What Paperwork do I Need For a First Time Buyer Mortgage?
7th June 2019
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Buying your first home is a major milestone so it is essential to know exactly what to expect when applying for a first time buyer mortgage.

In a country like the UK where home ownership has become the norm, buying a first home is often seen as a right of passage at whatever stage in life you may choose to finally take the leap.

To get the best first time buyer mortgage deal, and a home you love, will mean being prepared and putting in the groundwork.

Taking out a first time buyer mortgage

Taking out a first time buyer mortgage is a major financial undertaking and having a good understanding of your financial position is vital to securing a home that is right for you.

Before even beginning to look for a new home, you need to get your financial paperwork in order, a step that will prove invaluable when you eventually take out a mortgage.

Knowing exactly what you earn, your outgoings and how much you have, or can, save will determine what you can afford to spend on a house.

Find the best first time buyer mortgage 

Taking professional advice from an early point in the house buying process is important to work out what you really can afford. A mortgage advisor will work out what level of mortgage you will be able to afford and give you an idea of future monthly repayments.

This will include considering all income from a full-time job or extra freelance work, or self employed income, spending on utility bills, loans, credit cards, food petrol and childcare.

A mortgage advisor will have access to the most competitive mortgage rates and will advise you on which first time buyer mortgage is best for you.

The next step is to get a deal agreed in principle with your preferred lender to allow you to make an offer on your dream home in confidence.

When it comes to formally agreeing a first time buyer mortgage you will need to provide the paperwork to back up your financial position and confirm your identity. Your lender will usually need to see:

  • Passport or driver’s licence to prove identity
  • A utility bill
  • Previous three month’s payslips
  • Last three to six month’s bank statements
  • Tax returns or accounts for past two years if self-employed

Tips for getting on to the property ladder with a first time mortgage

The bigger the deposit you save, the stronger the position you will be in when it comes to buying a home and finding a mortgage.

A good deposit may push up the price that you can afford to spend on a property and will put you in a stronger position to secure a wider range of mortgage options.

Financial strength is vital to confidently buying a first home so take steps to make sure your finances are in order. Make sure credit cards and loans are paid on time to protect your credit rating, and that you have analysed your spending to ensure you can afford mortgage repayments.

Research the type of house, size and location that you would ideally want and check that your budget stretches to the property you have in mind to avoid wasting time looking at homes you cannot afford.

Interest can be intense for well-priced homes in sought after areas so make sure everything is in place and you have researched your choice of home well to put you in a good position to make an offer when you find the perfect home.

To make an appointment to discuss taking out a first time buyer mortgage contact AMG Financial Solutions - Staffordshire on 01785 225983 or email stafford@amgfs.co.uk.  

Issued for & on behalf of Market Avenue for AMG Financial Solutions

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