Mortgages For First Time Buyers

Keys on KeychainGetting that first foot on the property ladder can be the biggest step. As soon as you have saved that all important deposit, house prices may have gone up again, taking you back to square one. And knowing where to look for the most competitive mortgage for your circumstances can be time consuming.

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We have access to many products and deals specifically for first time buyers, making that first step onto the property ladder simple.

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How we can help

If you are a first time buyer, you may find the mortgage advice from Rivington Mortgages very useful.Buying your first home will be the biggest purchase you've ever made, but with Rivington Mortgages it needn't be frightening. Just take it one step at a time...

Find out how much you can borrow

Before looking for a property you should find your limits. That way you won't fall in love with something that's out of your reach.

A Rivington Mortgages advisor will tell you how much you can borrow and help you choose a mortgage. Don't go over budget - you'll need money for solicitor's fees, moving and stamp duty. Also, check whether the mortgage policy commits you to buying other products, such as buildings and contents insurance or whether the lender applies a Higher Lending Charge.

If you're happy with a particular mortgage you can apply and get an agreement in principle to borrow a certain sum.

Choose where to live

Before heading off to see estate agents, decide where you want to live and what type of property you want. Work out what's most important to you: do you want good pubs, restaurants and cinemas, or is your priority being near your family? If you already have children, settling near a good school may be your main consideration. Another factor is transport - how easily can you get to work for instance?You'll save yourself a lot of time and effort by being specific about your requirements, so tell an estate agent if you dislike double glazing, or must have a garden. If you can, go online and view properties.Visit a property you like at different times. It may be quiet on a Sunday morning, but what's it like on Friday nights? Ask a lot of questions too. What's the Council tax rate? Are there any service charges?

Make an offer

In England, Wales and Northern Ireland, buyers tell their estate agent once they've found a property they want to buy. If you're not prepared to pay the asking price, make an offer to the estate agent, who will relay it to the seller. If your first offer is rejected, you can go back with an improved figure if you can afford to and you think the property is worth it.

If your offer is accepted...

...make sure you get it confirmed in writing. Now's the time to instruct a solicitor, if you haven't already.

Apply for a mortgage and arrange a survey

At the same time as you instruct a solicitor you should apply formally for a mortgage (or confirm your mortgage in principle) and book a survey. Your mortgage lender will insist that you have a basic valuation to ensure the property is adequate security against the loan, but after that it's up to you how thoroughly you have it examined. The survey report may give you grounds to renegotiate the price.

Local authority searches

Your solicitor will carry out various searches and check history of disputes with neighbours.

Exchanging contracts and completion

Your solicitor will finalise the contract details with the seller's solicitor, confirm your mortgage details and prepare a transfer deal. You're now ready to exchange contracts and pay your deposit. You should complete within a few weeks of exchanging: your solicitor will transfer the mortgage funds to the seller's solicitor in return for the transfer deeds, Land Registry certificate and keys. The transfer deeds will be filed with the Land Registry and the title deeds will be sent to your lender.

Pick up the keys

Congratulations - you've bought your first home.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

We normally charge a fee on completion of your mortgage, this varies dependant on your circumstances but a typical fee is £499.