If you're a first-time buyer looking for mortgage advice, here are some key questions you can ask to help kick-start your journey.
Buying your first home is an exciting milestone, but navigating the mortgage process can feel overwhelming. Speaking with a mortgage adviser is one of the best ways to get clarity and ensure you make informed decisions. Asking the right questions can help you understand your options, avoid unexpected costs, and secure the best possible deal. In this blog, we outline the key questions every
first-time buyer should ask their mortgage adviser.
1. How much can I borrow?
2. What type of mortgage is best for me?
There are several types of mortgages available, each with pros and cons depending on your personal circumstances. Some common options include:
- Fixed-rate mortgage – Your interest rate remains the same for a set period, offering stability.
- Variable-rate mortgage – The interest rate fluctuates based on market conditions.
- Tracker mortgage – Your rate follows the Bank of England base rate.
A mortgage adviser can help you choose the best option based on your financial situation, so make sure you have this question lined up when speaking to them.
3. What deposit do I need?
Typically, lenders require a deposit of at least 5-10% of the property’s value. However, a larger deposit (e.g. 20%) can unlock better interest rates and lower monthly repayments. Your adviser can explain the impact of different
deposit sizes and help you plan accordingly based on your personal financial situation.
4. What government schemes are available?
5. What fees and costs should I expect?
Beyond the mortgage itself, there are additional costs to consider, such as:
- Arrangement fees – Charged by lenders for setting up the mortgage.
- Legal fees – Covers solicitor costs for conveyancing.
- Stamp duty – First-time buyers may benefit from
stamp duty relief on property purchases
- Valuation and survey fees – Ensures the property is worth the agreed price and identifies potential issues.
Your mortgage adviser can help you understand more about these fees, and help you to budget for them, thus avoiding any financial surprises!
6.
How can I improve my mortgage eligibility?
Lenders assess your financial health before approving a mortgage. Steps to improve your eligibility include:
- Checking and improving your credit score.
- Reducing outstanding debts.
- Saving for a larger deposit.
- Maintaining stable employment and income.
Your adviser can provide tailored advice on strengthening your mortgage application.
7. Should I use a mortgage broker or go direct to lender?
8. What happens after my mortgage is approved?
Once your mortgage is approved, the next steps include:
- Finalising the property purchase with solicitors.
- Completing necessary paperwork and agreements.
- Setting a completion date and preparing for move-in day.
Your adviser can walk you through the final stages and ensure a smooth transition to homeownership. At Motion Mortgages, we will be with you every step of the way until you have the keys in your hand.
As a first-time buyer, asking the right questions can make the mortgage process far less daunting. From understanding how much you can borrow to exploring government schemes and additional costs, a mortgage adviser is there to guide you every step of the way. By getting expert advice early, you’ll be in a stronger position to secure the right mortgage deal for you, and confidently step onto the property ladder.
Ready to start your home-buying journey? Contact us today and get personalised mortgage advice tailored to your needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK. Initial consultations are completely free of charge. There's no obligation to proceed and our broker fee of £495 will only become payable at offer stage of your mortgage application. Your home may be repossessed if you do not keep up repayments on your mortgage. The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your property may be repossessed if you do not keep up repayments on your mortgage.
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