First Time Buyers
You want to buy your own home!
Where to start?
Take some of the stress away
from it with our handy
First Time Buyers guide.
At Gloucester Mortgage Centre we want to help make the process of owning your own home as stress free as possible from start to finish.
We know their can be lots of technical jargon or phrases you may not be familiar with and we aim to break down your mortgage so its easy for you to understand.
Below are a few points to help you understand your home buying journey.
For more information or to arrange an appointment contact us on 0333 011 2520. We are happy to help.
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first time buyers information.
Request your free first time buyers guide now.
Where to start?
You've worked and saved hard to have a deposit ready!
Now let's work out how much you can borrow. Contact us today for your free initial consultation.
A Decision in Principle
From the information you give us we'll find out what you can borrow and from which lenders so you know what your budget is to spend on your first home.
You've probably already been having a sneak peak at the market, now you can look for your first property.
Where to buy?
Now you know your budget you can view seriously! While it can be tempting to fall in love with the first home you view. Do your research. The more viewings you have the more you'll know what you like/dislike.
You'll also get to know what to look out for!
Make an Offer
Awesome!
You've found the property you want and it's in your budget. Time to make an offer to the estate agent.
Time to cross those fingers it gets accepted. But don't worry if it doesn't there will always be another property.
The Mortgage Offer
You have your Decision in Principle and your offer has been accepted.
Now it is time to formally apply for the mortgage.
You'll need to find a Conveyancing team to handle the legalities of the purchase.
There will also be surveys needed on the property of your choice.
Contracts Exchanged
Everything has gone smoothly so far, now it's time to exchange contracts. At this point you are legally obliged to purchase the property.
Next up is completion date, this means it is finally your home! Time to start unpacking.
How much deposit do I need?
Typically the minimum deposit you need for a mortgage is 5% of the value of the property you are buying.
You can put in more though. This reduces the LTV (loan to value) of property. Having a larger deposit in relation to the mortgage can mean you get a lower interest rate.
How long will it take to move in?
There is no set time for a property sale.
Typically it can take 3-6 months for the searches and surveys that need to be completed.
Once all the searches and paperwork are completed solictors will find a date that suits all parties
What extra costs should I allow for
Costs to take into account when moving include solicitors costs. If you would like quotes check out or quick conveyancing search.
Survey costs- a valuation survey is usually included by the lender. you can choose to either have your own homebuyers or full structural survey done at extra cost.
Moving companys.
To help you with your journey to home ownership there are various government support schemes available from helping you to save for your deposit to helping with the purchase of your first home.
For more information on support available click the link to find out more.
It's time to make your home ownership dreams a reality.
We are proud to offer independent, whole of market Mortgage Advice. working with many lenders to help secure you the best deal.
To book your free initial consultation and begin your mortgage application process please contact us to arrange an appointment at a time to suit you. This can be face to face or via video call.
We’re here to help!
Being a local, independent mortgage advisors we can give you the extra support that you need throughout the process of buying your first home and cut through the jargon to help make your buying process as simple as possible