Helping First Time Buyers navigate the mortgage market

Confused about buying your first property and need some help navigating the mortgage market? Our free First Time Buyers’ event will help you by sharing a host of information we’ve picked up over the years. We’ll also be drawing on valuable insights from across the property and legal sectors that will help you take a confident first step on to the property ladder.

This was originally a live webinar but the replay is now available via email.

Here’s a taste of what we be share at our event for First Time Buyers:

Did you know

• Mortgage advisors and brokers have access to mortgages that aren’t available direct from banks or building society websites. Having that range of choices makes it easier to find the right mortgage for you and your circumstances
• Each lender has its own criteria to make a lending decision. So, depending on your circumstances, one lender may refuse your application, while another would decide in your favour.
• Some estate agents won’t let you view properties unless you have a mortgage agreement or decision in principle
• You can get a mortgage if you are self-employed or a contract worker but you need to be organised and prepared
• More than one in three first time buyers have been refused a mortgage (source – aldermore.co.uk)

We asked for some tips from other people on what they wish they’d known before they bought their first house, this is what they said, and we’ll cover some of these topics too:

• Choosing your solicitor carefully
• Asking all the questions to everyone. Don’t feel embarrassed about being that person that asks a million questions. It’s the biggest purchase you’ll make.
• Starting small and well within your means
• A first home always seems expensive but the longer you leave it the worse it becomes –  so be brave, take a risk and go for it!
• Buy the biggest home / best location you can afford.
• View each potential first home twice.
• Save early and do it early, as well as getting a good mortgage advisor…

We worked with a couple who were trying to buy their first property, but had been declined for a mortgage by a high street lender who they had approached directly. They had found their dream home and were devastated not to be able to proceed. The estate agent recommended that they speak to me. At our meeting, the applicant was really fed up and quite off with me. She even said “what’s so special about you, we’ve already been declined”! I asked her to give me a chance as sometimes it’s just about how a case is presented, especially when income sources aren’t standard. To cut a long story short, we did get a mortgage offer for them which meant they got the property that they had set their heart on. We even got invited to the house-warming.  Why the different result? A little bit of help and specialist knowledge. Their mortgage ended up being with the same lender who had declined their original application.  It’s all about knowing how to present the case. This is what we love the most about what we do – being able to help make people’s dreams come true.

We’d love to repeat this experience for another buyer – so if you’re planning your first step on to the property ladder then this event is for you, sign up for the replay using this form.