Helping you take your first steps on the housing ladder
Buying your first home is an exciting time but it can also be a time consuming, complicated and expensive.
Using a mortgage adviser can help relieve some of these issues, reducing paperwork, saving time and ensuring you get the best mortgage deal for your situation, including access to “broker only” deals.
Small difference in rates can have a big impact on your repayments, so it’s crucial to get expert impartial advice to ensure you get the best deal.
As a Boutique firm, we offer you a tailored, personal service. You will be assigned your own Personal Adviser who will advise you throughout the entire process, from start to finish. They will be available to you whenever you have a query or concern or just need an update.
Your personal mortgage adviser will complete all the relevant paperwork for you, liaising with solicitors, lenders and surveyors throughout the process. One application process rather than one for each bank will save you time and reduce the chance of damaging your credit score.
As Independent and Whole of Market advisers, we have access to the entire broker market of 1,000’s of mortgages, and unlike online comparison sites, our advisers tailor your mortgage to fit your personal circumstances – there is no such thing as a “one size fits all” approach.
We are local, based in Bristol and cover the surrounding area. Our expert understanding of the local South West market will help ensure your mortgage goes as smoothly as possible.
The mortgage process can seem daunting for First Time Buyers – it is often the biggest financial decision made in life so far and the process can be quite complex. However, using a Mortgage Adviser not only makes it more straightforward, but you will have someone to explain every step of the process to you. And by using a Regulated adviser you have peace of mind that you are getting quality advice.
We answer some of our most commonly asked questions below. But if you would like to know more then please get in touch and we will be happy to answer any query you may have.
Another key question and one that will determine the budget for your first home, is how much you’ll be able to borrow from a mortgage lender. While in the past, this was simply decided by your income – lenders would lend roughly up to three or three and a half times your annual income – in recent years other factors are taken into consideration as well
Lenders are increasingly focused on affordability, so they will take monthly commitments into account such as loan repayments and car finance. However, if you pay a bigger deposit then you may be deemed less risky and allowed to borrow a little more. Your credit history is also influential in determining how much you can borrow.
As it’s your first time purchasing a property, you’ll likely have many questions about the mortgage process and how it works. Let us break it down for you:
The first step in obtaining a mortgage is to arrange an appointment with an independent mortgage adviser who can look at the whole of the market to get you the best deal. The adviser will begin by discussing your personal circumstances and potential eligibility for a mortgage, taking into account different factors. They can then advise you on potential options, repayments and different types of mortgages.
With your permission, the adviser can pass the information on to a lender to apply for an agreement in principle, which is a document outlining how much a lender is prepared to lend you for a property. It should be noted that this is not a formal mortgage offer as the lender will require a satisfactory property valuation and may also be subject to change if your personal circumstances alter in any way. This means you’re ready to go out and start making offers on properties.
Once you’ve had an offer accepted, you should contact your mortgage adviser, who will gather all the purchase details, advise you about documents to prepare and take you to a meeting to apply for the full mortgage. It can take up to three weeks to get a mortgage approved.
Guarantor mortgages are an option for first time buyer. They enhance your borrowing power as a guarantor is provided to the lender, so if the borrower stops repaying the mortgage, the lender can chase guarantors for the missed payments. This makes you less risky as a borrower and as such more likely to successfully apply for a mortgage.
Not all lenders offer guarantor mortgages and there can be a more restrictive lending policy in place for those that do. Get in touch with us if you’d like to find out if this could be a good option for you.
Most mortgages are arranged on a (capital) Repayment basis, which means every month you’ll pay a certain amount of the borrowed amount back along with the interest amount. The interest amount is calculated as a percentage of the total borrowed amount.
If you have a fixed rate mortgage, the interest rate on the amount you have borrowed will remain the same for a certain amount of time.
With a variable rate, the interest rate could change from month to month. Most tracker rates follow the Bank of England base rate.
If you’ve never owned a property before, and are interested in making your first purchase a buy-to-let, you may be limited as many buy-to-let mortgages require you to own your own property before they will offer a buy-to-let mortgage.
It’s worth contacting a mortgage adviser to fully understand the options available to you.
Leaf Financial Advisers Ltd is entered on the FCA register under reference 944216.
Leaf Financial Advisers Ltd is registered in England and Wales, Company number 12950412. Registered office: 39 Cromwell Road, Bristol, BS6 5HD.
Leaf Financial Advisers Ltd. is an appointed representative of Julian Harris Financial Consultants, which is authorised and regulated by the Financial Conduct Authority, FCA number 153566.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.
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