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First Time Buyers

How to get on to the property market

Being a first time buyer can be both exciting and nerve-wracking at the same time. After all, having finally decided to take your first steps onto the property ladder, most people, when they buy a house, have to borrow some money in the form of a residential, or ‘owner-occupier’ mortgage.

These long-term loans, typically provided by bank or building societies, which are secured against the property itself, seem simple enough, but there is a wealth of information to take in.

Not only can the choice, at times, seem daunting, but these days arranging a residential mortgage or remortgage isn’t as straightforward as it seems.

Of course there are the usual questions, such as the type of loan you should go for — fixed or tracker, for example — but in the current market lenders are far stricter with their lending criteria. Because of this, the knowledge and contacts of a professional mortgage broker such as The Mortgage Index Ltd can be the difference between a costly mortgage and a competitive one.

When applying for a residential mortgage, it’s vital to not only get a competitive interest rate but also to find a product that suits your lifestyle and needs.

Things to consider

How much can I borrow?
How much deposit do I have?
How am I going to pay the loan back?
Do I want the security of fixed monthly payments?
Do I need flexibility to make lump sum payments?
Can the mortgage lender move quickly enough to secure the property?
How much will I need to pay in fees?
How do I know the property is worth what I am paying for it?
What exactly does the mortgage process involve?
Luckily, help is at hand. That is where obtaining professional advice and a hand to hold throughout the whole process can address all of these questions and more.

If you want to know how to avoid the pitfalls, from preparing to enter the mortgage maze to receiving the mortgage offer that helps you purchase your dream home, our simple, 10-step jargon-free guide will help you take the right turns and ensure a stress-free and smooth mortgage process.

The Mortgage Index Ltd buyers guide

Further Information

The Mortgage Index Ltd have access to 11,000 mortgages from 60+ lenders across the UK, whether that be High Street, broker only lenders, Private Banks, small building societies or specialist loan providers. We even have access to exclusive products that are not available on the open market.

All our professional advisers are here to act for you, first and foremost, not only helping you to choose the most suitable mortgage, but guiding you through the process with ease from start to finish.

The Mortgage Index Ltd, helping you to own and protect your new home.