We're proud to specialise in first-time buyer mortgages, helping people take their first step onto the property ladder and into their very own home. We love our job and helping budding homeowners achieve their dream, although as they say, nothing worth having comes easy! The process of purchasing your first home can be a long and daunting experience but we do everything in our power to ensure that our clients have a smooth ride.
Although many first-time buyers think that the search should start in an estate agent, by meeting with a Mortgage Broker, you'll learn quickly what home you can actually afford and having a bad case of I Can't Afford The House I Set My Heart On is pretty much eliminated! You'll also leave with an Agreement in Principle, a document that confirms the maximum amount you can lend which allows you to act quickly when you find the house of your dreams and this lasts 90 days.
We like to call ourselves human Mortgage Brokers because we are well aware of the stereotype of our fellow industry professionals. If you think you're coming along to a stuffy, unfriendly office with boring small talk, think again, we're super friendly, chatty and very good at our job - if we do say so ourselves! Check out our team and get to know some of our friendly faces.
So, if you're looking for a Mortgage Broker in Liverpool, Wirral or Southport then look no further! Call our team today and see how we can help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTAGE.
The mortgage will be secured by a charge on the property of the customer.
Are You Looking for A First Time Buyer Mortgage? At Right Click Finance, We Help First-Time Buyers in Liverpool, Wirral and Southport Get What They Need to Own Their First Home.
The Five Steps of the First Time Buyer Process
1
1. Affordability
Find out How Much You Can Borrow
2
2. Property Search
Find out What's on the Market
3
Survey
Ensuring Your Property has No Hidden Nasties
4
Conveyancing
Handling the Legal Aspects of Property
5
Home Insurance
Protect Your
Investments
Investments
1. Affordability
How Much Can I Borrow for My First Mortgage?
To calculate how much you can afford for your first home, our Mortgage Brokers will assess your financial circumstances; your income, debt, monthly repayments, day-to-day spending, deposit and help-to-buy isa all go towards finalising this figure. It's arguably the most important part of buying a home as it determines your future from your financial outgoings to exactly what type of home you can afford.
As tempting as it is to begin by looking at homes you think you could afford, those who are truly "in the know" understand that the first step is to book that meeting with a Mortgage Adviser - we're only people too, you know!
As tempting as it is to begin by looking at homes you think you could afford, those who are truly "in the know" understand that the first step is to book that meeting with a Mortgage Adviser - we're only people too, you know!
2. Property Search
Now You Know How Much You Can Afford to Borrow for Your Mortgage, You Can Start to Look for Your New Home
Now for the exciting part! After meeting with your Mortgage Adviser, they will give you an Agreement in Principle which confirms the amount that you are able to lend for your mortgage and lasts for 90 days.
Being a first time buyer has its advantages, you are not burdened with a home to sell and this means sales proceed at a much faster rate which is super attractive to sellers, having an Agreement in Principle supporting this and you're simply irresistible! Book viewings to view a few properties within your budget but don't have your heart set on one particular property, instead, have a basic idea of what you are after. Remember - this is probably not your forever home, it is your first step onto the property ladder.
Being a first time buyer has its advantages, you are not burdened with a home to sell and this means sales proceed at a much faster rate which is super attractive to sellers, having an Agreement in Principle supporting this and you're simply irresistible! Book viewings to view a few properties within your budget but don't have your heart set on one particular property, instead, have a basic idea of what you are after. Remember - this is probably not your forever home, it is your first step onto the property ladder.
3. Survey
Ensuring Your Property Has No Hidden Issues Before You Commit to Buying
Don't judge a book by its cover or a house by its really beautiful wallpaper. Before you make a commitment to a home, it’s important to ensure that you’re not also adopting any problems it may have. A simple walk around the house during a viewing with your estate agent will not suffice in finding serious issues.
Your Mortgage Lender will source a reputable Surveyor to assess the value of the property. It helps protect you from surprise issues and ensures the property is secure enough to loan money for the Mortgage Lender. Although this may seem like just another barrier between you and those keys, this could be a blessing in disguise, just like those ominous cracks underneath that beautiful wallpaper they have!
Your Mortgage Lender will source a reputable Surveyor to assess the value of the property. It helps protect you from surprise issues and ensures the property is secure enough to loan money for the Mortgage Lender. Although this may seem like just another barrier between you and those keys, this could be a blessing in disguise, just like those ominous cracks underneath that beautiful wallpaper they have!
4. Conveyancing
Conveyancing - All the Legal Aspects of Moving Home
Conveyancing is basically a very nice word for what is basically the legal part of moving and owning a home. Unless you're brave enough (and we mean, very brave) to delve into a little DIY legal work, you are going to need some legal help on this part.
To carry out this legal work for your first home, you can instruct either a regular Solicitor or a Conveyancer, a type of specialist Property Solicitor. The choice is up to you but the difference is that Conveyancers exclusively practise property law on a daily basis and have probably seen it all when it comes to the weird and wonderful legalities of property.
Conveyancing begins once your offer on a property has been accepted and covers everything from exchange of contracts to legally transferring ownership of the property and title deeds.
To carry out this legal work for your first home, you can instruct either a regular Solicitor or a Conveyancer, a type of specialist Property Solicitor. The choice is up to you but the difference is that Conveyancers exclusively practise property law on a daily basis and have probably seen it all when it comes to the weird and wonderful legalities of property.
Conveyancing begins once your offer on a property has been accepted and covers everything from exchange of contracts to legally transferring ownership of the property and title deeds.
5. Home Insurance
The Safety Net of Having Home Insurance
Although it isn't a legal requirement, Buildings Insurance is likely to be a condition that is written into the terms of the mortgage by your Lender. It shouldn't, however, be seen as a burden, it's the safety net you need to ensure you're protected if the worst was to happen to the property.
It covers the structure of the building and any other structures including outbuildings such as sheds, walls and fences. You will need to have Buildings Insurance in place on the date that contracts are exchanged. However, to ensure that your property and belongings are covered, then consider Buildings & Contents Insurance, which is an ideal combination for most property owners.
Your mortgage lender may not care if all of your freezer food is defrosted but you certainly will!
The FAQs for First-Time Buyers
Being a first-time buyer is hard work! Here are some of the top questions that we get asked.
The First-Time Buyer Lowdown
1. First Time Buyer Credit Score
Checking your credit score is just one of the ways in which a Mortgage Lender can assess your suitability for a mortgage. It basically shows how successfully you have handled your credit in the past, according to Money Saving Expert, poor handling of credit stays on your record for six years, so it is really important to ensure you make your monthly repayments and on time!
There are ways in which you can improve your credit score, simple things like registering on the electoral roll will help boost your score, it helps to prove you are who you say you are. Living at one address for a long period of time will also help, it's extra peace of mind for Lenders. You can check a comprehensive list of helpful suggestions from Experian.
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2. Other Costs for First-Time Buyers
Deposits are Not the Only Thing You Should be Saving For!Let's face it, for first-time buyers, saving the deposit becomes such an overwhelming commitment that it's so easy to forget about the other costs that you will have to cough up for - even easier if you don't know what they are in the first place!
Alongside your deposit, you will also be expected to pay for the likes of a Mortgage Broker, Home Survey, Conveyancing Fees and Insurance. So, along with putting money away each month for a deposit, it's certainly worthwhile to put funds in a separate place to cover these types of outgoings.
3. The Thing About Deposits...
The 10% May Not Cut It!Many first-time buyers are conditioned into thinking that once you have the 10% deposit, you're ready to go, however, this is not always the case.
A huge part of assessing your suitability for a mortgage is looking at whether you could actually afford the monthly repayments. A Lender may only be willing to lend you 60% of the house price and with your deposit of just 10%, it's up to you to find the other 30%. That's why visiting a Mortgage Broker before looking for houses is the best way to go, you will get to know exactly what you could afford! No more falling in love with houses that are currently out of your price range!
P.S – We’re quite the movers and shakers in our industry, if you need any recommendations for companies who can help with conveyancing, then let us know. Please note this service is referred to a third party. Neither Home Legal Services Liverpool LLP or PRIMIS Mortgage Network is responsible for the advice received.