Buying your first home is an exciting milestone, but it can also be a stressful experience. At Furnley House, we understand how overwhelming the process can feel, so we’re here to make it as straightforward as possible. Our experienced mortgage team is dedicated to helping you every step of the way. Here’s a simple guide to getting your first mortgage.
Step 1: Understand How Much You Can Afford
Step 1: Understand How Much You Can Afford
The first step in securing your mortgage is understanding how much you can afford to borrow. This amount will depend on your income, regular outgoings, and any existing debts. Lenders typically look at your earnings and spending habits to determine what size mortgage you can manage without financial strain.
At Furnley House, we can help you calculate this by assessing your financial situation. We take into account not only your income but also factors like your monthly bills, loan repayments, and any other financial commitments. Knowing your budget gives you a clear idea of the price range you should be considering when house hunting.
Step 2: Calculate the Costs
Step 2: Calculate the Costs
Once you know how much you can borrow, it’s crucial to understand the costs involved in getting a mortgage. This includes your monthly repayments, interest rates, and any additional fees such as arrangement fees, valuation fees, or legal costs.
Your monthly repayments will vary depending on the amount you borrow, the interest rate, and the length of your mortgage term. We can provide you with a breakdown of these costs, so you know exactly what to expect. Being aware of these expenses upfront will help you avoid any unpleasant surprises later on.
Step 3: Get an Agreement in Principle
Before you start viewing properties, it’s a good idea to get an Agreement in Principle (AIP) from a lender. An AIP gives you a better idea of how much a lender might be willing to lend you based on your current financial situation. It also shows estate agents and sellers that you’re a serious buyer, which can give you an edge in a competitive market.
At Furnley House, we can help you secure an AIP, making the process smoother and less stressful. Once you have an AIP, you can start your property search with confidence, knowing that you’re one step closer to owning your dream home.
Navigating the mortgage process for the first time can be daunting, but with the right support, it doesn’t have to be. To help you further, we’ve created a comprehensive mortgage guide that provides detailed information on every aspect of getting a mortgage, from understanding different types of loans to tips on improving your credit score.
At Furnley House, we’re committed to making your journey to home ownership as easy and stress-free as possible. Our mortgage advisers are here to guide you through every stage, from understanding your budget to securing the best mortgage deal.
If you’re ready to take the first step towards your new home, get in touch with us today. We’ll help you find the most suitable mortgage, arrange pre-approval for your loan, and provide you with our mortgage guide for more in-depth advice.
Please note: Your home may be repossessed if you do not keep up repayments on your mortgage.
