Scary isn’t it? Buying your first house. So many things to consider, so many boxes to tick and forms to complete. It’s a good job you can get someone who’ll be with you every step of the way… asset plus+ won’t stop until your are sat in your new house having a cup of tea!
It’s widely recognised that buying a house is one of the most stressful things you can do – but it’s also one of the most rewarding and satisfying. Sleeping under your own roof, being able to choose your own wall colours, and living by your own rules.
asset plus+ know that buying your first house and getting your first mortgage can be scary to think about.
…but when we get involved, as well as finding the right deal for you, our goal is to take that stress away and help you achieve your dreams.
We’re always accessible and unlike others who lose interest when the money’s sorted, we are with you all the way – right through to that first cup of tea, in your very own kitchen.
asset plus+ have helped me to get my first mortgage on a property valued at half a million pounds. I have also been able to secure another mortgage on my limited company with just a years’ account. asset plus+ have helped me to get onto the property ladder through prudent financial advice and guidance.
Common questions from first time buyers
As it’s your first time, you’ve probably got a load of questions to ask.
We handle “first time buyers” regularly and have a really good understanding of what you want to know… which is why we’ve listed those “frequently asked questions” here.
How much can I actually borrow?
Don’t waste time with online mortgage calculators; these can be inaccurate and not a true reflection of what you can borrow. At asset plus+ our experts know that the amount you can borrow is very much dependant on your own individual circumstances. Lenders will look at whether you are buying jointly, what you earn and what your monthly credit commitments are and often the amounts they will lend to you can vary greatly! By talking to asset plus+ before you start house hunting will give you the confidence you can afford that dream home!
What is it going to cost me?
There are 2 parts to this question:
What are the upfront costs and secondly what will my monthly commitments be?
Upfront costs include a deposit, solicitors fees, survey and mortgage arrangement fees. (Due to latest legislation, stamp duty is now only payable on properties over £300,000 for first time buyers.)
All these costs are calculated based on your own personal circumstances. Therefore rather than providing generic costs, pick up the phone and have a chat with our advisers to know accurate costs.
How do I buy a house?
Assuming you have accumulated savings to consider buying your first home, your first step should be to speak to our experts at Asset Plus. We will guide you through the entire process, from working out what you can afford, providing the estate agents with proof of your affordability; known as an Agreement in Principle, to sourcing the right solicitor, we will be with you every step of the way.
Will I be accepted for a mortgage?
A lender will assess you on 3 areas; an assessment on your historic credit history and how you have conducted your finances, your affordability to repay the loan and the security of the property you are borrowing against. Across the whole of the market, every lender has individual application criteria that decides whether they will accept you for a loan. By providing full information to our advisers (see “What do I need to Supply”) our experts can review your information and recommend a lender that is most suitable for your circumstances.
What do I need to supply?
Given the large sums of money involved in taking out a mortgage, and in addition to be able to provide a minimum deposit of 5%, lenders will require proof that you can afford to pay the loan. By being able to provide all this information from the start can speed up the application process.
Download our document checklist for all information to bring with you on your first appointment.
How long will it take?
Unfortunately there is not an exact answer to this. Many factors such as buying a leasehold property, being part of a large buying chain or even your vendor not having found a suitable property to move on to, can all cause delays within the home buying process. By using Asset Plus, we will work with you, the solicitors and estate agents every step of the way to get you into your new home as soon as possible.
Can my parents or someone else help me?
“The bank of Mum and Dad” is becoming a very common option with property prices continually increasing. First time buyers needing the help of their parents or third party to fund a deposit, become a guarantor, or even taking joint mortgages. With lenders now recognising these requirements, not only for the first time buyers, but also keeping the options as flexible as possible for the parent or third party. asset plus+ can help you fInd the best options to suit your individual circumstances.
Help To Buy/Shared ownership?
With legislation ever changing on government schemes including Help To Buy and Shared Ownership schemes, it is best to get expert advice before you start to consider buying. Let asset plus+ guide you through the eligibility rules.
My income is not straight forward can I get a mortgage?
Whether you are self-employed, a contractor, work for an agency or are starting a new job, there are lenders that will consider lending based on your circumstances. However, the mortgage market is continually changing, as is each lender’s criteria. Talk to our experts at Asset Plus, who remain up to date with the market and can find the right mortgage for you.
How do I know if I can get a mortgage with my credit history?
Lenders use credit history to not only look for adverse credit such as payment defaults, CCJ’s or Bankruptcy, but also to see your current financial commitments. With this information, every lender will consider whether they will lend and how much they will lend you in very different ways.
It is worth noting, however, that when most lenders access your credit report, it will leave a visible footprint. Too many of these – especially if you have been turned down – can have a negative impact on your credit score and subsequently affect how you are viewed by other lenders.
As an established brokerage for over 25 years our advisers are experts at keeping track of lenders strict eligibility criteria and can guide you to the right lender with minimum impact on your credit score.
A good place to start is by downloading your credit score for free at: www.noddle.co.uk or www.experian.co.uk
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We are Experts – we know the market and the people we serve. We are Bespoke – every person and circumstance is unique – and needs to be treated as such. We are Transparent – we keep you informed every step of the way. We are Accessible – we’re approachable, local & friendly, and look to build great relationships with our customers – not keep them at arms length through call centres and anonymous communication. We are Invested – it’s about knowing that there is a bigger story, understanding what it is, and helping you achieve your dream. We are more than just an Asset – because we know it’s about more than just the money...
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asset plus+ Mortgage Solutions is a trading style of asset plus+ Financial Ltd, an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. asset plus+ Financial Ltd is registered in England no: 05859399. Registered Address: Umpleby Accountancy, Basepoint Business Centre, Bridge Road, Haywards Heath, West Sussex RH16 1UA.
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