Amy Kadir, Lonsdale Mortgages broker, St Albans -Top tips for first time buyers

Wednesday 15 July, 2020

Lonsdale mortgage brokers have helped many first-time buyers purchase their first home.  Read our top tips and call us on (01727) 845500 for mortgage advice.

First time buyer google review

In September 2019 a first-time buyer client reviewed the Lonsdale Mortgages team on Google.

‘Used Amy for my first home purchase, excellent service throughout!  Will definitely use again. Thank you Amy & Team!’

Why call Lonsdale Mortgages for mortgage advice?

Our Lonsdale Mortgages broking team do not typically charge you a fee for our mortgage advice or services as we get paid by the lender when your mortgage completes.

Call our mortgage broking team now and we can quickly review the mortgage market to find the best mortgage deal for you. We can save you time and hopefully arrange a lower monthly mortgage fee for you. 

Remember if you are purchasing a home that is less than £500,000 you will not longer pay stamp duty until 31st March 2021.  For more information read - Amy Kadir- Stamp Duty threshold raised to £500,000

Top tips for first time buyers.

1. Speak to a mortgage broker before you go househunting. 

Use a mortgage broker who doesn’t charge you for their mortgage advice. We offer a free initial consultation and will not charge you to arrange a mortgage as we get commission from the lender when your mortgage completes. We review your financial circumstances so you know exactly how much money you can borrow and what price of property you can afford.

2. Choose the right mortgage product

Our mortgage brokers will educate you about your choice of mortgage product. We will explain the advantages and disadvantages of fixed rate mortgages, variable rate mortgages, capped rate mortgages, tracker mortgages and discount rate mortgages. This allows you to choose the best product for your financial circumstances.

3. Choose the right mortgage deal for you

When you know which mortgage product is best for you we will review the mortgage market and recommend the best mortgage deal. Our mortgage broking team is used to reviewing the mortgage market and we have access to websites that make this easy.

4. Build up a good credit rating

Showing you are responsible with money and having a good credit history is important. Make sure you always pay your credit card payments and other debts on time as this affects your credit rating.

5. Save for your mortgage deposit 

By getting mortgage advice early you will know how much deposit you have to save to get the mortgage deal for properties in your price range. Make sure you have a plan in place so you save regularly and have your deposit ready in good time before you buy your house.

6. Costs of house purchase 

Remember when you are saving for your first house you will have other purchasing costs as well as the deposit. You will have to pay estate agency fees, surveyor fees, conveyancing costs. Speak to your mortgage broker who can give you approximate costs and timings so you can prepare your finances.

7. Using a mortgage broker can save you time

Using a mortgage broker to complete your house purchase can save you time as we can complete relevant paperwork and liaise with your lender and solicitor. This saves you time when you are busy purchasing your first house.

8. Know the area where you want to buy

It is really important to visit the area where you want to purchase your first home.
Walk the local streets so you are familiar with the area.  Remember to visit the roads you like at different times of the day and in the evening. If you know where you want to purchase your first home, you will be in a much better position to act quickly when houses come on to the market.

9. Speak to a mortgage broker about prices in different areas

At Lonsdale Mortgages we work with first-time buyers looking to purchase homes in different parts of Bedfordshire, Hertfordshire and North London. We work with buyers in St Albans, Watford, Park Street, Radlett, London Colney and Luton. We recently reviewed the St Albans property market to help first time buyers looking for a property in the city. For more information read Amy Kadir, mortgage broker - St Albans is a popular choice for first time buyers.

10. Signup with local estate agents

Call all the local estate agents and register with them so they can email you details of properties in your price range as soon as they come up for sale.

In Summary

Call our Lonsdale Mortgages broking team in St Albans if you are a first time buyer looking to purchase your first home. We can offer you mortgage advice that should save you time and money. Call us now for a mortgage consultation on (01727) 845500.  

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments

 

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