First Time Buyers

At AFC Mortgages, we understand that purchasing a new property can be a nerve-racking, complicated affair – specifically if it’s your first-time! There’s a whole lot to consider when – picking the suitable property or home, going through loan providers, surveyors and lawyers… Not to mention the massive selection of accessible mortgages. Our distinct mortgage specialists will not simply help you find the suitable mortgage deal out of the hundreds which are on the market, they will assist & walk you through the strategy of obtaining your 1st mortgage but will also help you with into your new home quickly.

Some tips for first-time prospective buyersBefore even starting up to imagine about making an application for a mortgage, you’ll need to perform the sums and figure out, realistically, whether you’ll be able to manage to purchase an asset. The majority of UK lenders at present needs a minimum down payment of 10% of the purchase value – and a bigger down payment will help secure a superior mortgage offer.
This may amount to thousands of pounds, and can signify a real tripping block up for all those hoping to get on the real estate ladder. Parents / guardians or other members of the family might be able to assist, and there are also schemes (both government schemes and incentives provided directly from housing developers) that can help make your deposit.
You should also be aware of some of the other costs that are involved in buying a home, which can include:
Lender’s fees – Lender’s fees – There’ll be a fees linked to arranging a mortgage and these includes arranagement fees for theinterest rates which can be decided on, and a survey of the property to make sure to the financial institution that the property is really worth money loaned.
Solicitor’s fees – A solicitor (or ‘conveyancer’) should be hired to take good care of the legal procedure, and there could be charges associated for Land Registry fee and local personal searches.
Surveyor’s fees – In case you decide on a more in depth property or home survey in addition to a main survey fixed by the mortgage lender, you’ll have to cover the fee, which could cost 100s ofpounds.
Stamp Duty – This is actually payable via the {solicitor or lawyer}
Other Expenses- Removal costs and/or new home fixtures and fittings.

*”Your home may be repossessed if your do not keep up repayments on your mortgage & We may charge a fee of up to 1% of the advance (payable at completion). This will depend on your personal circumstances, a typical fee would be 0.5% of the advance, for example a loan of £100,000 will extract a fee of £500.00 from which a fee of £250.00 (non refundable) will be payable upon completion of your mortgage application (After DIP) and rest on completion of your mortgage” 

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* Advance Financial Consultants Ltd is an appointed representative with Julian Harris Mortgages Ltd which is authorised and regulated by the Financial Conduct Authority (FCA), Registered in England & Wales 06869802. Data Protection No. Z1792988 Regulated by the Claim Management Regulator in respect of regulated claims management activities.

     "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 "

      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.

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