In our article 3 Essential Questions for First Time Buyers to ask, we discussed the questions to think about before your first mortgage advice appointment. In this article, we’re going to focus on the questions that you should ask your mortgage adviser.
Our mortgage advisers have been arranging mortgages for many years and it can feel as though they’ve read your mind sometimes as they answer the question before you’ve even asked it.
Essential questions to keep in mind when you go into your appointment are;
1) What mortgages are available for first time buyers? Your expert adviser will be able to explain the different types of mortgage product available to you & the advantages and disadvantages of each. When your adviser is searching for a mortgage that will best suit your needs, they will only propose mortgages that are the right fit for you, so you can rest assured that the mortgage products that they recommend will be the most suitable for your needs.
2) Should I use a First Time Buyer scheme? There are many schemes available to support First Time Buyers with getting onto the property ladder, we’ve gone into more detail about those in this article, however you might not always need a scheme to help you get onto the property ladder. This is definitely something that you should discuss with your mortgage adviser, they will be able to help you weigh up whether or not a First Time Buyer scheme would be the right choice for you.
3) As a First Time Buyer, will I be required to pay Stamp Duty?
We go into more detail about the different thresholds for Stamp Duty in this article, but your adviser will be able to give you a full run down of the ins and outs of Stamp Duty and its effects on you as a First Time Buyer. As a general rule of thumb, you won’t need to pay Stamp Duty unless the property is over £300,000.
4) What costs should I expect? This is such an important question to ask your adviser, as there are always fees that you won’t have thought about. We've collated a list of 'Hidden Moving Costs' in this article. Your adviser is likely to go through all of the different costs associated with purchasing a property; including Solicitors fees, local searches & survey fees. They will help you understand what the different fees are & help you source the right person for the job, if you require.
5) Where do I find a solicitor?
For many people, buying a house is the first time that they’ll need to use a solicitor’s firm, so they often aren’t sure where to find one. We have a close working relationship with a local solicitor if you need a recommendation.
Knowing where to start as a First Time Buyer can be confusing but you adviser will be able to help you along the way.
At any point during the mortgage process, you’re welcome to get in touch with our team if you have any questions about the process at all.