First Time Buyer Mortgage Advice | Beverleymoneyman

First Time Buyer Mortgage Advice in Beverley

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We will be there to support you throughout the mortgage process!

With mortgages being a large financial commitment, it is understandable that a First Time Buyer in Beverley can see the process as a little daunting. This is why we are here as your friendly Mortgage Broker in Beverley to provide you with a service that aims to make the process as stress free as possible.

 

Here at Beverleymoneyman, our team not only provide you with an expert mortgage service, they believe in providing hands on support through your mortgage journey. We always strive in making the process straightforward and ensure you are well informed by your designated Mortage Advisor in Beverley.

The amount of deposit you need for a mortgage in Beverley

This all depends on your credit score. Usually, we find that first time buyers have a good credit score which results in them having brilliant access to mortgage rates and putting down a lower deposit, this could be as low as 5% of the purchase price.

 

For first time buyers with a much lower credit score, you may be limited to only higher rates which would mean you need to put down a higher deposit. This can vary between 10-15%.

 

The amount of deposit you will need to put forward will vary depending on the type of property you are looking to buy. For instance, if your property is more expensive, you may need to be down a larger deposit.

Are there any ways to help me get onto the property ladder in Beverley?

There are government schemes out there if you are struggling to reach the minimum deposit required for a mortgage. These schemes are designed to help first time buyers to get onto the property ladder.

 

The scheme that is available at the moment includes the Help to Buy Equity Loan, Shared Ownership, Mortgage Guarantee Scheme, the First some Scheme, as well as many more. All of these were introduced with the purpose to help home buyers behind their mortgage journey. These all do require an eligibility check, which is where a Mortgage Broker in Beverley can help.

 

If you are looking for further Mortgage Advice in Beverley as a first time buyer, along with further detail about the government mortgage scheme, we offer all our customers a free mortgage appointment. Simply book online or contact our team and we can connect you to one of our expert Mortgage Advisors in Beverley. They are able to see if you are eligible and help you apply for your mortgage.

 

How does it work?Get a quote nowMeet your advisor

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First Time Buyers – Some Popular Scenarios

Utilising over 20 years of experience in the mortgage industry, our Mortgage Advisors in Beverley have an excellent reputation in helping lots of First Time Buyers in Beverley start their mortgage journey.

 

Because of this, there is a rare case where we haven’t encountered a situation before. Below we have collated a list of common first time buyer questions we regularly encounter from customers when they get in touch with us:

What will my costs be? How much can I borrow?

This is one of the most common questions we get from First Time Buyers in Beverley as they are wanting to know how much they can borrow and their monthly costs.

 

The good news is that your designated Mortgage Advisor in Beverley can provide you with a rough amount to give you more of an idea of the amount.

I’ve seen a property that I like – What’s the next step?

Next, it’s time for you to get an Agreement in Principle which is also known as a Decision in Principle, Mortgage in Principle, DIP or AIP.

 

An Agreement in Principle shows that you have passed the lenders initial credit check.

 

By having this document with you can show the seller that you are in a more serious position to proceed which can increase your chances of getting an accepted offer. Overall, this can put you in from of many other buyers.

 

Here at Beverleymoneyman, we can get an Agreement in Principle sorted for you usually within 24 hours of your initial appointment.

My offer got accepted, and I am interested to proceed with my mortgage application?

Firstly, you need to contact your Mortgage Broker in Beverley to pass on the good news. From there, our team can proceed with your mortgage application and sort out the paperwork on your behalf.

 

Sometimes the mortgage journey can come with its hurdles, however, your dedicated Mortgage Advisor in Beverley will have encountered a situation similar before and will know what the solutions are.

My bank turned me away, can I still get a mortgage?

In the unfortunate case where you are turned away from your bank just know that this can be a common situation amongst many First Time Buyers in Beverley. This can be down to many different reasons.

 

At Beverleymoneyman, we have specialist advisors in Beverley will strive in finding you a solution for any problems you may encounter in the midst of your process.

Reasons to choose us as your Mortgage Broker in Beverley:

Being a Mortgage Broker in Beverley, we are proud to provide a high level of service to first time buyers. Your dedicated Mortgage Advisor in Beverley will be there to provide a helping hand from your initial call all the way to getting the keys to your dream home. They are there to answer any questions you may have about your mortgage.

 

One thing that differentiates us from high street banks is that we have access to a large panel of lenders which allows us to search through 1000’s of mortgage deals to find a product that is fitting for your situation.

 

Our team are here seven days a week and work hard to provide a stress free service that will always find solutions to any hurdles we face along the way.

 

Check out our brilliant customer reviews, they provide a customer insight on how we have helped many first time buyers on their mortgage journey. Our aim is to provide a service that leaves you feel stress-free and satisfied with your mortgage outcome.

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Common mortgage
questions

Your free mortgage consultation in Beverley will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed, and you can decide whether or not you wish to go ahead.

As your Mortgage Broker in Beverley, we carry out a Fact Find to establish your personal needs before recommending the most suitable mortgage for you. A credit check is then required for an agreement in principle. Once you have provided all the relevant documentation and a property valuation has been undertaken, a formal mortgage offer can be issued.

We advise you to obtain an Agreement in Principle before property viewings in Beverley to avoid potential disappointment. At the very latest, we would suggest that you get one before you make any offers to put you in a better bargaining position. As a responsive Mortgage Broker in Beverley, we can typically obtain an agreement in principle within 24 hours.

An Agreement in Principle will last for between 30 and 90 days, depending on the lender. If your Agreement in Principle expires before you can use it. Don’t worry; speak to your advisor, they can make it valid again.

Depending on your circumstances, if you’re looking to achieve something like debt consolidation or home improvements, then you may be able to take out a second mortgage on your property. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.

A high street lender will require you to put down a minimum deposit of 5% of the property purchase. If you have had credit problems in the past, this may be higher.

If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may require you to put down a higher deposit than expected.

Once you have submitted at least one year’s accounts moves you along the process, allowing you to obtain a mortgage in Beverley potentially. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.

For an employee to prove their income, it’s usually three payslips and the last two years’ accounts if you are self-employed. You will also need to provide proof of ID, address and the previous three months’ bank statements.

Generally speaking, our free mortgage consultation lasts around an hour or so. Additionally, we can turn around an agreement in Principle within 24 hours. But it takes three weeks on average for a formal mortgage offer to approve.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Beverleymoneyman.com & Beverleymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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