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First Time Buyer

1st Time Buyer Mortgage

Buying your first home can be demanding in both time and effort, with so much to take on board where to get a mortgage? etc, and no experience of the process it can make you feel like pulling your hair out. At Edward Wilson Financial LTD, we are very aware of this, and go to great lengths to explain the process and keep you right, every step of the way. In short we will take good care of you.

Saving for a deposit for your first mortgage is the first step unless parents can lend a hand. Once you have the money,it is good to have some kind of credit record, where even a small amount has been borrowed and paid back. Perhaps on a credit or store card. It is NOT good to have too much outstanding credit.

It also helps to be on the electoral roll, as lenders can find you when they do a search.

We  recommend carefully assessing your monthly budget this is highly advisable, since there will be a number of bills to pay that you may not be used to. It is important to realise that the mortgage and essential bills must be paid first, then the cost of living, before you splash out too much on leisure activities, cars or holidays.

The general process is that I will make an initial assessment of what should be possible by gathering all the relevant personal and financial information, before recommending the most suitable lender.

Some lenders may not lend, therefore it is important not to have multiple credit scores being done by those lenders as this can damage your credit record. In Aberdeen, and over Scotland, there is a scheme to help first time buyers get on the property ladder called “Help To Buy”.

There are also other social housing schemes in Aberdeen that may be considered. We will gladly explore these options for you upon consultation.

Subject to approval, for first time buyers  100% mortgages can be available in some circumstances, but up to 95% is more common. I can advise on the most suitable lender and deal, and then (subject to acceptance) arrange the mortgage for you.

This involves taking on much of the responsibility for you, and dealing with lenders and solicitors as necessary. I oversee the whole process, and can also recommend a good solicitor.

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.

Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

For mortgages there will be a fee of usually £100, and we will also receive a payment from the lender.

For Commercial Loans we act as introducers only. The FCA does not regulate Commercial Loans.

The FCA does not regulate loans and some forms of Buy to let mortgages