Common First Time Buyer Mortgage Scenarios
After working with thousands of First Time Buyers in Hull, we found that the same cases kept popping up that our customers needed our fantastic help with. As part of our free initial First Time Buyer mortgage consultation, we can look at a large variety of things, these can include:
- Working out your monthly budget based on your property price
- Producing a mortgage agreement in principle so that you can back up any offers you make with the estate agent
- Completing your mortgage application through to getting you a mortgage offer
- Explaining the different types of property surveys that are available to you
- Recommending a local competitively priced solicitor with high service standards (if required)
- Running through your mortgage offer(s) to ensure that all your details are correct
- Also recommending any associated insurances with your new mortgage (if required)
Have you Run into any Mortgage Hurdles so far?
We often find that clients who call us had some difficulty one way or another with their bank during the mortgage process, this could be due to multiple reasons:
- Type of property being purchased
- Your income structure and employment type i.e. self-employed
- Buying off or with a family member
- Buying undervalue
- Bank declined or won’t lend enough
- Buying off your landlord
- Something else?
If this happens to be the case, it is important that you don’t keep trying loads of different lenders without being 100% sure of their strict lending criteria. This could have a negative impact on your credit score and may lower your chances of getting a mortgage altogether.
We Work Solely For You
Unlike other mortgage brokers, we are not tied to estate agents, so we work solely for you, with your interests at heart. We aim to deliver that best service as your Mortgage Advisor in Hull work with you and your needs to ensure you come out with the best deal that we can find you.
How Much Deposit Will You Need?
Usually, you will need a minimum of 5% deposit for a purchase. If you are lucky, you could receive a gifted deposit from a family member or friend, this is very common for First Time Buyers and you can read more about gifted deposits here.
We are fortunate in Hull, as we still have affordable housing in reputable areas available to First Time Buyers, so they can take that first step onto the property ladder for a reasonable price. For example, a 5% or 10% deposit is much more achievable in Hull than a bigger city or a similar-sized city down south.
Often, getting a mortgage can work out to be cheaper than renting. Have you considered buying off your landlord? This can be relatively simple with an expert Mortgage Broker in Hull like us if you can get a price agreed.
Are you Looking to Buy Your Council House?
We can help you with this, we offer amazing support when you need Right to Buy Mortgage Advice in Hull. We can also help with your purchase and provide help and guidance throughout the whole application process!
Are you a First Time Buyer in Hull?
As an expert Mortgage Broker in Hull carrying years of valued experience within a local mortgage environment, we aim to deliver that stunning service with every customer. With the use of our in-depth mortgage knowledge, we can try our best to place your mortgage application to the most suitable mortgage lender based on your personal situation.
Contact us to book your free mortgage consultation.