What to Expect

As a first time buyer, once you have found the mortgage advisor you would like to guide you through the process of buying your first home and inform you of what to expect during the mortgage process, the next step is to arrange to meet with them. This could be via email, telephone, video-call or in person. 

They will then complete a full assessment of your situation, including a review of your:

1. Income: Usually three months’ payslips for employed applicants or three years income evidence if you are self-employed will be required. 
2. Deposit: This can be 5% in certain circumstances, however it’s usually a minimum of 10% of the property value. Lenders often offer lower interest rates and have more competitive mortgage deals available for clients with a bigger deposit and therefore a lower Loan to Value. In order to get the lowest mortgage interest rates, it is best to save a deposit of 15% or more.
3. Latest three months bank statements: Mortgage Lenders want to know that you are likely to be able to pay the monthly mortgage payments each month and want to see how you manage your finances and fund your lifestyle.  This means payday loans and living in your overdraft are big no-no’s! 
4. Credit file: Your mortgage broker will discuss your credit file with you to check if there are any factors which may affect your mortgage application. If this is the case, then your broker can advise you of the best ways to change this. If there are significant issues with your credit rating then it may be that your broker may consider an application for a sub-prime or credit impaired mortgage.