First-Time Buyers Mortgage Advice
Buying your first home is a big stepβand a very exciting one. But it can also feel confusing. Terms like fixed-rate, loan-to-value, or interest-only mortgage can make it hard to know where to start.
At Orchard Mortgage Solutions, we guide you every step of the way. From finding the right lender to collecting your keys, we make the mortgage process easy to understand.
β Why First-Time Buyers Choose Orchard Mortgage Solutions
We know buying your first property can feel stressful. Thatβs why we keep things simple. We give clear advice and support from start to finish.
As an independent mortgage broker, we can look at deals from across the whole market. This means weβre not tied to one lender. We work only for youβnot the bank. With access to many mortgage providers, we help you find the best deal for your budget.
Over the lifetime of your mortgage, we could save you thousands of pounds by helping you pick the right deal from the start.
Even after your purchase, weβre here for you. When it’s time to remortgage or move, weβll be happy to help again.
? The Step-by-Step Mortgage Process for First-Time Buyers
Buying your first home can feel complicated. But when you know what to expect, it gets easier. Hereβs how the process works:
Step 1: First Chat
We begin with a free meetingβby phone, video call or in person. You tell us about your job, income, savings, and the kind of home youβd like to buy. Weβll then give you a clear picture of whatβs possible.
Step 2: Decision in Principle (DIP)
Next, we apply for a Decision in Principle. This is a lender’s early approval, based on your finances. A DIP shows sellers and estate agents that youβre seriousβand ready to buy.
Step 3: Make an Offer
With your DIP, you can now make an offer on a home. If the seller agrees, we move to the next step.
Step 4: Mortgage Application
We collect all the documents you need and fill in the full mortgage application. We do this for you and talk directly to the lender.
Step 5: Valuation and Final Checks
The lender checks your details and arranges a property valuation. This ensures the home is worth what youβre paying. If all looks good, youβll get a formal mortgage offer.
Step 6: Legal Work (Conveyancing)
Now your solicitor takes over. They handle the legal side of the purchase and make sure everything is done properly. At this stage, youβll also need to arrange buildings insurance.
Step 7: Exchange and Completion
Once everything is ready, you exchange contracts. This is when you pay your deposit and agree to buy the home. On completion day, your mortgage funds are sent, and you get the keys. You’re now a homeowner!
? What Help Is There for First-Time Buyers?
You might be able to get support from a government scheme. These options can make buying your first home more affordable:
? Help to Buy (Wales)
This lets you buy a new-build home with just a 5% deposit. The government lends you up to 20% (or 40% in London). The scheme has closed in England but is still available in Wales.
? Shared Ownership
Buy a share of a property and pay rent on the rest. Later, you can buy more of the home when you can afford to.
? First Homes Scheme
This gives first-time buyers up to 30% off the price of a new-build property. Itβs great for key workers and local buyers.
Weβll help you find out which schemes you’re eligible for.
? Costs to Expect as a First-Time Buyer
Itβs not just your deposit you need to save for. There are several other costs to keep in mind:
β Deposit
This is the amount you pay upfront. Most lenders ask for at least 5% of the property price. The more you put down, the better the deal youβll likely get.
β Stamp Duty Land Tax
Good newsβfirst-time buyers pay no Stamp Duty on homes worth up to Β£425,000 in England and Northern Ireland. You only pay on the amount above that.
β Solicitor Fees
Legal fees usually range from Β£800 to Β£2,500. This pays for your solicitor to handle contracts, checks, and searches.
β Valuation Fees
Some lenders include this for free. Others may charge Β£150 to Β£1,000, depending on the homeβs value.
β Mortgage Arrangement Fees
Some mortgage deals have a fee, often Β£999. Weβll help you understand which deals include this and whether itβs worth paying.
β Survey Costs
If you want a deeper check on the property, you can get a Homebuyerβs Report or a full survey. This may cost Β£400 to Β£1,500.
β Insurance
You must have buildings insurance in place when you exchange contracts. Contents insurance is optional but smart to have.
? First-Time Buyer Tips to Keep in Mind
- Start by working out how much you can borrow and afford each month
- Save as much deposit as possibleβit can unlock better rates
- Check your credit report and make sure itβs accurate
- Avoid taking out new credit while applying for a mortgage
- Speak to an independent mortgage adviser to find the best deal
? Speak to a First-Time Buyer Mortgage Expert Today
Whether youβre just starting your home search or ready to apply for a mortgage, weβre here to help. At Orchard Mortgage Solutions, we offer friendly, expert advice for first-time buyers.
Weβll explain everything in plain English. No jargon. No pressure. Just honest help.
βοΈ Call us today 01257 543013
? Or use our contact form
Let’s make buying your first home as simple and stress-free as possible.
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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.