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Mortgage Advice Center

The Mortgage Advice Center is a Communication of Anderson Lloyd Llp. Anderson Lloyd Llp is Directly authorised and regulated by the Financial Services authority.

Mortgage Advice Center

Mortgage Advice Center
Mortgage Advice Center

 

 

Mortgage Advice Center - First Time Buyer Mortgages

Intro

 

financial_advisorThere are advantages of being a first time buyer despite the soaring house prices. Lowest interest rates in the last 30 years, lenders who are strongly competing for custom and you will not be part of a chain which will be appealing to sellers of there homes.

How much can I borrow ?

 

Before you start looking for a home you should know the size of the mortgage that you can obtain. A good start is to contact us so that we can search across the whole market and find the best deal for you, give you an idea of what you can afford and to obtain an agreement in principal that confirms the loan amount. Having an agreement in principal gives you more leverage to putting an offer in on a home, it confirms that you can obtain a mortgage of the required size.

The Mortgage Process

 

Once you have found you suitable property you make an OFFER, an agreement in principal here can give you leverage. The estate agent will keep you informed of any other interested parties. After the offer your mortgage advisor will send a full application form into the mortgage company after discussing which is the most suitable for you. You will need to show

  • Proof of identity - Passport or driving license
  • Proof of residence - 2 recent utility bills

 

If you application is successful then the mortgage lender will send you a formal offer which will highlight the conditions of the mortgage. Your solicitor will also receive the letter of offer which will state that they can go ahead with the legal matters.

Lastly at the signing of contracts you are legally binded to the purchase of the property. You will have to pay your deposit and sign the acceptance of the loan offer.

 

Mortgage Advice Center

 

USA first time buyers can visit

MortgageFit Community - A source of latest mortgage news.

 

 

Think Carefully when securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.