First Time Buyers

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1st Time Buyers: Understanding the key elements

We have several advisors who specialize in mortgages for First Time Buyers.

Buying your first home is one of the most important and most exciting decisions you will ever make. A Mortgage may also be the longest-term undertaking you will ever face! Taking best advice is really essential.

It can also be a most rewarding investment for you and your family. It is absolutely important that each step is well thought out, and that you get the best advice along the way.

Choosing the right mortgage is as important as choosing the right property to suit your needs.  americanhomeprideservices.com has lined up a large number of specialist qualified financial advisors to help you find the best mortgage and our advice is absolutely FREE.

We have chosen our advisors very carefully. They are fully qualified, experienced and they all comply with our stringent Customer Care Code.

Our advisors understand that 'First Time Buyers' need additional help at every step. They will give you the benefit of their experience, having helped many others in similar situations.

Here are a few general guidelines, but once you've completed our simple enquiry form, one of our advisor will call you and guide you comprehensively, answering all your questions.

How Much Can I Afford?
A general rule used by most lenders is that you can borrow up to 3 times your annual income or two and a half times a joint income. Some lenders will happily lend you more than that. Our advisors have access to information on every lender and will identify the best mortgage according to your circumstances. Deposits

You will normally need to pay a deposit of 5% and this is payable at the time of exchange of contracts.

Survey of the Property.  It is normal practice that most lenders will commission a survey of the property before they will give a final YES to your application for a mortgage. You can also ask the lender if they will give you a copy of the surveyor's report. You may even commission a more thorough structural survey of the property for your own use.

Solicitors
Most people employ a Solicitor or Licensed Conveyancer for the following services:

  • to complete the legal formalities of conveyancing (i.e. an exchange of contracts, thereby transferring the property from the seller to you).
  • to securely handle the transfer of the monies including the lender's cheque (usually for many tens of thousands of pounds), and obtaining the house keys for you.
  • to search the Land Registry and Local Authorities records to make sure that your first home is not encumbered with any hidden secrets. These searches will show if your next home has been built upon any disused mines, or have any restrictions on use. BUT...these searches may not inform you if a nightclub or a new motorway is being considered nearby. Always ask! and filing your "Title of Ownership" with the Land Registry.

Our advisors will point you to a reliable firm of solicitors to take you through the process. You are also free to shop around and to compare fees from one Solicitor to another. Remember a lower fee is not the only thing you should consider. A reputation for efficiency and reliability can be much more important. Mortgage Guarantee Insurance

This is popular these days with Lenders. This is an insurance policy that you pay for, but which actually protects the Lenders if the property should, for some unusual reason, lose a lot of its resale value in the future. Buildings & Contents Insurance

Most Mortgage Lenders want to see a certificate of Buildings Insurance for the property as part of their requirements. Your solicitor will find out if the seller has a policy currently in place. You may be expected to pay for the remaining period of this policy and to transfer this policy to your name. You may like to buy a separate policy.

Most insurers offer to extend the Buildings policy to cover your home contents. This is not a legal obligation and is only to protect your possessions, if you wish to do so. In fact you can start a Contents Insurance policy at any time, even from a different insurer. There are different classes of Contents Insurance, covering accidents that damage your furniture, carpets, etc, or covering specific items of high value.

Some insurance policies allow business to be conducted in your home, some do not - so be sure to check!

Don't forget, first time buyers do not have a property to sell and can usually complete their purchase quicker than people moving home. Use this fact when negotiating the purchase price of your new house - you will rarely be in such a strong negotiating position again!

Finally - You are a first time buyer. Decisions you make will affect your life for many years to come. A good professional advisor is therefore crucial.