First-time buyers
Buying your first home is a major milestone - thrilling, but complicated! While the anticipation is exciting, the financial responsibilities and various stages of the process can feel overwhelming. At Heartwood Wealth, we provide the honest, realistic perspective you need to navigate this journey with confidence. With our expertise and guidance, we will assist you throughout the process to help secure the right mortgage that suits you.
What is a mortgage?
In simple terms, a mortgage is a long-term loan used to buy a home. If you don’t have the money to buy a house outright, but can save a deposit, a bank or building society will lend you the remaining amount you need to buy your first home. You will then pay back the mortgage in monthly installments over many years. The home itself acts as a guarantee for the loan, which is why it’s so important to keep up with your payments. Because it is a secured loan, mortgages usually have much lower interest rates than credit cards or personal loans, making the dream of owning your own home much more achievable.
What are the costs involved in buying a home?
Buying a home involves several additional costs beyond your deposit, such as mortgage lender fees, Stamp Duty, solicitor and conveyancing fees, and survey costs. Understanding and planning ahead for these extra expenses is key to ensuring a smooth and stress-free purchasing process.
How much can I borrow?
Before making an offer on a property, it's important to understand how much you can afford to borrow. Many lenders can provide an Agreement in Principle (AIP), which is an early indication of the amount they may be willing to lend you. These are also called a ‘DIP’ (Decision in Principle).
Lenders will typically assess your guaranteed income, such as your basic salary, but they may also consider regular overtime payments and bonuses. You should be prepared to provide evidence of your income as part of the assessment process.
For more information, download our free step-by-step guide to buying your first home.
What to expect
For first-time buyers, we begin by advising you on key elements like deposit requirements and providing guidance on proactively addressing any potential credit issues that could affect your eligibility.
Our approach is straightforward and jargon-free, designed to demystify the process for those who feel confused or intimidated. Our goal is to ensure you feel fully supported and confident from the very beginning, and we’re always happy to answer any questions you might have: there’s no such thing as a silly question!
Let us help you make your dream of homeownership a reality. Contact us today to take your first step onto the property ladder.
We offer a comprehensive range of first charge mortgages from across the market, which lenders make available to mortgage intermediaries.
Your home may be repossessed if you do not keep up repayments on your mortgage.
