First time buyer. A few Q's.

Getting_By_2

Hi.

I'm first time buyer looking to get a 90% mortgage.

I have seen a property that I really like. Having never applied for a mortgage before I am a bit confused and nervous.

I am wondering if it will be better to go through a local town mortgage broker or apply online direct to the bank?

I have seen good rates at First Direct and Lloyds TSB. I am scared that if I apply directly and get knocked back my chances any where else could be hindered. But I would really like to get the ball rolling ASAP as I can see this property going fast.

I have a clean credit rating and no outgoings.

Any tips would be greatly appreciated. :T

buzzyzoe

Is your employment permanent and full time? What's your salary, how much is the property?

Are you on the electoral roll? Do you definitely have no defaults/late payments? Have you checked all 3 credit files? (Equifax, Experian, Noddle)

Have you got the deposit you'll need? Can you prove the origin of this deposit? Have you also got enough to cover legal fees, stamp duty and any mortgage fees?

Do you have any loans or an overdraft?

Do you know how much the mortgage repayments are likely to be? Based on your salary, can you comfortably repay this and all the extras, such as council tax, bills, insurance, travel, food etc.

Do you have any dependents? Will anyone else be living in the property?

I would say the answers to all of the above questions will decide whether you'd be better off applying via a broker or directly. You want to be fairly confident that you will be accepted.

ACG

If your making the application yourself, make sure you meet the lenders criteria first. I believe first direct have some strict criteria.

If your scenario is straight forward, then making an application directly shouldnt be an issue. But if you want someone to hold your hand (and that does happen all the time) then you can get in touch with a broker.

It shouldnt always be down to rate, you need to look at what is right for you - fixed, tracker, how long to tie in for, what are the fees, sometimes the fee outweighs the low rate.

amnblog

As a first time buyer you need to use a mortgage broker who can guide you through the whole process.