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:
Once all of this is in place, your broker will then complete research to determine the maximum amount you can borrow to buy your first home given your specific circumstances. They will also discuss mortgage affordability, the type of interest rate and the most suitable term to make sure that the monthly payments for your mortgage and protection policies are affordable both now and in the future.
We understand that the key questions you want answered are…’how much will it cost me to buy my dream home, and what do I need to do to make this happen?’
Your broker will then search and compare mortgage rates to find the best deal that fits your needs. You will then receive a Mortgage Illustration detailing the selected mortgage loan and chosen deal.
A Mortgage Illustration can also be referred to as an ESIS which means a European Standardised Information Sheet. This important document shows you everything you need to know about the mortgage including the rate, monthly payment and Early Repayment Charges.
It is also important to consider the costs of the policies you will need to have in place to protect your income, and ensure your mortgage payments would be paid in the event that you are unable to work due to sickness or critical illness. Your broker should also discuss this with you and provide quotes for the cover required.
Next up is the fun part. House hunting! Now that you know what you can afford to borrow and how much this will cost you each month, it is the perfect time to start viewing properties. Good luck!