First Time Buyers advice

Here at The Good Mortgage Company, we realise that buying a new home can be a stressful, confusing business – especially if it’s your first time! There’s a lot to think about – choosing the right property, dealing with lenders, surveyors and solicitors… Not to mention the bewildering range of available mortgages.

Our independent mortgage advisors will not only find you the right mortgage deal from the hundreds that are out there, they will help guide you through the process of getting your first mortgage – and into your new home.

Top tips for first time buyers

Before even starting to think about applying for a mortgage, you need to do the sums and work out, realistically, whether you can afford to buy a property. Most UK lenders currently require a minimum deposit of 10% of the purchase price – and a larger deposit can help secure a better mortgage deal.

This can amount to tens of thousands of pounds, and can represent a real stumbling block for those trying to get on the property ladder. Parents or other family members may be able to help, and there are also schemes (both government initiatives and incentives from housing developers) that might help build your deposit.

You should also be aware of some of the other costs that are involved in buying a home, which can include:

• Lender’s fees – There will be costs involved in arranging a mortgage and these will include booking fees for the rates that are chosen, and a valuation of the property to assure the lender that it is worth the money borrowed.
• Solicitor’s fees – A solicitor (or ‘conveyancer’) will need to be appointed to take care of the legal process, and there will be costs involved for Land Registry fees and local searches.
• Surveyor’s fees – If you opt for a more detailed property survey over and above the one arranged by the lender, you will have to meet the cost, which may amount to hundreds of pounds.
• Stamp Duty - This is payable through the solicitor, however it is currently free under a purchase price of £250,000 for first time buyers.
• Removal costs and/or new furniture and fittings.
   

Our ‘First time buyer’s guide to getting a mortgage’ provides more information about some of the things you will have to consider … and our list of mortgage and home moving guides also includes advice on topics such as what to look for in a mortgage deal, choosing the ideal location to live in, solicitors, surveys and much more.

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Your home may be repossessed if you do not keep up repayments on your mortgage.
 

We charge a fee for arranging your mortgage. The precise amount depends on your circumstances but will typically be £500. We will also be paid commission from the lender.  We charge no fee for insurance advice.  If you arrange insurance through us the insurer will pay us a commission.