First Time Buyer Mortgages

First Time Buyer Mortgages


There is nothing more exciting than buying your first home. Despite this, it’s easy to feel a little overwhelmed with information when you start looking into a mortgage; whether it’s terms like fixed or variable rate, interest only and loan-to-value being thrown around or just trying to figure out the whole process.


We’re here to provide advice for first-time buyers, taking you through every step of the application – from finding the right mortgage, completing the application and acting as your guide from the beginning, right through to when you collect those keys.

How we help

We’re here to make the process as simplified as possible. Buying a house can be daunting, so we’re here to share in your journey.

We’ll talk you through your options from the very beginning and continue supporting you right up until moving day. If your mortgage needs were to change in the future, we can continue to support you then as well.

As an independent mortgage broker, we can review the entire market to ensure that we deliver the best rates for you. We do this by making sure we fully understand your circumstances to find you the best rates. This could have a potential saving of tens of thousands throughout your mortgage term.

How it works

Step One: The first meeting
Whether by phone or via a face to face appointment, whatever is best for you, we will ask you questions and use this information to find the best deal for now and for the future.

Step Two: decision in principle
When you’ve made your decision as to which lender you wish to have your mortgage with, we then go on to secure you a Decision in Principle, sometimes known as DIP. This is effectively a lender’s promise that they will loan you the money if the information you provided is correct and subject to the property valuation.

Step Three: make an offer
Once you have your DIP, you will be able to make an offer on the property. The DIP shows that you can afford the purchase and that you’re serious about buying.

Step Four: pre-application and submission
Once your offer is accepted, we’ll make sure you have the right documents in place for the lender. Once we’re ready, we then submit the mortgage application.

Step Five: underwriting, valuation and mortgage offer
Once the lender has checked the information you provided is correct, they will complete a valuation of the property you are buying. This is to make sure that there are no problems and that it is worth the amount you wish to borrow. If the lender is satisfied with everything, they will then send you the mortgage offer.

Step Six: conveyancing
Once you accept the mortgage offer, you will enter conveyancing. This is the legal process where the solicitors draw up the contracts and organise the legal purchase of the home. This is where you will need to make sure you have building insurance in place for the exchange.

Step Seven: exchange and completion
When everything is ready, your solicitor will then exchange the contracts, and this is when you put down your deposit and are legally bound to buy the home. When the money is transferred and your purchase is complete, you will have the keys to your new house!

Advice for first-time buyers

Below are just a few things that you will want to remember when you are looking for a mortgage as a first-time buyer. This includes arrangements that need to be in place and any extra costs.

The deposit

This is, of course, the important one. The amount you must pay as a deposit depends on the value of the home you want to buy. The loan-to-value amount is the ratio between the value of the loan you take out and the value of the property as a whole.

5% of the value of the property is the minimum deposit you can put down on a mortgage. The remaining 95% is made up by your mortgage

Additional costs

When you take out a mortgage, you will need to arrange and have funds for the following:

  1. Solicitors’ fees
  2. Insurance – you will need this in place from the exchange of contracts
  3. Valuation for lending – A basic valuation. Sometimes a lender may cover the cost of the valuation. However other lenders will expect you to cover the cost
  4. Stamp Duty Land Tax – First-time buyers won’t have to pay Stamp Duty unless the property you’re buying is over £300,000

Contact us

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Improve your chance of securing a first time buyer mortgage

You can boost your chances of getting a mortgage by saving for a substantial deposit, checking your credit rating and fixing any errors which are on your credit report. By consulting reputable mortgage brokers, such as our advisors at Orchard Mortgage Solutions, we will search for the best-specialised deals so that you can find the first time buyer mortgage best suited to you.

DO YOU HAVE THE RIGHT INSURANCE COVER?

Quality insurance is important for anyone with a home of their own, or who is currently in the process of buying one. At Orchard Mortgage Solutions, we’ll help you secure the best insurance for you and your home.

Buildings & Contents Insurance

Make sure that your building and belongings are protected from damage.Read More »

Life Insurance

Have peace of mind that your loved ones will be well-taken care of in your absence.Read More »

Critical Illness Cover

Plan for the unexpected to support you or a loved one in case of a severe injury or illness. Read More »

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