Although it's unbelievably exciting, buying any home and accessing the property ladder can be daunting, especially for first time buyers.

Believe it or not, It doesn't have to be!!

At the Mortgage Lady UK we aim to make everything as stress free as possible by taking on the bulk of the hard work for you, so you don’t have to. How we do this is by keeping you informed and updated throughout the whole process and guiding you throughout.

We have put together some of the most frequent questions and how we answer them below.
 

 Q1. Can I get a mortgage?  

Answer; if you have a deposit in place either gifted or in savings, have some sort of income (hint: this can be self-employed income, see our recent post here) and you are over the age of 18, the answer is more than likely yes. Having said this every case is different, and different circumstances will apply across the board, so I would urge you to speak to a whole of market mortgage broker like the Mortgage Lady UK. There is also new schemes out all the time, some of the recent ones will even lend @ 100% ( no deposit ) if you have " bad credit" this also normally fine. 
 

Q2. How much can I borrow?

Answer; Lenders all have different income multiples, and it's all worked out on different stress levels by the bank. Some will take overtime and bonuses as a 100% income and some won't use them at all or will only use a percentage of them. It really just depends on circumstance.

This again is the same with government benefits.

The banks will also factor in the credit you currently hold such as loan repayments, credit cards and student loans etc.

The term of the mortgage (amount of years you take the mortgage for) and the initial fixed term (if you decide to opt for a fixed term product) are also considered as factors in how much you are allowed to borrow.

Some lenders will let you go over the age of state retirement if you are going to work after it and some won't.

Again, the benefits of seeing a whole of market broker is massive as we cut out all of this work for you. So you know you can happily go and find your new home without the stress of not knowing whether it's affordable or not. 
 

Q3. How long will it take? When can I move in to my new home?

Answer; This also has a lot of different factors. If you are buying a house that is empty, this means there isn't a chain. If there was a previous owner of your new house, a chain will form, meaning you will likely experience delays with your move in date as you will be involving the current home owners. Chains can be from two houses to twenty houses and beyond, and can make things a little more complicated in terms of a move in date. The longer the chain, the longer it takes to move. If everything goes to plan, the average timeframe is eight to sixteen weeks from start to finish. 

Q4. What type of survey can I get as a first time buyer?

Answer; Most lenders offer a free basic mortgage valuation or a mortgage valuation at a small amount of money (two hundred pounds or less). A mortgage valuation is NOT a survey though and you are not covered by that valuation if anything goes wrong when you get into your new house. If you opt for a level 2 or 3 survey and the surveyor does not highlight an issue to you, there is a route for you to go down if there is an issue along the way. CAVEAT EMPTOR! buyer beware.

If you check out our Surveys page here for more information regarding this. 

Q5. Do I need to take out insurance?

Answer; YES! Insurance is something we all need but hope we never get to use it.

The younger you are, the cheaper it is.

The truth is, most of the UK have minimal savings ( not enough to cover 6 months bill payments it off work) and also don't get enough (if any ) employment benefits such as life cover, health insurance, critical illness cover and income protection.

We factor everything into your affordability so that once you are in your new home, you stay there, even if something horrible happens.

Note: Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
 

If you’re a First Time Buyer ready to take the leap, or if you still need some more answers to any of the above questions, please do not hesitate to get in touch for a bespoke consultation with one of our experts today!