First Time Buyers

If you’ve never bought a house before, it might feel like a bit of a daunting prospect – where do you even start? To help you out, we’ve put together a few of the questions that are sure to be on your mind. If you like we can talk you through the beginnings of the process over the phone with no obligation to continue with our services afterward, just request a call-back.

OK, so where do I start, how much can I borrow?

First up you’ll need a deposit, usually a minimum of 5%. You’ll then need to come and see us to get a mortgage ‘decision in principle’. This is just a preliminary credit check to see how much you could borrow, based on your deposit, income and other financial commitments.

I'm worried about my credit rating, what I can do to improve it?

Firstly, remember that debt in itself isn’t a bad thing, so long as you can show that you’re managing it well, so don’t be afraid that a loan or credit card is going to exclude you. A good starting point is to get a free credit report, to help you see where you stand. Noddle is a completely free service, which gives you a good overview. Experian and Equifax offer more comprehensive reports and are only free on a trial basis – make sure you cancel the renewal to avoid paying a fee.

Other things you can do to improve your credit rating:

  • Get yourself on the electoral roll
  • If you’ve never had any debt at all, think about getting a credit card for specific purchases, like petrol and paying it off every month. This gives you a bit of a track record and shows that you can manage debt well.
  • Avoid pay day loans – these do NOT help with your track record and are seen very much as a negative.
  • Be wary of credit searches – general insurance e.g. buildings & contents can leave a credit search so if you do a lot of quotes in a short space of time this can negatively impact your credit score

Right, and what happens when I've found my dream home?

Once you’ve had the decision in principle, (an agreement from the lender to lend X based on your credit score and subject to proof of income), you can start looking at houses. There are a few key steps after that, including the formal mortgage application, valuation, exchange of contracts and then completion.

We are here to help you at every stage though, so you never have to worry that you’ll forget what to do!

What documents will I need for the formal application?

The sooner you can get all of your paperwork to us the better. You’ll need:

  • Proof of ID – Passport or drivers licence,
  • Proof of address, dated within three months e.g. utility bill
  • Three months of personal bank statements, showing income going in
  • Three months of payslips or 2 years of business accounts or self-assessment tax returns. (We do have access to lenders who will do it with only one year)
  • A credit report
  • Proof of deposit – e.g. current account or savings account statement
  • Information on your monthly financial commitments e.g. food, utilities, child care fees, maintenance, credit cards, loans etc.

Why Should I Choose The Financial Detectives?

  • We have access to the whole market, this means that rather than if you applied directly to a single lender and them try and fit you into one of only a small number of mortgage types we can find the mortgage perfect for your circumstances.
  • We have individual contacts with every single lender, so good communication is a given
  • We’re a family run business, and you’ll have an individual contact that you can talk to whenever you want
  • We have contacts with solicitors to help you move things along quickly
  • We don’t get paid until the case completes so we have as much incentive as you to get your case completed!

Help To Buy Schemes

We are trained and informed on the latest Help To Buy schemes offered by the government. Currently there are three main schemes at the time of writing, listed and explained below, of course if you would like any additional information please feel free to make a callback request below.

Help To Buy: ISA

This scheme will, specifically designed for First Time Buyers, provide a bonus from the Government provided you have savings of at least £1,600. The bonus will be 25% of your savings up to a maximum bonus of £3,000 so that means for every £200 a month saved (the maximum deposit) the government adds £50 If you haven’t opened one yet or want to learn more take a look at the Help To Buy Website.

Help To Buy: Shared Ownership

If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.

To be entitled for this Help To Buy Scheme your household must be earning less than £80,000/yr (outsided of London, £90,000 within London) and you have to either be
•A First Time Buyer
or
•An Existing Shared Ownership Occupant
or
•You Used To Own A Property But Can No Longer Afford To Buy One

If you would like to learn more about this scheme we recommend checking out the Help To Buy: Shared Ownership Website.

Help To Buy: Equity Loan

In this scheme you are leant up to 20% of your property’s value (up to £600,000), meaning you only need a 5% deposit. For the first 5 years you don’t have to pay any fees for your loan but in year 6 you’ll have to start paying a fee of 1.75% of the loans value and will increase by the rate of inflation plus 1%.
You must pay your loan back in 25 years or when you sell your property (which ever occurs first).

If you would like to learn more about the specifics of this scheme then we recommend visiting the Help To Buy: Equity Loan Website.

Our Current Offers: £100 IKEA Gift Card

Ikea-giftcard-7-large

For those who are looking to get their first home it’s not only daunting to sort out the finances but it can also be a struggle to afford to fill it. So we wanted to try an make that easier by offering those that complete a first time mortgage with us a £100 IKEA voucher.

*Terms and Conditions apply

Our office is OPEN, you can call us right now on

01823 210386

Or use the form below to receive a callback

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Did you know?

“Over 50% of our clients are referrals from other customers we have helped… we must be doing something right!”

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A little helping hand for your first home

All you have to do is let us help guide you through applying for and completing your first mortgage and we will give you a £100 IKEA Gift Card to help you set up your first home!

Leave us a message with your name, number and enter your email below, and one of the team will get back to you shortly.