From determining the ideal mortgage type for your situation to securing competitive rates from lenders who specialize in first-time buyers, the process involves critical decisions.
Experienced Mortgage Brokers offer invaluable support throughout this transformative journey. Beyond their ability to find mortgages, they possess a comprehensive market perspective that reveals exclusive deals not typically found through mainstream channels. This enables them to identify mortgage options that align perfectly with your needs and direct you towards lenders who are more inclined to approve your application.
Even if you’re confident in your choices, the advice of Mortgage Brokers can greatly enhance your experience and ensure you secure the best possible mortgage deals. first-time homebuyer programs
- Check that your current address appears on all accounts in your name
- Remain within 50% of your available credit for any existing credit agreements
- Ensure you’re on the electoral roll at the correct address
- Pay instalments on any credit agreements on time and in full, where possible
- Some will have a low score due to never having taken credit. A special credit builder credit card can be helpful to show yourself as a responsible borrower
Valuation Fees
As part of the mortgage process, your chosen property must undergo an independent valuation. Valuation fees vary depending on the lender you opt for.
Legal Fees
Securing a mortgage involves appointing a solicitor to handle legal aspects like conveyancing and local authority searches. Typically, these fees are paid directly to the solicitor.
Stamp Duty Overview
Stamp Duty is a tax levied on property purchases under normal circumstances. The amount is determined based on your property’s value, among other factors. First Time Buyers currently benefit from a Stamp Duty exemption on purchases up to £300,000.