First Time Buyer
At Jigsaw Money, we have expert mortgage advisers that specialise in first time buyer mortgages. If you are purchasing a property for the first time, getting the right mortgage advice is crucial.
Where to start
You should find out how much you will be able to borrow before looking for a property. A meeting with an adviser will allow you to know how much you could borrow, how much deposit you will require and approximately how much your mortgage repayments will be.
This information will allow you to find a property that is just right for you.
What Lenders will need
Lenders like to get an understanding of your lifestyle and spending habits. There are several areas that the lenders look at in detail:
Most lenders will lend up to age 70 however a small selection of lenders will lend over this age. Your age matters as this determines how many years you can take your mortgage over.
Lenders need to know how much income you have this can be made up from many sources including the following:
Employed or Self-Employed income
Bonuses, Overtime and Commission
Child Benefit, Child and Working Tax Credits
A lender will need to take in to consideration any financial commitments that you may have that will be continuing after your mortgage completes. Commitments could be any of the following:
Credit Cards and Store Cards
Loans and HP Agreements
Buy Now Pay Laters
School Fees or Child Maintenance Payments
You’ve found a Property, What do you do now?
Once you have found a property, you will need to arrange a meeting with your Jigsaw Money Mortgage Adviser. In your meeting you will discuss your mortgage requirements in full and your adviser will research the whole market to find the mortgage that meets all of your requirements.
Once the right mortgage has been found, your Jigsaw Adviser will submit your mortgage application. They will deal directly with the mortgage lender to make sure that all of their questions are answered and all their requirements are satisfied. The lender will also instruct a valuation which they will arrange directly with your estate agent. Your Jigsaw Money Adviser, will make sure that you are kept up to date throughout the whole process.
If you want to start the house purchasing process, contact us today!