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First-Time Buyers Guide

the ultimate resource for those taking their first steps into the exhilarating world of homeownership. We understand that embarking on this journey can be both thrilling and daunting, which is why we're here to guide you through the process with enthusiasm and expertise. Get ready for an adventure packed with valuable insights, tips, and tricks that will make your first home purchase a resounding success.

Home Sweet Home: Your First-Time Buyers Journey

Step 1: Dream Big, Start Small At More Financial, we encourage you to let your imagination soar as you envision your ideal home. Whether it's a cozy apartment, a charming cottage, or a stylish townhouse, dream big! We'll help you take those dreams and transform them into achievable goals, creating a personalized roadmap for your homeownership adventure.

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Estate agent showing family house

Step 2: Crunching the Numbers Financial matters may seem overwhelming, but fear not! Our expert team is here to demystify the mortgage process, unravel complex terms, and simplify your financial calculations. From down payments to monthly budgets, we'll provide you with practical advice to ensure your finances align with your homeownership aspirations.

Step 3: House Hunting Havoc Now comes the fun part – exploring potential homes! Our comprehensive search tools and extensive network of trusted partners will help you navigate the exciting world of estate agency listings. With a keen eye for detail and an understanding of your unique preferences, we'll assist you in finding the perfect property that meets your needs and fulfils your dreams.

Step 4: Making an Offer Magic Once you've found "the one," it's time to make your move. Crafting a compelling offer can be an art form, and we'll share insider tips to help you stand out from the competition. From negotiating tactics to understanding market trends, we'll equip you with the knowledge and an agreement in principle to make an irresistible offer that gets you closer to your dream home.

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Step 5: Sealing the Deal with a Smile Congratulations! Your offer has been accepted, and the finish line is in sight. But don't pop the champagne just yet – there are still a few important steps to complete. We'll guide you through the home inspection process, ensure all necessary paperwork is handled smoothly, and connect you with trusted professionals such as solicitors and surveyors. Rest assured, we're here to make sure everything goes off without a hitch.

Step 6: Unlocking the Door to Happiness Finally, the moment you've been waiting for arrives – it's time to receive the keys to your new home! We'll be there, virtually holding your hand, as you take that monumental step across the threshold into homeownership. From decorating ideas to essential maintenance tips, we'll continue to support you as you settle into your new abode, turning it into a place you're proud to call home.

More Financial: Your Trusted Partner in First-Time Homeownership

At More Financial, we're not just here to provide financial services; we're here to be your companions throughout the exhilarating journey of becoming a first-time homeowner. With our unrivalled expertise, personalised guidance, and genuine passion for your success, we're committed to ensuring your experience is filled with excitement, confidence, and joy.

Join the More Financial family today and embark on the adventure of a lifetime. Your dream home awaits – let's make it a reality, together!

House and keys
  • What Types Of NHS Mortgages Are Available?
    There isn’t a specific product called an NHS Mortgage, as mentioned earlier. However, there are specialist lenders who offer products with lower interest rates. Speaking to a mortgage broker can help you identify these lenders and the product most suited to your personal circumstances. Additionally, you can also apply for different kinds of mortgage offers, such as joint mortgages, where you can buy a home with a partner, relative, or friend. Alternatively, you can also apply to be part of a scheme for affordable housing. It would be best to consult with a broker or a credit expert to guide you with relevant information that you might need.
  • What Is An NHS Mortgage?
    There isn’t a specific product called an ‘NHS Mortgage’, so if you start your search that way, you might end up hitting a wall. However, having an NHS mortgage simply means that brokers can provide you, an NHS worker with tailor-made mortgage solutions. Some lenders also offer lower interest rates that are aimed at people working in this line of work.
  • How Much Can NHS Staff Borrow?
    An NHS mortgage is just like any other mortgage, and it would help if you showed that you could pay back your loan within a stipulated amount of time. Therefore, your creditor might want to assess you, your credit history, your monthly expenses, age, income level, and which NHS pay bandwidth you’re on. For example, if you earn about £31,000 annually, then the amount you could borrow will range from £95,000 to £143,000. However, what you end up paying every month will largely depend on the duration and interest rate.
  • Do NHS Workers Get Discounts On Mortgages?
    We at More Financial do offer a discount of 10% for all Key workers. If you are or have been an NHS worker, some creditors might give you mortgage offers at a discounted rate. If you decide instead to apply for the affordable housing scheme, some of the benefits include buying a property with a reduced deposit.
  • Is There an NHS Key Worker Mortgage Scheme?
    Key workers refer to the category of government agency employees: the police, NHS, the Armed Forces, state education services, firefighters, and local authorities, among many others. The UK Government launched the Key Workers Living Scheme in 2001 to help its workers purchase or rent homes at affordable prices. The scheme ended in 2019 and has since been replaced with other ones like the Help to Buy, First Homes, and Right to Buy plans.
  • Who Is Eligible For An NHS Mortgage?
    If you want to qualify for an NHS mortgage scheme, you must be employed on a full-time or permanent contract as a staff member of the following NHS components: Primary Care Trust GP Surgeries NHS Direct Ambulance Trust National Blood Transfusion Service Health Protection Agency NHS Identified Dental Practices Mental Healthcare and Social Care Trusts Other NHS Trusts (currently about 217 trusts)
  • What should come first – the property or the mortgage?
    Having and agreement in principle before you seek out properties is quite important. This shows a seller that you are in a position to secure funding from a bank or building society based on your credit profile and affordability results.
  • What is a mortgage?
    A mortgage is essentially a large loan. Interest rates are typically lower than that of an unsecured personal loan as they are secured by your property. This means if you didn't keep up with your mortgage payments they could take possession of the property and would be within their rights to sell it in order to recoup their money.
  • How much can I afford on a mortgage?
    Each bank and building society have a different method to calculate how much you can borrow with some being much more generous than others. As a rough rule of thumb you can borrow around 4.5 x the household income which sometimes include benefits. Household debt and commitments can reduce this multiple. Make an appointment with an adviser and you'll get some accurate figures or check out our interactive tool to get an idea.
  • What happens after we put in an offer?
    A good estate agent will gather as much information as possible so they can present your situation along with the offer to their vendor so that they can make a decision. The estate agent may also contact your broker to gather further information, so having a responsive mortgage firm can be key.
  • Will I need a deposit
    It can be very difficult for first-time buyers to get a decent deposit together. Some lenders will currently accept a 5% deposit, but it is more likely that they will require 10% or even 15%. What’s more, a smaller deposit means that you will have to meet strict criteria and will likely be met with higher rates. As a mortgage broker that compares products from across the market, and not just high street lenders and banks, we can help ensure that you get the best deal on your first mortgage. Strictly speaking, 100% mortgages no longer exist. However. some lenders will allow you to borrow some or all all of deposit via a personal loan. If you have the income to repay a loan and a mortgage, but do not have any money for a deposit, contact one of our advisors today to see if we can help.
  • How much are solicitors fees for buying a house?
    Prices vary wildly. We recommend you should budget for around £1500. At this price you should expect a great service as well as not being too overcharged. We have solicitors available that provide a great service for less than this amount so if you need us to arrange contact, simply get in touch.
  • What is an agreement in principle?
    This is a document produced by a bank or building society to show they have performed a credit check on the applicant, and that based on the income and expenditure details they can borrow up to a (usually specified) amount.
  • Will I be able to get a mortgage?
    Assuming that you receive an income and do not have any missed payments or defaults against your name, you should be able to get a mortgage with many of the long list of lenders. Every application, however, is assessed individually. When making an application, a lender will look at your employment history and whether you can afford the repayments. They will also consider personal details such as age and credit score, as well as details of the property and mortgage. Every lender has different criteria, too, and will use their own credit scoring system. While credit scoring systems can be complex, this also means that even if you have been turned down for one mortgage, you can apply with a different lender and potentially see a different result. Even the passage of time can improve your chances. Lenders change their own scoring system according to a number of factors, but primarily according to the amount of money they have to lend at the time. More Financial can help you determine which lenders may be suitable for your current situation.
  • Where should I arrange my mortgage
    Banks and building societies tend to be the first port of call for people looking for a mortgage. However, the majority of UK mortgages are now arranged by brokers. This because, while it’s true that most high street banks do offer mortgages, there are lots of lenders, each offering their own specific range of products. It would be a huge coincidence if the first bank visited happened to be the best suited, as your situation may be better suited to one of the thousands of other options a More Financial broker can source.
  • Can we negotiate from the asking price?
    In short yes you can. However, there are many reasons when, why and how much you may be able to negotiate. Get in touch so we can break down the intricacies of making an informed initial offer, with a strategy for increasing where necessary.
  • How long does it take to buy a house?
    Industry average is around 3 months, however, in complex situations, when the market is extremely busy, or extremely restricted such as the times surrounding COVID, this can take longer.
  • How to get a mortgage?
    It all starts with a free mortgage appointment. Here you will receive mortgage advice, affordability results, credit repair strategies or if you are ready, an agreement in principle which is the prerequisite to getting a mortgage. Armed with an agreement in principle you are ready to start house hunting and making offers. Once an offer is accepted we can submit a full mortgage application. As long as there are no major changes in circumstances at this point and the bank agrees the property is a good purchase, they will offer you a mortgage. Why not get in touch by completing the contact form at the bottom of this page.
  • How much will my repayments be?
    Your monthly repayments will vary according to the total amount you borrow, the term of your mortgage, fees accrued, and the interest rate. 25-year mortgages used to be considered standard, and while this term does remain popular, it is possible to borrow over a longer or shorter period, which will increase or decrease your repayments. More Financial can help find the ideal mortgage product for your circumstances. Speak to one of our specialist advisors today and find out what is on the market that could benefit you in the hunt for your first home.

Where to next?

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