First Time Buyer Mortgage Advice in Durham

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Are you a first time buyer in Durham? If you are, we will aim to help you be on your way to getting the keys to your first property. Most first time buyers in Durham may feel a little overwhelmed and nervous about the home buying process and it is perfectly acceptable why.

 

Rest assured, our mortgage advisors in Durham are here to put your mind at ease and reduce your stress as much as we can.

 

As an open & honest mortgage broker in Durham, we have helped many first time buyers in Durham achieve their mortgage goals. Our service goes beyond just finding you the most suitable first time buyer mortgage.

 

Your dedicated mortgage advisor in Durham will be by your side throughout the process, answering any questions or concerns.

 

Can I get a first time buyer mortgage in Durham?

If you are looking at buying your first home, but are not sure whether you would be eligible for a mortgage, then you would really benefit from getting in touch and speaking with a expert mortgage advisor in Durham.

 

When you’re ready to start applying for a mortgage, an affordability assessment will take place. Where your annual salary and any other income you have, along with what comes out of your account will be reviewed.

 

They will also check your credit history and make sure you manage your finances, all to find out the maximum amount you can borrow for a mortgage. Your deposit will also help determine which mortgage deals are available to you.

 

As a mortgage broker in Durham, we have incredibly valuable and in-depth knowledge of mortgage criteria and work with a vast panel of mortgage lenders. Using this knowledge we have, we can then look at your income, expenditure, and credit history to recommend the most suitable mortgage deal for your circumstances.

 

Are there any schemes to help first time buyers in Durham?

Currently, there are a selection of very helpful government schemes designed to help first time buyers in Durham onto the property ladder. These include but are not limited to Help to Buy: Equity Loan Scheme, Lifetime ISA, and the Right to Buy Scheme.

 

For more information on these schemes, you can either navigate to our website’s guides section or visit the government Own Your Home website.

 

Our team of fast & friendly mortgage advisors in Durham are familiar with all the various government schemes that are currently available and will be able to help answer any questions you may have regarding any of these.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Mortgage Advice for First Time Buyers in Durham

Throughout our multiple years of providing customers with expert, mortgage advice in Durham, we have been able to help various first time buyers in Durham by taking their first steps on the property ladder and finding them a suitable mortgage.

 

Below, we’ve compiled a general overview of the most popular scenarios we regularly encounter when we help first time buyers in Durham.

 

How much can I borrow?

Often, we find that first time buyers in Durham who tend to be early in the process will just be wondering the maximum amount they could borrow. We have mortgage calculators available to help you collect an approximate estimate, although these figures are not guaranteed.

 

Our mortgage advisors in Durham will be able to take a look at your case and help you to work out a more accurate maximum loan amount.

 

Ready to Make an Offer

If you have now found your ideal first home in Durham and would like to make an offer, but need the help of an expert to do so, then our mortgage advice team will be happy to help you out with this.

 

We can also consider getting a mortgage agreement in principle (AIP) to increase your chances of being accepted.

 

You’ve Had an Offer Accepted

If you have now found your ideal first home in Durham and would like to make an offer, but need the help of an expert to do so, then our mortgage advice team will be happy to help you out with this.

 

If you have since accepted an offer on a property, we can start by helping you with your full mortgage application. It is always best to talk to a mortgage broker in Durham before making an offer on a property.

 

Need an Agreement in Principle (AIP)

We usually have the ability to get your mortgage agreement in principle within 24 hours of your appointment. If you’re lucky, you could be looking at same day.

 

As touched on above, it is always recommended that you have an AIP before you start making offers. This shows the seller of the property that you want to buy that you are serious and able to proceed with a mortgage.

 

Declined by Your Bank or Building Society

If you’ve already contacted your bank before for a mortgage, but they’ve rejected you, there’s every chance we’ll still be able to help you. There are many reasons why you may have been rejected by your bank during your mortgage application phase, but not all are final.

 

As an experienced and trusted mortgage broker in Durham, we work with various mortgage lenders, many of whom actually offer specialist mortgage products. We can review your individual circumstances and advise you on the most appropriate path for you in the future.

 

If you are in the market for first time buyer mortgage advice in Durham, please feel free to get in touch or book your free mortgage appointment. We are here 7 days a week, from early to late and will be happy to answer all your mortgage questions and concerns. We look forward to hearing from you soon.

Why choose us to help you buy your first home in Durham?

We have a fantastic team of expert mortgage advisors in Durham, each who have helped many first time buyers in Durham to get onto the property ladder in Durham.

 

Our mortgage advisor in Durham will work 7 days a week from the beginning of the day to the end, making sure we are available at a time that suits you. All our customers will benefit from receiving a free mortgage appointment, which is usually made by phone or via a video call.

 

If you are concerned that your situation is complex, you can rest assured knowing that we have over 20 years of experience offering mortgage advice in Durham. The likelihood of us coming across a situation we have never seen before, is very unlikely.

 

We are able to search through thousands of first time buyer mortgages in Durham to find you the most suitable deal for your personal and financial circumstances. It is about more than simply finding you the best mortgage. We’ll be there throughout the process, until you get the keys and beyond! Ready to answer any questions that you may have along the journey.

 

As an open & honest mortgage broker in Durham, we aim to reduce as much stress as possible. Your dedicated mortgage case manager will keep you informed at every turn, making sure you always understand what’s going on, jargon free.

 

Contact us now to book your free mortgage appointment, and we look forward to helping you with your mortgage dreams.

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Common mortgage
questions

Your free initial mortgage consultation will roughly last 30-60 minutes. During your consultation, you will get the opportunity to speak with a Mortgage Advisor in Durham. They will ask you some questions regarding your mortgage needs and personal and financial situation.

This will then allow them to go and search for the perfect mortgage deal for you. They will always try and pick out the deal that will benefit you most.

Typically, for a mortgage, you are going to need a minimum of 5% of the property’s purchase price. If you have had credit problems in the past, lenders may ask for a higher percentage. This could be anywhere between 10%-15%.

Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.

Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!

After your 30-60 minute free mortgage consultation, we will be able to search for mortgage products on your behalf. In the meantime we will also arrange an Agreement in Principle within 24-hours. When you are ready to make an offer on a proprty and want to take up our mortgage product, we will begin planning your mortgage application. Once your application is submitted, a formal offer will take about 3 weeks on average.

You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.

If you’re Self Employed, you may need to provide 2 years of accounts’.

Just because you are Self Employed doesn’t mean that you can’t get a mortgage, although, it may be a little more difficult.

As a Self Employed mortgage applicant, you will have to submit at least one year’s accounts. Mostly, lenders will use your salary plus dividend to calculate the maximum mortgage amount that you’ll be able to borrow, whereas others will go off your net profit.

If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.

We always recommend obtaining an AIP as soon as possible. Preferably, you want to have one in place prior to viewing houses in Durham. You may be allowed to negotiate prices if you have an AIP in place when you are viewing houses.

There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.

Your Agreement in Principle should last around 30-90 days. This timeframe could change depending on the lender that you use. If your Agreement in Principle expires, you can easily refresh it by approaching a Mortgage Broker in Durham like ourselves.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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