10 things to expect when going for your first mortgage

When we make house purchases on behalf of clients buying for the first time, we appreciate they will encounter a number of confusing terms and concepts for the first time. When it comes to arranging finance for your first home, it is essential to find a provider who explains things clearly and patiently, who understands that you will have questions to ask and takes the time to ensure you are comfortable with everything.

One of the mortgage providers in our little black book of recommended partners is Exchange Mortgages Advisory. We asked Anthony Wilson at Exchange to break down what to expect from the process for first-time buyers and these are the ten steps he broke down for us.


First things first, we will look at your own individual circumstances. Everybody has different requirements and comes with a different level of understanding of the process, so we always start by explaining what’s involved in arranging a new mortgage for your purchase and answering any questions you have up front.


When looking at houses to buy, you will be coming across things like the Scottish Home Report, so we will explain how this works and what to look for as well as the valuation document which is provided by the sellers of the property you wish to purchase.


Like any mortgage broker, we will carry out a standard affordability calculation to prove your current income and expenditure. There are strict regulations in place here for good reason but it is nothing to be worried about.


There are two options a fixed rate product or a variable tracker rate product and after consultation, we will explain the benefits of each to you and help you decide which is more appropriate.


We will also take time to explain what terms are available for these products and then explain the maximum term lenders will allow you to make payments.


All clients who require a mortgage will have to obtain mortgage approval in principle from a mortgage lender, which includes a current credit score check.


Exchange Mortgages will source and secure for you a competitive mortgage product from our research of the mortgage market which will offer our clients a selection from over 90 UK Lenders.


You will require to have deposit funds in place for the purchase of a property. This will either come from your own savings or from a cash gifted deposit from parents or another family member.


We don’t leave you there though, once the mortgage has been secured, we will be on hand by phone, email or in person throughout the process until the keys are in your hand.


Looking into the future, when the time comes to re-mortgage or you intend to sell or move, we will be there when you need us.

“At the heart of the Exchange Mortgages Advisory service is a dedicated team of individuals who are passionate about client service. We are here to find you the find the most suitable mortgage product for your needs.”

If you are looking to purchase your first home, get in touch here and we will be glad to introduce you.

Anthony Wilson, Exchange Mortgages

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