What do first-time buyers need to do on their mortgage journey?

Working as a mortgage professional, you will encounter many different types of people who will have various needs and requirements. One of the groups that you will provide support and advice to are first-time buyers.

With these people being completely new to purchasing property, the whole experience can often be daunting and a little overwhelming. In some cases, you may be the first point of contact for advice that they turn to.

As such, here are some things that a first-time buyer needs to consider. As their mortgage adviser, you would often discuss these points during your initial meetings to establish if they were in a position to proceed.

What do they know already?

Buying a house and obtaining a mortgage is a big investment, and some customers will have done more research than others. It is important that they fully understand the process, including what they need to do, how they will pay, and the full terms and conditions of the mortgage.

Have they found a property or put in an offer?

Some first-time buyers will have sought a property before they see you. However, it is advisable that they speak with a mortgage professional first in order to establish how much they can borrow, which will ensure they are looking in the right price range. This also stands them in great stead with estate agents, as it shows that they are serious and in a position to proceed.

Submit a mortgage application

Once your customer has an agreement in principle, found a property within their price range, and had an offer accepted, it is time to submit a formal mortgage application. As a professional in this field, this is where you will gather the full details and proof of income before undertaking a comprehensive credit score, submitting this for final approval to an underwriter.

What happens next?

Once the mortgage has been formally approved, you will take the details of your customer’s chosen conveyancer and instruct the surveyor, who will complete a survey to advise if the property is suitable security.

The conveyancer will carry out all the necessary legal aspects and act in the best interests of the customer to be ready for exchange of contracts, which is the point that the purchase becomes legally binding.


It is then a case of setting a mutually agreeable date for completion. Meanwhile, the conveyancer requests the funds from the mortgage company, along with the customer’s deposit in order to complete the purchase, allowing your client to pick up the keys to their new home.



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