First Time Buyers

Your journey to homeownership through your first mortgage can be daunting. Preparation is key when starting a mortgage application. It begins with a thorough evaluation of your financial readiness.


Preparing for Your Mortgage Application


Before starting the mortgage application process, you need to assess your financial standing. Start by defining your budget. Understand what you can comfortably afford for monthly repayments. Consider your deposit amount as well. The higher the deposit, the more favourable the mortgage rates may be, that you could access.


Equally crucial is ensuring your credit score is in top shape. Here are some tips to bolster your creditworthiness:


Being on the Electoral Register:
Being on the electoral register strengthens your credit profile, showcasing residence stability.


Managing Debts and Loans:
Paying loans, debts, or overdrafts on time demonstrates responsible financial behaviour.


Building Credit History:
Consider getting a credit card and repaying it on time. Proving to credit companies your reliability as a borrower.


Step-by-Step Guide to the Mortgage Application Process


Step One: Discuss your circumstances with a Mortgage Adviser


This initial step involves discussing your current financial position with an FCA regulated mortgage adviser who will include a discussion around your individual and personal circumstances and discuss your future needs. Following this, the adviser will be able to determine your mortgage affordability and in turn, be able to advise on potential products that may be available to you, subject to a full underwriting assessment by the lenders.


Step Two: Get an Agreement in Principle


A more formal agreement from the lender. It reflects their commitment to providing a mortgage. This is usually based on a deeper assessment.


Step Three: Find a Property and Make an Offer


Once you’ve identified a suitable property, you can make an offer. Usually through an estate agent or directly to the seller.


Step Four: Consult a Solicitor or Conveyancer


Engage legal professionals to handle the legal aspects of the property purchase.


Step Five: Make the Formal Application


Submit a comprehensive application to the lender. Provide detailed financial information and documents for assessment.


Step Six: Exchange Contracts and Complete


Upon approval and conclusion of the necessary legal procedures, contracts are exchanged and completion formally takes place. After this is finalised, you can officially move into your new home!


The first-time buyer mortgage application requires meticulous planning. Make sure you’ve thought about your financial situation before diving in.


If you are looking for advice on your first mortgage application call our team on 01782 617600 or send us an email at