First Time Buyer
Buying your first home can be an exciting yet daunting experience. Understanding all the terminology, what’s required, what’s good to have and what’s not can be quite a challenge. We at Links FS are here to help and are keen on keeping things clear and simple at every stage of the process to help and guide you to find the right mortgage for you.
You may have many questions:
- How much can I borrow?
- How much deposit do I need?
- Is my credit rating good enough?
- How much will it cost?
- What insurance do I need?
We can help with answers to all of these questions and more. We can discuss your needs at any time whether you have found a property or are just starting to think about your first purchase.
When to get in touch?
If you’ve just started looking for a property, or maybe you’ve just seen your dream home, come to have a chat with our advisers and we can get started to put you in the best position.
Just get in touch with us, either via email, phone or our contact form https://www.linksfs.com/contact/ and we’ll set up an appointment.
Do I need to bring anything to the appointment?
It would be useful to bring the following things to the first appointment.
- Payslips or audited accounts/Tax Calculations and Tax Overviews documents if self-employed
- Bank statements
- Proof of deposit
- Proof of residency
- Proof of identity e.g. driving licence or passport
- Existing loan or credit card commitments
What happens at this appointment?
A Links FS adviser will walk you through the process of getting a mortgage and look at the documents you bring along to advise you on what types of mortgages you are eligible for.
The mortgage adviser may also apply for a decision in principle to put you in the best position as you search for your home. The mortgage lender will carry out a credit search and based on the details provided offer a decision in principle. This will be subject to a full application to the lender with supporting documents.
This decision in principle will help you understand what your budget range is and rough calculations of your repayment commitments.
What do I do once I found my dream home?
Once you’ve found your dream home, it’s important to make an offer and have it confirmed in writing. Once this has happened, your Links FS adviser will re-look at your mortgage options and get you the best mortgage deal possible and liaise with the lender as they carry out surveys on the property to confirm that it is suitable security for the mortgage
Remember, we search the whole of the market to find the best options for you for both mortgages and protection. This saves you the time of going to every provider and ensures you get the best deal.
Once the searches have been done, you will now need to make sure you have buildings insurance in place for the exchange of contracts. Your Links FS adviser can help you with this.
Once contracts have been signed and swapped. The last step is moving day!
Your first mortgage payment should leave your account about a month after you move in. This first payment may be more than your standard monthly repayment depending on when you complete it and your payment date. Your mortgage adviser will be able to discuss this with you.
Note: Your Home may be repossessed if you do not keep up repayments on your mortgage
