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.

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
  • In formation on your monthly financial commitments e.g. food, utilities, child care fees, maintenance, credit cards, loans etc.

Why should I use The Financial Detectives as my broker?

  • We have access to the whole market, so we can find the best deal for you.
  • 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!

Did you know?

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

We are currently Closed at the moment. Our opening hours are 9am-5pm Monday - Friday.

01823 210386

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This was our first time buying a house and went with the financial detectives,we wanted to have a mortgage broker that could deal with finding the best deal for us and tell us our options with buying our first house. Dan is a very high skilled mortgage broker and was amazing.Dan worked very hard to get us the mortgage that was right for us and was there every step of the way and so was Jess cannot fault this company they are amazing and would recommend to any of my friends, and would use them again.Far less stressful then going direct to a bank and shopping around yourself so once again to the team at the financial detectives thanks again Mr & Mrs Hichri
K & C Hichri, 2017
As always I found The Finance Detectives extremely helpful and easy to use. With working full time being able to communicate via email and send documents in the same manner was a godsend. I will always use The Finance Detectives for all my Mortgage and Insurance needs as they provide a first class service which is value for money and with little or no hassle. I have in the past recommended The Finance Detectives to friends and will continue to do so in the future. Thank you again for all your help and assistance in sorting the new Mortgage deal. R Tucker,
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