as lenders’ credit and affordability criteria — so a good broker should help match you to the right deal
There is a lot to think about when buying your first home so here is a guide for you to show how Easy Mortgages can help you through the process. It’s also a way to tool up your knowledge to put you in a confident position to make the right decisions.
The minimum most high street lenders require is 5% of the purchase price. The larger the deposit, the lower the interest rate you would secure. To secure the lowest interest rates on the market you would require a 40% deposit.
There are also many schemes which may be of interest to you such as Shared Ownership for smaller deposits and lower incomes or the Help to Buy equity loan.
Register with several estate agents in your chosen area(s) and set up email alerts on online portals such as Rightmove and Zoopla.
Once you have your offer for the purchase of your chosen property is accepted, it’s time to submit the full mortgage application to your chosen lender.
Easy Mortgages can recommend the best lender and mortgage for you and also complete the whole application and submit it on your behalf. We will also discuss your insurance requirements to protect you and your family.
This is when all the checks and the survey have been completed and the bank or building society has issued you the confirmation, they will lend the amount to you.
Speak to Easy Mortgages to find out exactly how much you can borrow. Your income, age, any credit outstanding and deposit size all impact how much a bank or building society will lend to you.
It’s vital that you don’t purely judge properties on their online listings. Get out and about to get a true sense of what you want.
Easy Mortgages can take care of this for you. We are in partnership with Movin' Legal who have over 45 solicitors on their panel.
We will provide you with a quote and if you’re happy we can instruct them for you.
You’ll need buildings insurance in place from the day you exchange contracts. You will not be able to exchange without this in place.
Your mortgage and deposit will be transferred to the seller and then you can collect your new house keys from your estate agent and celebrate!
Agreement in Principle (API) is a confirmation from a lender that they would, in principle, be willing to lend you a certain amount. It can make you a more attractive buyer, as it shows the seller you can afford the property. The AIP doesn’t have to come from your bank or building society. Easy Mortgages can arrange this for you with the most suitable lender.
Work out how much to offer based on recent selling prices for similar homes in the same neighbourhood and whether you’ll need to carry out repairs to the property. Make your offer to the estate agent, who will pass it on to the seller. If your first offer is rejected, you may have to negotiate - play it cool and keep your top budget private.
Part of any mortgage application involves a survey on the property you wish to purchase. Most lenders will offer you a free basic valuation which only tells the lender the value of the property and if the lender should offer a mortgage on the property. An upgrade to a home buyers survey can also be arranged at an additional cost, either through the lender or independently.
If it unearths problems, you might want to ask the seller to fix them or reduce your offer.
Yours and the seller’s solicitors will swap signed contracts and you’ll pay the deposit. You are now legally obliged to proceed with the purchase.
The minimum most high street lenders require is 5% of the purchase price. The larger the deposit, the lower the interest rate you would secure. To secure the lowest interest rates on the market you would require a 40% deposit.
There are also many schemes which may be of interest to you such as Shared Ownership for smaller deposits and lower incomes or the Help to Buy equity loan.
Speak to Easy Mortgages to find out exactly how much you can borrow. Your income, age, any credit outstanding and deposit size all impact how much a bank or building society will lend to you.
Agreement in Principle (API) is a confirmation from a lender that they would, in principle, be willing to lend you a certain amount. It can make you a more attractive buyer, as it shows the seller you can afford the property. The AIP doesn’t have to come from your bank or building society. Easy Mortgages can arrange this for you with the most suitable lender.
Register with several estate agents in your chosen area(s) and set up email alerts on online portals such as Rightmove and Zoopla.
It’s vital that you don’t purely judge properties on their online listings. Get out and about to get a true sense of what you want.
Work out how much to offer based on recent selling prices for similar homes in the same neighbourhood and whether you’ll need to carry out repairs to the property. Make your offer to the estate agent, who will pass it on to the seller. If your first offer is rejected, you may have to negotiate - play it cool and keep your top budget private.
Once you have your offer for the purchase of your chosen property is accepted, it’s time to submit the full mortgage application to your chosen lender.
Easy Mortgages can recommend the best lender and mortgage for you and also complete the whole application and submit it on your behalf. We will also discuss your insurance requirements to protect you and your family.
Easy Mortgages can take care of this for you. We are in partnership with Movin' Legal who have over 45 solicitors on their panel.
We will provide you with a quote and if you’re happy we can instruct them for you.
Part of any mortgage application involves a survey on the property you wish to purchase. Most lenders will offer you a free basic valuation which only tells the lender the value of the property and if the lender should offer a mortgage on the property. An upgrade to a home buyers survey can also be arranged at an additional cost, either through the lender or independently.
If it unearths problems, you might want to ask the seller to fix them or reduce your offer.
This is when all the checks and the survey have been completed and the bank or building society has issued you the confirmation, they will lend the amount to you.
You’ll need buildings insurance in place from the day you exchange contracts. You will not be able to exchange without this in place.
Yours and the seller’s solicitors will swap signed contracts and you’ll pay the deposit. You are now legally obliged to proceed with the purchase.
Your mortgage and deposit will be transferred to the seller and then you can collect your new house keys from your estate agent and celebrate!
Any type of mortgage application can be stressful and confusing, which is why we have made this step-by-step guide to support and inform you throughout the purchase process.
Working with a mortgage broker can be beneficial when buying your first home as they can help you navigate the complex process of securing a mortgage.
Some ways that working with a mortgage broker can help ensure you get the best deal possible:
Access to a wide range of lenders – see and compare offers from various lenders at once
Expert advice – with years of experience, the advice a mortgage broker can provide you when buying your first home is invaluable
Negotiation power – we can negotiate directly with lenders on your behalf and leverage our relationships and our knowledge of what lenders require to offer the best deal
Time-Saving – paperwork, back and forth, understanding the varying lending criteria of your bank can be a long and convoluted process without help
Overall, working with a mortgage broker can help ensure that you get the best deal possible when buying your first home by providing you with access to a range of lenders, expert advice, negotiation power, and time-saving services.
Mortgage brokers have access to a wide range of lenders, including traditional banks, credit unions, and other lending institutions. This means that they can help you compare multiple loan options and find the one that best fits your financial situation and goals.
Mortgage brokers are experienced professionals who can provide you with expert advice and guidance throughout the home buying process. They can help you understand the different types of mortgages, interest rates, fees, and other factors that can affect your mortgage.
A mortgage broker can use their relationships with lenders to negotiate on your behalf and help you secure the best possible interest rate and loan terms.
A mortgage broker can save you time by handling much of the paperwork and administrative tasks associated with getting a mortgage. This frees up your time to focus on finding the right home and making other important decisions.
In a 100% obligation free consultation, we will provide you with free personalised advise, taking into account your current circumstances and our years of experience helping first home buyers across the United Kingdom.
Contact us anytime.
Easy Mortgages Limited is an appointed representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.
Registered address; 41 Agincourt Avenue, Gosport, Hampshire, PO13 8NU. Registered in England & Wales under number 13862954
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service.
