Buying your first home is an exciting milestone, but the mortgage process can feel overwhelming. Don’t worry — we’ve got you covered with this step-by-step guide to help you secure your first mortgage. And remember, the team at Purple Patch is here to guide you every step of the way.
Step 1: Get Your Finances in Order
- Check Your Credit Score: Your credit score plays a big role in mortgage approval.
Use tools like Experian or ClearScore to review your report. - Save for a Deposit: Aim for at least 5-10% of the property’s value.
- Budget for Additional Costs: Don’t forget about stamp duty, solicitor fees, and surveys.
Step 2: Understand Mortgage Types
- Fixed-Rate Mortgages: Your payments remain the same for a set period.
- Variable-Rate Mortgages: Payments can fluctuate based on interest rates.
- Help to Buy Schemes: Government-backed options for first-time buyers.
Step 3: Get a Agreement in Principle
A Mortgage in Principle (AIP) shows how much a lender is willing to loan you. This can help you act quickly when you find the right property.
Step 4: Compare Lenders
Use mortgage comparison tools or work with a broker to find the best deal for your needs. The experts at Purple Patch can help you compare options and find the right fit.
Step 5: Submit Your Application
Prepare documents such as payslips, bank statements, and proof of ID. Once approved, you’re ready to move forward with your purchase!
First-Time Buyers Guide to Getting a Mortgage in the UK
