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Getting your first mortgage can seem daunting. We’ll guide you through all of the steps below and do most of the work whilst keeping you informed of your mortgage’s progress
We will assess your affordability and the maximum mortgage you can borrow. We'll also be able to advise you on any schemes you may be eligible for.
Once we know the basic figures around your siuation, we can provide you with a summary of the potential deals available to you. We'll also discuss a breakdown of the fees within the mortgage.
When you are happy with a particluar deal then we will get you a AIP (Approval in Principle).
This is pre approval form the lender based on the information you have so far provided and a credit search.
This won't cost you any money and you are not commited in any way. It does however allow you to go looking for your dream home with the confidence that you will likely be able to get a mortgage.
Once you have found a house within your budget then put in an offer with your estate agent and wait to see if it is accepted.
We check if the mortgage quoted is still the most suitable offering for you. Lenders are constantly changing rates.
The legal work will be carried out by a solicitor and we can help you find a reputable one. Once chosen we can deal with the solicitor on your behalf.
We will assess your affordability and the maximum mortgage you can borrow. We'll also be able to advise you on any schemes you may be eligible for.
This is a formal document and will be shared between yourself, the solicitor and your broker and allow you to progress. The solicitor will now be able to proceed in the background with a variety of checks.
You can arrange a moving in date with the sellers and let us know. Once this date is confirmed your solicitor will exchange contracts on your behalf; from here on in you and the seller are contractually commited to complete the buying/selling process.
Your solictor will organise a completion date and the lender will transfer funds to the seller. Your broker can organise any insurances for you and you can now move into your new home!
We will spend as much time as you need to make sure you fully understand your first mortgage. Book a consultation today and start your journey to owning your own home.
There are many factors at play. You need to consider your income, savings, outgoings and the price of the property you are looking at buying. There are basic mortgage affordability calculators online but if you call us or book a consultation, we can tailor this to your specific situation.
There are two main types on mortgage:
• Repayment mortgages
• Interest only mortgages
The latter are mainly reserved for buy to let mortgages with the idea being to only repay the interest and not the principle. Most people opt for a repayment mortgage – over time you pay less interest and more capital as the borrowed amount reduces.
There are also sub types Fixed rate, variable rate, offset and tracker mortgages. We can discuss these all over the phone and which one will be most suitable to your situation.
Ashby Mortgages can help you compare mortgages comprehensively with a wide range of products from the High Street and Specialist Products not available direct.
If you go to a bank for your mortgage you will only be presented with their offerings. A broker however will help you compare mortgages comprehensively with a wide range of products from the High Street and Specialist Products not available direct Another advantage of going through a broker is their vast knowledge of the mortgage market and their assistance in completing your mortgage.
If you have never owned a home then yes you are qualified as a first time buyer. You can however qualify for a first time buyer mortgage if you do not currently own a home but previously have, however this is lender specific. We can present these options to you within our consultation.
Valuation fee – This should be sought independently as these costs vary from property to property and dependent on the level of survey/valuation required. We can provide quotations for property surveys, upon request.
Lenders fees – Vary from lender to lender and property to property. Sometimes even based on borrowing amount and type of mortgage chosen. Any such costs are either paid up front or in some cases can be added to the mortgage. Any such costs will be highlighted in your mortgage illustration (ESIS) and are set by the lender.
Broker fee – We charge a flat fee of £195 once your mortgage offer is issued.
Solicitor fees – These costs can vary greatly, dependent on many differing scenarios including the inclusion or not of stamp duty. All costs should always be checked with a conveyancer/solicitor before proceeding. We can provide quotations for Solicitor fees, upon request.
Stamp duty – Subject to homeowner status and property value. Can be estimated on the government website. Your broker can go through this with you in specific detail upon a consultation
Please feel free to book a consultation with us for advice and guidance on acquiring a mortgage.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK. We charge a broker fee of £195 upon approval of a mortgage offer.
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.
Ashby Mortgages Ltd, trading as Ashby Mortgages, is an Appointed Representative of HL Partnership Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 9 Conquerors Way , Northampton, NN5 4WT. Registered Company Number: 11225207. Registered in England & Wales. ICO number: ZA321077.
FCA number: EJD01072