First time
buyers

Choosing your property

You may have a certain set of criteria such as a good school nearby, local transport links, and shops, restaurants and amenities close by.

You will need to provide a deposit and it’s worth taking into consideration that better mortgage deals can be obtained with larger deposits. Although the deposit does not need to be paid until the exchange of contracts, you will need to prove that you have these funds at the outset, to show the lender you are not borrowing the money from elsewhere and therefore increasing your monthly outgoings.

It is not just the deposit that you need to take into account; you should bear in mind the other costs associated with buying a property. These include valuation costs, solicitor’s fees and potentially stamp duty.

Deposits: you need at least 5% of the purchase price. For example, for a £250,000 property you would need £12,500 for a 5% deposit.

Choosing a mortgage

Taking you through the whole process from start to finish, TaylorMade will manage your entire application. Our expert advisers do extensive research to find you the very best mortgage deal on the market. We’ll choose only the very best deals and present you with a few different options to consider.

Give us a call to get started 0870 890 9877

Once you’ve chosen your mortgage, you make an initial application with the lender who will then invite you for an interview. This is when the process of credit checks and the review of your documentation, such as bank statements and wage slips, will begin. If the lender is happy with your credit score it’s time to survey your property.

Making an offer

When you’ve chosen your property and have been accepted for a mortgage, you can then make a formal offer to the vendor with the price you are willing to pay (usually, this is done via an estate agent). If the vendor accepts your offer you can then move onto the next stage.

Average time: 2-4 weeks once all the required information has been submitted.

Handling the paperwork

Once your offer has been accepted, it’s time to see your TaylorMade adviser to talk specifically about the nitty gritty, such as mortgage repayment options and the terms and conditions of your loan.

This can be a pretty detailed process with lots of information going back and forth but at TaylorMade, we aim to make the whole experience as straightforward and easy to understand as possible. We explain everything without resorting to confusing industry jargon so that by the time you’ve signed all your paperwork, you’re stress free and excited to step into your first home.

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