First-time buyers – working with a mortgage broker for your first mortgage
This is the last of our mini-blog series called “Getting Mortgage Fit” where we explore different ways to whip your finances into shape before applying for a mortgage.
Here are the links to the full series of blogs:
Topic 1 – Knowing your credit score
Topic 2 – Getting clear on your monthly outgoings
Topic 3 – Building up your savings
Topic 4 – Working with a mortgage broker
This time we’re looking at how a mortgage broker can help get you ready to apply for your mortgage.
Why is a mortgage broker helpful in preparing you for your first mortgage?
At the risk of over-using our fitness metaphor, you could think of your mortgage broker as your training coach as you prepare for the big event. Full of knowledge and advice, they analyse your current performance and, if needed, create a manageable plan to reach your goals.
Here are some of the things I enjoy helping first-time buyers with:
- Understanding what they can afford
- Discussing aspects that will impact and make a difference to getting the mortgage they want, if it isn’t currently possible or looking at what is possible and what changes they could consider
- Explaining the buying process and the mortgage application process
- Taking the hard work out of researching the market for the best deal
- Taking the whole application process off their plate
Using a mortgage broker when getting on the property ladder isn’t straightforward
Mortgage brokers can be particularly helpful when your circumstances are a little out of the ordinary such as:
- When the mortgage market is fluctuating and uncertain
- If you’re self-employed or have an irregular income mortgage lenders often need extra reassurance. Collating additional information and researching appropriate lenders can be time-consuming especially if it’s your first time.
- If you’re getting your first mortgage aged over 55. Some people choose to get on the property ladder later in life. This can be beneficial if they’ve accumulated savings over that time, but it can also be challenging due to the shorter mortgage term. Take a look at our more detailed blog all about this subject called “Am I too old to get a mortgage”.
- You have a challenging credit history
- Navigating the mortgage market can involve more work. Outsourcing this work to a mortgage broker can be a huge weight lifted from your shoulders.
So what does a mortgage broker actually do?
You’re in luck, we’ve already written a detailed blog all about this which you can find here, along with tips for finding the right mortgage broker for you.
How can Downton Mortgages & Financial Services help first-time buyers?
Here’s what you can expect from us if you decide to use a mortgage broker to find your first mortgage:
- We’ll take care of researching a comprehensive range of mortgage lenders and will come back to you with a list of options which we’ll chat through together.
- Once we’ve decided on your mortgage lender, we’ll take care of the application for you right through to completion and liaise with them on your behalf.
- We’ll also give you advice on buildings insurance and any personal insurance you might need, taking care of the applications for those too.
- We’re on hand to answer any questions, however small, to make sure you’re confident and happy with the decisions you’re making.
If you want to find out a bit more about us, then take a look at our website and get in touch for a no obligation chat.
Other blogs in the “Get Mortgage Fit” series
Topic 1 – Knowing your credit score
Topic 2 – Getting clear on your monthly outgoings
Topic 3 – Building up your savings
Other blogs we’ve written on related topics
5 essential questions for first time buyers
Am I too old to get a mortgage?
Why do I need a mortgage broker?
Important Information
The information contained within was correct at the time of publication but is subject to change (January 2024).
Please note for all mortgage products, terms and conditions apply. This information is a summary only. You will receive full documentation upon application which sets out the terms, conditions and limitations of lending provided.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.