Purchasing your first home is not a small decision and without the proper guidance to make an informed choice, you may be feeling overwhelmed. We believe that purchasing your first home should be an exciting process, which is why we place value in providing quality service to our customers and will find a deal that meets your personal needs.
We understand that one of the most important aspects of starting your mortgage journey is having clear and reliable guidance that you can trust. We pride ourselves on our impartial expert advice. Our dedicated team of brokers will give you all the support you need and will guide you every step of the way towards making an informed decision. With over 50 lenders to choose from, we can find the right deal to suit your needs and alongside this, we will help you secure the right protection to ensure you can stay in your new home.
Purchasing your first home in 10 steps
- Contact our friendly team of experts and tell us a bit about yourself so that we can establish your goals and aspirations for property ownership.
- Provide us with some more information including your income, employment, credit profile and deposit options so that we can establish an affordability assessment, a maximum loan size you can borrow and the maximum mortgage term you can borrow for. With this information, we can help you decide if you are comfortable with the figures involved in purchasing a home before proceeding with your application.
- If you are comfortable with all of the expenses involved we will help you to submit a Decision in Principle (DIP). This is the initial stage in a mortgage application, where lenders will perform a simple credit search using the information you have provided to decide if you are eligible to take out a mortgage with them. This should not cost you any money and it is up to you whether you want to proceed with the application following a lenders approval, or continue searching.
- Now that you have established that you can borrow the amount you are looking for you can begin searching for your new home! Once you have found a property that is right for you, make an offer to your Estate Agent and keep us updated on your progress. This may take some negotiation but once your offer has been accepted we will review your mortgage needs to ensure that you have the best fit.
- Now that you have found your new home, you will need a solicitor to carry out the legal work for you. We can also help with this part and if you are happy with the costs involved for us to do so. We will regularly liaise with the solicitor and keep you updated.
- Once we have established the best offer for you we will require some additional documentation from you to supply to your lender. These can include identification, bank statements, and proof of address to name a few. These can vary between lenders, and we will guide you through what is required to make the process simple.
- Now that we have all your documents, we can submit the full mortgage application with the lender we have recommended.
- Your property will now require a valuation. We will check in with you regularly throughout this stage in the process so that you can remain informed on the time-frame.
- Once the valuation has taken place your solicitor will also undertake some checks on the property and the surrounding area to ensure there are no issues. Whilst these checks are being undertaken, your solicitor will work with you to set a date to exchange and complete.
- The final stage in the process is simply exchanging contracts with the seller to confirm that both parties are happy. Once you and the seller come to an agreement with the contracts, you will have secured the property! A completion date will now be set and the loan will be passed from the lender to the solicitor behind the scenes. We will recommend any necessary protection to compliment the mortgage and you can now move in to your new home!
Valuation fees can sometimes be free depending on the lender and the amount you are borrowing, but will typically cost between £150 and £500. This fee will be paid at the application stage so that a valuation can be carried out on the property.
Our service is free for Saffron Building Society members and existing customers of Saffron Mortgage Finders. Non-members of Saffron Building Society are required to pay a fee of £249. If we charge you a fee and your mortgage does not go ahead, you will be unable to receive a refund. £99 is payable at Fact Find, and £150 is payable on arrangement of the mortgage.
Conveyancing fees cover the amount you will pay to make sure the legal side of a house sale or purchase is handled correctly. Conveyancing fees can be split into two parts: the legal fees (what the solicitor or conveyancer charges for doing the work) and the disbursements (what third parties charge for certain services such as searches). Conveyancer fees do vary but are typically between £850 and £1500.
The products and services promoted here are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. These products are not regulated by the Financial Conduct Authority.
How much of a deposit will I need to purchase my home?
Deposits range from 5% of a property's value upwards and whilst it is technically possible to secure a mortgage with a deposit of 5%, buyers will find far more options available to themselves with a deposit of 10% or more.
Some options which are available to help buyers include: shared ownership, Help to Buy and other shared equity schemes, buying with friends and family or a gifted deposit. A gifted deposit is usually form a family member; it could be used for the whole deposit or just part of it.
At Saffron Mortgage Finders our clients are at the heart of everything we do.
We bring with us many years experience, helping our clients navigate the options available to them through clear information and guidance for their mortgage and protection needs. With access to products from over 50 of the UK's best known lenders & providers, we can ensure we find the right outcome for you. With reduced fees for Saffron Building Society Members.Speak to our friendly team
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE