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First Time Buyer Mortgages

Purchasing a home for the first time or moving from one property to another has always been one of the most stressful events in life. It’s even more so in recent times, where lenders have been protecting themselves by tightening their lending criteria, and the mortgage market is now more complex than in the past.

Buying a home is the biggest investment most people will make in their lifetime and understanding the process, from the moment you step into a property for that first viewing, to the day you open the door to the property with your own key can seem daunting.

To help you with making the right decision we have put together some tips for you.

  • When working out how much you can afford to spend on your new house, ensure that you are realistic. It is very important you do a full budget calculation so you know exactly where money is being spent and how much disposable income you have. We advise you get a decision in principle from a lender. This helps you know how much you can borrow and what kind of offer to put down. Always take into consideration on any associated costs with purchasing a property such as conveyancing, stamp duty aand even purchasing furniture for your new home.
  • Sometimes when you are buying a property and have found something you feel is right for you, you may overlook certain details of the property. We advise you take an experienced homeowner such as a family member with you to be your second pair of eyes. Always do a minimum of two viewings preferably one in the morning and one at night. This will give you a good idea of the area.
  • As a homeowner you will also become liable for utility bills such as council tax, water rates, gas and electric bills, so always forecast for these in your budgeting as well.
  • If you are not sure about the council tax banding of the property it is advisable you ask the estate agent you are buying from or even the vendor if you meet them at the viewing. If you would like to re-confirm the banding call the local authority and they will be able to tell you.
  • Make sure you fully assess the area you are buying in. Always remember the 3 “S’s”. Schools, Shops and Station. If you’re property has good schools, local shops and a train station near it is highly likely to be a good purchase for reselling. Please note properties in good catchment areas for schools normally have a higher premium.
  • It always helps to have your new home near your place of work. As we all know travelling is now very expensive and having a property where you can commute to easily or by car may save you a lot of money in unnecessary travelling costs. Also remember these costs need to be forecasted in your budget plan. It is always an option to speak to one of your colleagues and work a rota for driving in to work.

Our qualified advisor would be happy to sit with you and work out your budget planner. Call us today to discuss what mortgages are available to you.

Call LFS on 020 8427 5057 or request a call back

 

 

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

* The Financial Conduct Authority does not regulate some forms of buy to let, secured loans, commercial finance, bridging finance, overseas or offshore mortgages and will writing.
Your initial mortgage consultation is obligation free. We charge an administration fee for processing each mortgage contract and our fees only apply when you decide to proceed with an application. For standard residential mortgage contracts the typical fee of up to 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer . For buy-to-let mortgages a typical fee of up to 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer. For offshore and commercial mortgages a typical fee of 1% of the mortgage loan applies of which £1000 is payable on application with the balance payable on offer. For impaired credit lending the typical fee is 1% of the mortgage loan applies of which £500 is payable on application with the balance payable on offer. The overall cost for comparison is 5.5% APR. The actual rate will depend on your circumstances. Ask for a personalised illustration.

The adivce and/or guidance contained within this website is subject to UK regulatory regime and therefore is restricted to consumers based in the UK.