First Time Buyer Mortgage Advice

Your home may be repossessed if you do not keep up repayments on your mortgage.

Buying your first home can be exciting, daunting and confusing. At Derngate Wealth in Northampton, we are experienced mortgage brokers for first time buyers, taking the hard work out of applying for a mortgage. We will guide you through the process from start to finish, helping you to understand everything required in order to secure your first home.

At Derngate Wealth, we can offer first time buyer mortgage solutions and advice, ensuring that you get the most suitable deal based on your circumstances. We will help you to determine how much you can afford to borrow based on how much deposit you have, and work out your fees such as conveyancing and stamp duty. In addition, we will help you to understand what your monthly income and outgoings will be like when you buy your first home.

Over the last year lending criteria has relaxed somewhat, with lenders now reverting back to offering mortgage products that require only a 10% deposit (subject to status). However, you need to remember that the lower the deposit, the higher the monthly repayments.

Once we have taken all of this into account and worked out how much you can afford to borrow, you can then use this knowledge to find the right property and make a realistic offer, knowing that you will meet the lender’s affordability requirements.

Our top tips for first time buyers

  • Be realistic in working out how much you can afford to pay in mortgage repayments each month and don’t forget to budget for council tax, utility bills, food, insurance and luxuries and take into account furnishings, renovations and decorating costs.
  • Seek an ‘agreement in principle’ from the lender, as this will allow you to be sure of your maximum offer price when you find a property.
  • When viewing properties, take an experienced buyer with you as they may pick up on things you may not know to consider.
  • Check what council tax band your property falls under. The estate agent should be able to tell you what this is.
  • Check the school catchments, even if you do not have children it will be easier to sell a property if you are within a good catchment.
  • Make sure you are aware of local public transport and road links and, if possible, try and buy a home close to where you work to minimise commuting costs as this can be one of the biggest household expenses.
  • Before making a final decision on where to move to, research the area and find out what local amenities are on offer, including restaurants, bars, sports clubs, cinemas, parks and shops. It could differ vastly from where you currently live, so make sure you are aware of the key facilities.
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