First Time Buyer Mortgages
Buying your first home is likely to be the largest investment of your life so far.
We can help make this exciting time as stress free as possible and explain every step in depth for you. We can provide you with advice on surveys, recommend a solicitor to carry out your conveyancing and help make sense of the myriad of insurance options available.
By comparing mortgages from a comprehensive range of lenders, we will find you the most competitive introductory offers, lowest interest rates and the most flexible options based on your circumstances.
Whether you’ve found your dream home or are just thinking about taking that first step onto the property ladder, our team of advisors can use our years of experience to help you buy your first house.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Our fees and charges vary depending on the Services we provide to you. We charge a fee of up to £500 payable upon Completion. Our typical fee is £200. We will also be paid commission from the lender.
Helping you get on the property ladder.
Why Choose Us
Friendly & Experienced Mortgage Advisors
Access To A Wide Range Of Mortgage Providers
Support & Guidance Throughout The Whole Process
How do I find out how much I can borrow?
To determine how much money that can be lent to you, the lender will need certain information, such as:
- Recent payslips
- Your last P60 tax certificate
- Details of all regular outgoing payments
- Trading accounts for the previous three years if you are self-employed
Your credit history is a factor, as is whether you are applying on your own or making a joint mortgage application.
Additionally, we take into account the uncertainties of the future, including changes in interest rates and personal circumstances.
The two basic types of mortgage?
There are essentially two ways to repay the money that you are borrowing: repayment Mortgages (capital and interest) and interest-only mortgages.
A repayment mortgage guarantees that you will own your property at the end of the mortgage term. Every time you make a monthly payment on a repayment mortgage, you reduce both the loan and the interest until the debt is completely paid off.
With an interest-only mortgage, your monthly payments cover just the interest on the loan for the term of the mortgage.
For example; during a term of 20 years, if you borrow £150,000 in 2013 you will still owe £150,000 in 2033.
The lender will require that you also pay a monthly amount into an investment fund with the expectation that it will cover the capital loan when it reaches the end of the mortgage term.
Why should I use a mortgage broker?
- Experience and knowledge of lender criteria.
- Saves you time and hassle of chasing things through.
- The application is right first time and reduces errors.
- Our knowledge of the supporting documents needed with the application.
- Able to deal with problems or queries quickly and effectively.
What is a “Mortgage In Principle”?
Before you find your dream home, you can obtain a ‘mortgage agreement in principle’. This is not a solid commitment from a mortgage lender but a provisional ‘OK’ – it lets estate agents and sellers know that you’re serious about buying.
Life Insurance/Life Assurance
Many lenders recommend that you take out life insurance as a condition to the mortgage, in case the worst should happen. Life insurance guarantees a lump sum payout in the event of the borrower’s death, and any debt outstanding on the mortgage is then repaid from this.To make the world of finance that little bit clearer, call Affinity Mortgage Solutions on 01327 706635
10-12 Oxford Street, Daventry, Northants, NN11 4AD
Get in touch
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Affinity Mortgage Solutions Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Personal Touch Financial Services Ltd. Personal Touch Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office: 10-12 Oxford Street, Daventry, Northants, NN11 4AD. Registered in England and Wales. Company number: 4565235