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First-Time Buyer FAQs | Expert Mortgage Advice in Wiltshire & Somerset
Discover answers to the most common first-time buyer questions, from deposits to mortgage approval. Get local, expert advice tailored to Wiltshire and Somerset. Start your journey to homeownership with confidence today.
Q: How much deposit do I need as a first-time buyer?
A: Most buyers need at least 5% of the property price. Some schemes may reduce this, but a larger deposit often means better rates.
Q: What is a mortgage agreement in principle?
A: It’s an indication from a lender showing how much you're likely to borrow, subject to a full mortgage application. It’s useful when making offers and shows sellers you're serious.
Q: How do I improve my chances of getting approved for a mortgage?
A: Keep your credit score healthy, limit new debts and outgoings, and have proof of stable income. We can help review your situation.
Q: Can I get a mortgage with a low credit score?
A: Yes, though options may be limited. We specialise in helping buyers understand their credit and find suitable lenders. You can get a free credit report here.
Q: What additional costs should I expect when buying my first home?
A: Aside from your deposit, factor in solicitors’ fees, surveys, moving costs, and possibly Stamp Duty (use our free stamp duty calculator to see how much you may have to pay).
Q: How long does the mortgage process usually take?
A: It typically takes 2 to 6 weeks from application to offer, however sometimes less. We manage the process to make it faster and less stressful.
Q: What documents do I need to apply for a mortgage?
Usually: payslips, bank statements, ID, proof of address, and details of any credit, however documents may vary depending on your circumstances. We’ll guide you through it all!
Q: Should I speak to a mortgage advisor before house hunting?
A: Absolutely. Getting advice early means you understand your budget, loan options, and can act quickly on a property you love. You can get in touch with us for free advice!
Q: What is an Agreement In Principle?
A: An Agreement in Principle is a statement from a lender indicating how much they might lend you, based on preliminary information. It's useful when making offers on properties.
Q: Do I need a mortgage broker?
A: While not mandatory, a mortgage broker can provide access to a wider range of products and offer personalised advice, potentially saving you time and money. The difference between a mortgage broker and a mortgage adviser at a bank or building society is that brokers are not tied to specific products, whereas a mortgage adviser for a certain bank or building society will be. This gives much broader access to products across the market, to ensure your needs are met in more detail.