Michael came to us just over a year ago to help him arrange his first mortgage. This is a real-life case study of a first time buyer where we helped arrange the mortgage.
Like a lot of people, I never actually believed I was in a position to purchase a property, the idea of being a first time buyer was alien to me, yet here I am one year on from buying my first home.
My initial thought, when someone suggested I join the property ladder, was that I didn’t earn enough money, however I was soon shown to be wrong.
It turned out I was suitable for a number of schemes which made buying a property much more likely for me and thousands of others.
Steps For First Time Buyers
The steps I went through to become a homeowner were all explained by my mortgage adviser and that made it easy for me. I never had to fill out any paperwork, instead I left this to the mortgage adviser. What made it better was I didn’t have to pay for the advice – the adviser made it clear they were paid from my mortgage lender, at no extra cost to myself.
The process to become a first time buyer was:
- Collect Relevant Documents: This includes wages slips, proof of savings, ID, bank statements etc
- Speak to a Mortgage Broker:There are too many different help to buy schemes and mortgages available to try and understand them all on your own, a broker will help narrow your search and increase your likelihood of being accepted
- Approved in Principle:Once you have been approved in principle by a lender you will have an understanding of how much you can borrow and be able to start viewing properties
- Place an Offer: Once you have found the property you would like to bid for it might be worth running it past you broker to get their opinion before placing an offer with the estate agent
- Get Accepted: Once your offer has been accepted you can pop the champagne, let your solicitor take over and they will arrange a move in date
This was my experience and it can be the same for thousands of others as well, whatever your circumstances might happen to be.
If you are currently working full time then you could be pleasantly surprised just how likely you are to being accepted.
Why Rent When You Can Own?
I was renting a property which cost me £550 per month, it was a small flat (although in a good area), where I couldn’t make any changes to it and I was never going to see that money again.
I now pay £250 per month, I’m able to make any changes to the property I wish, I will eventually own my home and could make a profit from it.
This is why it is extremely important people at very least find out whether they are able to get accepted for a mortgage before assuming they won’t be, like I did.
Check Your Mortgage Acceptance Today
If you would like to find out whether you will be accepted for a mortgage, the first step is to have a conversation with our friendly customer services team and a qualified mortgage adviser.
We will talk you through all the necessary steps and explain the full process in detail, so you aren’t left in the dark at any point. You are under no obligation to proceed, but sometimes it’s helpful to have a conversation with a qualified expert, for free, to understand your options. You may think it’s best to go to your bank for your first mortgage, but a mortgage adviser at Mortgage Advice Scotland will be able to search the whole of the market to determine what options are best for you. Often, we’ll be able to save you time, money and hassle.
The final decision is always yours to make, we simply give you the full information to help you.