First Time Buyers

First Time Buyer Mortgages

South Manchester Mortgages is an independent, whole of market, mortgage broker that focuses on finding a great deal and the best mortgage for you and your personal circumstances. Our expert team will guide you through the whole process, all the way through to completion.

Due to the excellent relationships we have with many lenders, we can offer the most attractive first time buyer mortgages on the market, some of which are only available through broker routes.

Step One – Free initial consultation

Call or email us to book an appointment with one of our advisors. Depending on location and availability we can either come to see you at home or you can visit us by appointment.

Our advisor will discuss with you any specific requirements, including your current circumstances, how much you can afford and your deposit. Your current employment status and earnings plus your credit history will also have a bearing on the type of mortgages we will recommend. Our advisors will also give you expert advice about Protection Insurance and other costs.

What is an afforability check?

Lenders investigate your finances – your income, your bills, and any other debts or commitments. This will include your lifestyle – your dependents and your spending.

They have to be sure that you’re not over-stretching yourself. Our advisors will guide you through this process as well as help with any forms and paperwork.

Step Two – How much deposit will I need?

Typically, First-Time Buyers will have a small deposit to put towards their first mortgage. The smallest deposit you can usually use to get a mortgage in the current market is 5%.

Step Three – Let us arrange for an Agreement in Principle for You.

Few lenders offer actual mortgages if you’ve no property in place – they offer a “Mortgage in Principle” (MIP) or an “Agreement in Principle” (AIP). This provisionally lets you know how much you can borrow, subject to finding a suitable property in a specified time.

An Agreement or Mortgage in Principle is an important step in applying for a mortgage. It gives an indication of whether a lender could lend you the amount you need to borrow. Lenders use a soft credit check to do this, which has no impact on your credit file. The process is relatively speedy and requires some personal information, including details of your income and financial commitments,

this information is used in the strictest confidence.

Getting an Agreement/Mortgage in Principle does not mean you are committing to apply to that lender for a mortgage.

However, once you have one, you’ll be ready to discuss all the options we can offer. We do not charge for this service.

Step Four – Making an application.

Once you have found your property, you are then in a position to make a formal application. At this point we will review the market for you to ensure you have the best and most suitable product.

We very much hope that you will appoint us as your chosen Mortgage Advisers. As part of the service we offer, we have a team of expert support and administration staff who will process your application, progress your offer and chase any queries. We will hold your hand through to completion, working with you, your Estate Agents and Solicitors, making the process as smooth as possible. This saves hours of your time waiting on calls and chasing a wide circle of people during office hours and most importantly takes the stress away from you and makes the process much more efficient.

Our fees will be initially £150 which is payable when we submit your application form to the lender and the balance of £100 will be payable within 14 days of you receiving the mortgage offer.

Step Five – Move into your new house!

You have completed! Pick up the keys and enjoy your new home!!

Mortgage, Life & Home Insurance Specialists

Helping you have the home you want… protecting what matters to you most