How is the mortgage process different for First Time Buyers?
It can be quite overwhelming as a first-time buyer – you haven’t been through the house purchasing process before, and mortgage lenders do use quite a lot of strange terminology and acronyms.
It can be quite daunting to someone buying their first property. The process is slightly different because you’re not selling one property to buy another one. This is your first purchase – that makes it slightly easier in that you haven’t got to rely on the sale of your existing property going through.
There’s lots of information to take in and learning to do. You’re not sure how long it’s going to take. That’s what we are here to help you with – not just finding you the most suitable mortgage deal but also helping you through that process.
How much can a First Time Buyer borrow?
Every lender has different criteria and affordability calculations. So our role is to understand your circumstances, such as how long you’ve been employed, whether you’re paid weekly or monthly, the amount of deposit, expenditures and your personal background.
We’ll look at whether you get a basic salary or bonuses or commission and take that into account alongside your existing commitments. That might be whether you have children or a car on finance, personal loans or credit card debt. It can all impact how much a lender is prepared to let you borrow.
Once we have taken all of that information into account we can come back and suggest how much you would be able to borrow and how much that’s likely to cost a month. We will always make sure that it is affordable.
Once a mortgage recommendation is made and you are ok with it, an agreement in principle will be obtained for you. This is effectively a certificate from a lender to suggest that they would offer you a mortgage. That’s based on the information that we’ve provided to them. We will generate an agreement in principle for First Time Buyers before you go out to look at properties. In summary, a Decision in Principle is a certificate from a lender that says based on the information provided we are likely to give you a mortgage for a certain amount.
Robi Finance Ltd
4 Pelham Court, Cambridge CB4 3TD, Tel no: 01223 560 472 – 07956827018, Email: [email protected]
The company is registered under Reg No:14639627 in England and Wales.
Robi Finance Ltd is registered with the Information Commissioner’s Office under registration reference: ZB477056 Copyright © 2021. All Rights Reserved.
Robi Finance Ltd is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the financial services register (https://register.fca.org.uk/s/) under reference 995310.
The FCA does not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
Not all services we offer are covered by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The information, advice and/or guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
A fee will be payable for arranging your mortgage with Robi Finance Ltd. The amount of the fee will depend upon your circumstances. Your consultant will confirm the amount before you choose to proceed but we estimate it to be around 0.65% (min £499). The initial consultation is free.
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after the completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commissions at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
How To Make a Complaint: It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you wish to register a complaint, please write to; Compliance Department; Connect IFA Ltd, 39 Station Lane, Hornchurch, RM12 6JL or call: 01708 676110. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk.
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