First Time Buyers In Mansfield

---

We charge a fee of £499 which is payable when your mortgage offer has been issued by the lender. This means that the lender has assessed all your documentation, surveyed the property you want to buy, done all the due diligence that is required and approved your mortgage application in full. 

The process is as follows; we have an initial chat to see if we want to work together and I would explain the benefits of using a local independent mortgage broker, then we would have our first meeting in the office where I gather all the information about your individual circumstances such as address and work history, income & outgoings along with a credit report & the supporting documentation that you'll have brought with you. 

Then I would select the best lender and get you what's called an agreement in principle and subject to that passing you can now start viewing properties. At some point you will find the property you want to buy and negotiate the price you're willing and able to pay. 

Once you have the offer accepted on the property we would then have our second meeting in the office where we instruct the solicitors for you & make the full mortgage application after talking you through the mortgage product you're signing up to in great detail alongside getting the survey instructed, 

Once you've left we then package your case to the lender which means presenting it to them in the right way, sending the documents that we know they'll require and talking to underwriters to ensure they're happy with everything. 

Once the underwriters have had a chance to look at all the documents and the surveyor has sent back their report the underwriter will make a final check that they're happy with everything & assuming they are that is when the mortgage offer will be issued, and that is when our fee of £499 becomes payable. Contact us to talk more in depth about your circumstances.

There's no such thing as the best mortgage for anyone as it's always dependent upon your individual circumstances. There is only ever the best mortgage for you on the day that we make an application taking into account the accurate figures and the property you are buying. 

The one thing that is very important for all first time buyers is to make sure you're properly prepared before you start to view houses so that you don't get disappointed. We recommend having an appointment with us to determine your budget and what that means in terms of costs, fees so you can understand the process. 

This gives you the upper hand when it comes to making offers, as we can get you purchase ready so that when you have found the home you want to buy you're in the strongest negotiating position you can be. Contact us and we can talk you through your options.

The fees that you'll need to budget for when buying a home in our area typically add up to about £2000 - £2500 as a maximum but they can be higher or lower as some of the costs are based on the value of the home you are buying. 

Here is a list of fees you should budget for; this is not an exhaustive list and the fees will be specific to your circumstances but should give you a guide. 

Of course to know exactly what fee's you'll be paying then contact us and we can have a chat through your circumstances

• Legal fees £1200 - £1600 including searches, disbursements and land registry filing
• Mortgage booking fees £0 - £1499 dependent upon the deal and lender
• Broker fee £499
• Survey fee £0 - £1000 dependent upon the level of survey you want or if the lender has any incentives where they contribute to some or all of the cost of the survey

It's usually better to get a mortgage through a broker rather than going direct to a bank or your own bank or building society and there are four main reasons why.

1. Going direct to your bank or building society means they can only look at the products that they can offer you where as a broker has access to hundreds more products. Think about it like this; if your were poorly and needed to see a doctor would you rather see a doctor that can prescribe any medicine to make you better or would you choose a doctor that could only offer one type of medicine?
2. It saves you time, hassle, stress & is usually much quicker to get a mortgage approved with a broker than going direct to a bank or building society.
3. Independent mortgage brokers typically have exclusive deals with some mortgage lenders which means that in some circumstances, we might get you a mortgage with your own bank but with a deal you can't get direct. The reason brokers have exclusive rates is because more than 75% of all mortgage applications in the UK come via a mortgage broker.
4. A good quality mortgage broker won't just find you the best deal for your circumstances; we'll also instruct solicitors on your behalf, make sure that you get the right kind of protection and insurance that you'll need, be there to help push your deal/purchase through as quickly and efficiently as possible and hold your hand until you've got the keys, not to mention, being there to answer any questions along the way and keep all the parties in the transaction working towards to make sure that any potential problems are dealt with before you even become aware of them.

This depends on quite a lot of variables but the minimum deposit you will need is 5% of the purchase price of a home. To get a 5% deposit mortgage you have to have excellent credit conduct for the last 6 years, 

This means you can't have any late or missed payments, defaults, CCJ's or insolvencies to your name. You need to be registered on the electoral roll, ideally not have more than 25% of your gross annual income as debt and be in a stable job or have been self employed for at least 2 years. 

Now that doesn't apply in all cases but it covers most. Of course the more deposit you can save the better deals you'll be eligible for and the quicker and easier it will to get your mortgage approved. 

If you do have bad credit this doesn't mean that you can't buy a home, it just means you'll probably need a bit bigger deposit. The size of deposit you'll need will depend upon the type and recency of when the adverse credit was registered and if it's now been satisfied and paid back along with being able to demonstrate good credit conduct elsewhere on your credit report. 

As a rule of thumb if the adverse credit was over 2 years ago then you will need between a 10%-15% deposit, however we would always recommend getting mortgage advice before you start house hunting so that we can make sure that we can get you the mortgage you will need to avoid any possible disappointment.