We are on hand to help you navigate the options and find the best fit for your needs.
Are you in looking for a first time buyer mortgage in York, Harrogate or North Yorkshire and ready to take the leap into homeownership? Understanding the mortgage process is crucial for a smooth transition from renter to homeowner. Here’s what you need to know.
Know Your Budget
Before you start house hunting, determine how much you can afford. We can help with this and also go through all the costs you need to consider including the additional costs like stamp duty, solicitor fees, and home insurance.
Check Your Credit Score
Your credit score will significantly influence the mortgage deals you’re offered. Obtain a copy of your credit report and ensure all information is accurate and up-to-date. If your credit score is not perfect, please get in touch and we can help you improve this.
Save for a Deposit
The more you save for a deposit, the better mortgage rates you’ll access. Aim for a minimum of 5% of the property’s value although you could qualify for a 100% mortgage (subject to status)
Understand Mortgage Types
- Fixed-rate mortgages offer stability with the same interest rate for a set period.
- Variable-rate mortgages can fluctuate, potentially saving you money if rates drop.
Get a Mortgage Agreement in Principle
This document shows sellers you’re a serious buyer with a lender’s provisional offer based on your financial situation. This is where we can help.
Find the Right Mortgage Deal
We are on hand to help you navigate the options and find the best fit for your needs.
Prepare Your Documents
Gather all necessary documents, including proof of income, bank statements, and identification.
Make an Offer
Once you’ve found your dream home, make an offer. If accepted, your mortgage application begins in earnest.
Finalize Your Mortgage
After your offer is accepted, we will complete the mortgage application with your lender and do all the paperwork for you.
Close the Deal
Upon mortgage approval, exchange contracts with the seller, pay your deposit, and set a date for completion. Congratulations, you’re now a homeowner!
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