First Time Buyer

Getting a mortgage for the first time can be daunting about how much you can borrow, the process and the best product for your scenario.

As a First Time Buyer you will have lots of questions and your MCB Adviser will take you through the whole process from start to finish offering support and guidance to ensure your first house buying experience is as smooth as possible. We will discuss affordability and budgets so you can establish how much you can borrow discussing all ongoing costs such as household bills, insurances, and other costs involved with home ownership. This is followed up by obtaining an agreement in principle to give you confidence when looking at a new home and putting an offer forward.

Our advisers will have been helping First Time Buyers for the last 20 years offering honest and transparent advice to get you the best mortgage we can with affordable associated products to meet your monthly budget.

Deposits

Ideally you will have at least 5% of the purchase price as deposit available which could be from savings or a gift from a family member. If you have a larger deposit then that can help you get a lower rate or increased affordability. Some lenders will allow you to obtain a loan to fund the deposit as long as mortgage needed is still affordable taking into account the loan repayments.

Affordability

It is important to check your finances from the start so we will discuss your income and outgoings assessing your budget and affordability along with the deposit available and purchase price. Each lender is difference when it comes to affordability and assessing what your borrowing potential will be which is where your adviser will come into their element to do all the research for you to come up with a solution.

Some lenders will allow a family member or friend to go onto the mortgage with you to help increase affordability but are not named on the title so avoid any additional stamp duty costs. It would be on the understanding the main applicant or applicants will be able to afford the mortgage on their own right in the future.

Process

Once a lender and mortgage product has been found we will look to get you an agreement in principle to give you peace of mind and confidence when looking to make an offer. We on are on hand to help submit and process your mortgage application. Your adviser can help you choose a reputable solicitor for the legal that is needed and deal with them throughout the process. It is also important to choose the right survey on the property which we will discuss with you. Once the application is submitted your adviser will also look to submit associated insurances for peace of mind so everything in place for completion.

We are there to lend a helping hand throughout the process until you get the keys to your new home.

Your home may be repossessed if you do not keep up repayments on your mortgage. Buy to Let Mortgages are not regulated by the Financial Conduct Authority.

*This is a lifetime mortgage scheme. To understand the features and risks, ask for a personalised illustration.