INDEPENDENT MORTGAGE ADVISERS

SKEGNESS MORTGAGE CENTRE

 

 

First time buyer

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      The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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You may find buying your first home a little bit daunting.  With the challenge of finding your first property, choosing the right mortgage, selecting the best solicitor and making sure the whole process runs smoothly, you may find the information below useful to help you achieve the first rung of the property ladder.

 

The first step is to contact us and we will advise you on the mortgage options available to you.  It doesn't matter if you haven't found a property just yet, we can provide you with some facts and figures that will help you select the property within your price range.

 

In the meantime we've outlined below some background information on mortgages for first time buyers that we hope you'll find useful.

 

How much can you borrow?

 

The amount of mortgage you can get depends on your income.  Some lenders use a multiple of your income others look at how much you can afford based on your income and outgoings.  As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders' criteria. Lenders who look at what you can afford, base this on the number of people and any loans or debts that you have outstanding.  Some lenders offer very good deals for first time buyers, so it is always worth asking us to research the market on your behalf.

 

What other costs do you need to be aware of?

 

It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.

 

For example, you will have to pay stamp duty for the property which you are purchasing.  The amount of stamp duty varies depending on the price of the property.

 

Plus you will have to pay for the survey and the valuation of the property, and solicitor's fees.

 

You may also have fees to pay to the lender for your mortgage.  These could be an arrangement fee and/or booking fee.  Contact us to find out how much these fees may be.



 

Your Home may be repossessed if you do not keep up repayments on your mortgage.

 

Our fee for mortgages is usually £295 for mortgage advice and recommendation. We will also receive commission from the lender.

The FCA does not regulate solicitors and we act as introducers for it.

 

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