First time buyers in Bingley

As a first-time buyer is can be a daunting prospect applying for your first mortgage. Here at Discovery Financial, we are here to help, we offer a range of first-time buyer related mortgages and schemes.
Being a first-time buyer can be daunting with all different elements to buying your first home not helped with the jargon used in the market.

Discovery Financial is on hand to help you plan your first purchase. It is important firstly to understand what happens at what point and what costs are involved. We have helped so many people set off in the right direction, before you set eyes on your first house or look at that beautiful new sofa to go in your new home, you should take advantage of our first time buyer fact find. This is where we will sit down face to face or over the phone and map out the whole process. Everything from how much of a deposit you need, to who is involved at what stage, to what your monthly out goings may look like once you move in.

It’s a common perception that as a first-time buyer with not a lot of credit history will be best speaking to their own bank first. Well this is not always the case, with all banks having set criteria, whether you are a customer or not, you may not meet their criteria. So, let us help you buy your first home and ensure you do not pay over the odds-on interest.

Once your mortgage is sorted you then need to start planning other things such as insurance. Well help is on hand for this too, as your dedicated broker we will ensure you have everything set up and in place ready for the exciting day, when you collect your keys and start on your new adventure.

How Deposits Work

Lenders normally require a minimum of a 5% deposit, so in simple terms if you were to buy a house for £100,000 you would need £5,000 as a minimum deposit. This would mean you are borrowing £95,000 from the bank, also known as 95% LTV (loan to value) The lower the LTV the better the rate gets. So, if you can place more of a deposit the interest in which you repay in most cases will be less. This works in brackets of 5%, so to get access to the next best rate a 10% deposit would normally be required, meaning you are now at 90% LTV.

No Deposit Purchase

A couple of lenders have come up with a brilliant way to help people onto the property ladder with the need of no deposit. How this works is your family place a deposit on your behalf but rather than them losing this money and having to gift it to you, they simply use your mortgage to save against. The deposit is set aside and interest paid on the savings, once there is enough equity and you have made a certain amount of payments, these funds are then released back to the person to which they came from .

Cash Isa

This is a brilliant way to save towards a purchase, speak to your bank to see if they can help you set up a Cash ISA. This is a savings account that can only be used to buy a house and the best part about it is the government pay a brilliant bonus to you for doing so on top of your savings.

Talk to us about the cost of moving, there are many fees involved in both buying and selling. Firstly it is best to discover what the process is going to cost and what your own position may look like.

Getting a mortgage, many people think that this comes after finding a house, however how do you know you can get a mortgage? We find it best to take advice now before you start looking. We can help you obtain the all-important Agreement in Principle that most estate agents will require to see when you place an offer.

Once you know what you can afford, the next step is to find that dream home. We can assist you in not only where to search but help you better understand what to look out for and help you understand the different methods of buying, such as standard sale, Modern method of auction and repossessions to name a few.

Making an offer can be daunting, best to do some research first on what to offer. Afterall you do not want to be paying too much for a house. We can help you make an educated offer or even make the offer on your behalf.

Finding a good solicitor can be a challenge. Once found, understanding the paperwork and process is a mine field. We can point you in the right direction for both finding a solicitor and understanding the process.

The day we have all been waiting for, getting your keys. We will help you set everything in place to commence on this day, such as your mortgage and protection, as well as putting you in touch with removal/tradesmen to help.

Call today to book a cost of moving appointment with one of our experts