Spellman Financial Services

Considerations for first time buyers

first time buyers hints and tips

Being a First Time Buyer

Being a first-time buyer can be daunting. Not only are you about to make one of the biggest financial decisions in your life.

You’ll probably also have family members and friends offering their ideas on the right house, mortgage, lender, conveyancer and even removal company for you.

We’ve put together some ideas to try and take away some of the stress and confusion and give you confidence to move through the home buying process as smoothly as possible.

Get the right Mortgage Advice

Of course we’re going to say that – it’s what we do!

But we will be a person on your side who can walk you through the whole process and mediate between all the parties.

We’ll review your circumstances and look at your income, debt, day-to-day outgoings, employment and the size of your deposit, to assess what you can afford to borrow now and in the future.

We’ll talk you through the types of mortgage we think are right for you and the lenders who offer them.

Save as much as possible

Buying a house is going to be expensive so it’s important to save and save some more to get yourself in the best position possible.

Many lenders will accept a minimum deposit of 5% of the cost of the house you’re buying. But if you can aim for more, even better.

The bigger your deposit the smaller the mortgage (interest rate and monthly mortgage payments) making you more attractive to a lender.

Why should I use a Mortgage Broker

Your hard-saved deposit and monthly mortgage repayments aren’t the only expenses you need to be mindful of when buying your first home:

Some lenders will charge for a valuation fee and product fees.

You’ll also need to factor in the cost of a survey (depending on the type of property you’re buying and the lender you choose to go with you might need a basic mortgage valuation, a homebuyer’s report or a full structural survey).

In Scotland you also need to budget for Land and Buildings Transaction Tax and in Wales you’ll need to budget for Land Transaction Tax. If you live in England or Northern Ireland, you won’t pay any Stamp Duty Land Tax on properties worth up to £300,000.

You’ll also need to pay your solicitor or conveyancer for any legal work and local searches they do on your behalf.

    How to choose a Mortgage Broker

    Great reviews – this could be consistently high reviews you’ve spotted online. Or a Mortgage Broker a friend or family member has recommended.

    Fair fees – If an Advisor is charging you a fee, it is more than £500 and your case is relatively straight forward. It’s probably best to move on and find a different Advisor. If you’re happy with the Advisor you have found, see if you are able to negotiate their fee down.

    They are fully CeMap qualified and regulated by the Financial Conduct Authority

    About us

    Spellman Financial Services is a Mortgage Brokers based in Coventry who prides themselves in always delivering an excellent service.

    We can provide face to face advice to customers in Coventry & Warwickshire. Or a telephony service if you prefer, for Local or National Customers.

    Luke Spellman, the Mortgage Broker you will speak to, has over 10 years experience in Financial Services. 5 of which has been spent working directly with Mortgages.

    Spellman Financial Services is an Appointed Representative of Openwork Ltd, which is authorised and regulated by the Financial Conduct Authority

    Spellman Financial Services is registered for Data Protection purposes through the Information Commissioners Office