A mortgage is possibly the largest financial commitment you will make during your life, so it is vital that you don’t make any errors, which could cost you thousands. For first time buyers, it can be particularly daunting, as you have to decide which type of mortgage will best suit your circumstances, how much you will be able to borrow and whether you will be accepted by the lender. A CeMAP mortgage advisor can help first time buyers through this confusing process, helping them to find an affordable mortgage.
Can first time buyers get a mortgage?
All lenders have to abide by the new affordability checks, which are far stricter than previously. If you don’t have any missed payments on your credit record and have sufficient income, you should be accepted for a mortgage. However, some lenders may have stricter criteria than others, and there are different products available from each lender. Lenders change their scoring systems, so even if you are rejected by one lender, you may be accepted by another. Mortgage advisors gain the CeMAP mortgage advisor qualification, which helps them to gain knowledge of lenders’ criteria.
Why professional mortgage advice is helpful
There are so many products available from lenders, all with different interest rates, terms and criteria, so it is easy to make a mistake and end up with a product which costs you more, or isn’t suitable for your requirements. A lack of any advice may even lead to you being rejected for a mortgage from your chosen lender. Mortgage advisors spend a considerable amount of time studying for a CeMAP mortgage advisor qualification, and have an in-depth knowledge of the criteria for different lenders.
How a qualified mortgage advisor can help a first time buyer
A mortgage advisor will only recommend a product which is suitable for your circumstances. Occasionally, a CeMAP mortgage advisor will be able to offer an exclusive deal which isn’t otherwise available. Prior to applying for a mortgage, an advisor will check that you can afford the monthly mortgage payments, and that your income levels are satisfactory for the amount you wish to borrow. Mortgage advisors will usually tell you about the other costs which are associated with a mortgage, in addition to the interest payable.
How to choose a mortgage advisor
Mortgage advisors offer sound advice to first time buyers, as they have many years of experience. All advisors have studied and qualified for the mortgage advisor qualification, which is required by the Financial Conduct Authority. In addition to learning about the application process and products available, mortgage advisors learn which products will provide the best value for first time buyers.
Choosing the wrong product could cost thousands over the lifetime of a mortgage. Rather than buying your first home without knowing anything about the process or products, consult with an advisor so that you can be sure that you are applying for a mortgage which will be affordable throughout the term.
