Taking your first step onto the property ladder
Buying your first home is an exciting milestone! We understand it’s a big commitment and that taking your first step onto the property ladder can be a daunting task.
Here at Coast & Capital, our specialist mortgage advisers will guide and support you from start to finish and help make purchasing your first home a reality
First time buyer mortgages. We’re here to help and advise.
10 steps for First Time Buyers
(This reflects the process in England & Wales)
Check your credit report, finances & paperwork
your credit score is important when it comes to getting a mortgage. Check that you are on the electoral roll, that all your account details and payments are up to date and registered to your current home address. Try to avoid applying for any other credit leading up to your mortgage application.
Save for a deposit
A Help to Buy or Lifetime ISA could enable you to claim a 25% top-up from the Government. Family can also help with a gifted deposit. The bigger your deposit, the better the rates you’ll be eligible for.
Find out how much you can borrow
Speak with a mortgage adviser here at Coast and Capital to see what your budget could be and how much deposit you’ll need.
Obtain a mortgage Agreement in Principle (AIP or sometimes referred to as a Decision in Principle DIP)
from your mortgage advisor. This is confirmation from a lender that they would, in principle, be willing to lend you a certain amount. It shows the seller and Estate Agents that you are serious buyers that can afford the property and can put you one step ahead of other buyers.
Start house hunting
The exciting part! Register with local estate agents and sign up to alerts from sites like Rightmove and Zoopla.
Make an offer
This is the negotiation stage, and it helps if you have your Agreement in Principle to verify your financial position. We are also happy to speak to your Estate Agent on your behalf to confirm your affordability on the subject property. If you’re lucky to have your offer accepted you’ll then be asked to instruct a solicitor.
Apply for a mortgage
We’ll do the hard work, researching lenders based on your personal circumstances and submit an application with the chosen lender on your behalf. We’ll liaise with you on what documents are required and keep you updated at every stage so you have one point of contact throughout the process.
Legal work
You’ll need to appoint a conveyancer / solicitor to handle the conveyancing of your purchase. For more information on the conveyancing process can be found here.
Exchange contracts
This legally commits both you and the seller to the sale of the property. It’s the penultimate stage before legally owning your first home!
Completion
Moving day!
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An experienced team of mortgage experts
At Coast & Capital Mortgages, we pride ourselves on being a small, dedicated team with a wealth of experience in the mortgage industry. With expert knowledge of the market, alongside our close relationships with lenders, you’re in good hands!
