A Guide for First-Time Buyers or home movers: Where to Start

Are you a first-time buyer or home mover currently in the market to purchase your first or next home but feeling overwhelmed by the mortgage process? Look no further, as Maben Mortgages is here to help you unlock the door to your new purchase. Here’s a step-by-step guide to get you started on your journey to homeownership.

Step 1: Talk with a Mortgage Adviser

The first step is to talk with a mortgage adviser. At Maben Mortgages, I will guide you through the entire process from start to finish. My goal is to educate you on the mortgage journey and inform you of the costs involved. This initial consultation is crucial as it sets the foundation for everything that follows.

Step 2: Understand Your Financial Situation

Next, I will take the time to understand your personal, employment, and financial circumstances, as well as your future goals and plans. By getting a comprehensive understanding of your current and future situation, I can provide tailored and accurate advice to suit your needs. This step involves:

• Assessing Your Income and Employment: We'll review your income sources, employment stability, and any additional financial commitments.

• Evaluating Your Expenses: Understanding your monthly outgoings, including any existing debts, is essential to determine what you can afford.

• Setting Future Goals: We'll discuss your long-term plans, such as starting a family, career aspirations, or any potential changes that could impact your financial situation.

Step 3: Budget Planning

We will carry out an in-depth budget planner to show you what life will look like financially if you were to purchase a home. This planner will help you visualise your new financial landscape, considering:

• Mortgage Payments: Estimating your monthly mortgage repayments based on different borrowing amounts.

• Essential and lifestyle costs: Your regular monthly outgoings.

• Additional Costs: Including insurance, maintenance, and other homeowner expenses.

• Savings Goals: Ensuring you can still save for future goals and unexpected expenses.

Step 4: Obtaining an Agreement in Principle

The final step of the initial process is to obtain an agreement in principle (AIP). An AIP confirms how much you can borrow and is essentially your licence to view properties and make offers. It shows sellers that you are a serious buyer with the financial backing to proceed with a purchase. This step involves:

• Lender Research: I will approach various lenders to find the best possible terms for your mortgage.

• Application Submission: We'll submit your details to the chosen lender to secure the AIP.

• Receiving the AIP: Once received, you can start viewing properties with confidence, knowing your borrowing capacity.

Are You Ready to Buy?

If you’re looking to buy your first home, please feel free to reach out, and we can start the initial process. At Maben Mortgages, I am dedicated to making your home-buying experience as smooth and stress-free as possible. Let's embark on this exciting journey together and open the door to your new home.