Worries Of A First Time Buyer

The pressure of being a first-time buyer is overwhelming and feeling like you need to know every step is common. But this is why mortgage brokers existing! To take the stress away and teach you what you need to know! Buying your first home is a big step and can seem impossible for some people, so here is some common questions that we hear from our first-time buyers, to help you realise that you are not on your own!

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What is the minimum deposit I will need?

5% ! So lets say you see a house at £100,000, you will need 5% deposit which would be £5,000. There is one lender who has a no deposit option for those who rent, with a tight criteria to meet, so give us a call and ask us about 100% mortgages if you are currently renting.

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Do I need to get an AIP first before viewing houses?

Yes, we always advise to get agreed in principle (AIP) first before viewing houses because the first thing the estate agent will ask you is "Can you send us your AIP" which proves you could possibly get a mortgage for the house you are wanting to put an offer in on.

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Do I need to have a solicitors to buy a house?

Yes! You will need a solicitor. You can call local ones around you and ask them for a quote, they will ask for your details, the purchase price of the house you are buying and the address to be able to quote you. However when using Just4Mortgages we can provide you quotes to help make it as stress free as possible. We will even instruct the solicitor for you when you are ready and help fill in your solicitors paperwork.

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How do I know which bank or Building Society to approach for the mortgage?

This is why having a whole of market mortgage broker is important. Many first time buyers will just go to their bank and ask them. However the problem with this is they can only offer you their products and you will need to meet their criteria. Your banks mortgage products may be a lot higher than others on the market and their criteria may not suit you. Whole of market brokers will do the searching for you and find the best rates for you as well as finding a criteria that matches your circumstances. Lets say you have changed jobs within the last 3 months, you approach your bank, but they say no due to your recent job change and then you are back at the starting line trying to find a lender who will accept you. Brokers will use the information you tell them to find a lender who will accept it. Saving you time, stress and feeling disheartened.

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📩Admin@just4mortgages.co.uk

☎️01623 622611

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