Finding your first home can be an exciting time but it can be daunting to know where to start with getting a mortgage.
If you’re struggling to raise a deposit or have been turned away by high street lenders, our teams of experienced mortgage advisers are on hand to find a solution for you.
We assess all applications on an individual basis, taking a common sense approach so that we can be sure we provide mortgages to creditworthy borrowers.
Am I a first time buyer?
We define a first time buyer (FTB) as an applicant who has not previously owned a property, with or without a mortgage on that property.
When you apply for your first mortgage with Aldermore you will be assigned a professionally qualified personal mortgage adviser who will guide you through each step of the mortgage process as shown below:
- Initial Decision in Principle – our advisers will speak to you to fully understand your position and make a recommendation to you based upon this conversation. We will then apply for a Decision in Principle – which is a basic check that you meet our lending criteria.
- Application – when you have found a house, and have received a mortgage illustration, our mortgage advisers will take you through the full application. We will keep you informed of the next steps of the application process and at this stage we will gather supporting documentation from you – such as proof of income (payslips or accounts etc.)
- Referral to a conveyancing service – when purchasing a property, a conveyancer or solicitor will act on your behalf, and will provide information to us as your lender. We can introduce you to a suitable local representative if required.
- Referral for a protection review – when taking out a mortgage, it is advisable that you ensure that, come rain or shine, your home and family are protected. Our business partners will provide a full review of your needs and existing cover to help you prioritise any protection needs. This will also include building and contents insurance.
- Instructing the valuation – when your application has been assessed with our underwriters and all of your supporting information has been accepted, we will ask a surveyor to visit the property to ensure it is mortgage-worthy. As standard, a valuation for mortgage purposes will be carried out, but you are welcome to arrange an additional more detailed survey should you feel this is necessary.
- Mortgage offer – at this stage, a binding mortgage offer will be provided to you. This is the stage where your application has been fully accepted. Your conveyancer or solicitor will start to discuss exchanging contracts with the sellers and looking at a date you can complete. At this stage, it is advisable for you to take out a buildings insurance policy.
- Completion - this is the date you get the keys to your new home! Any deposit you are paying, plus the mortgage funds will be transferred to the seller’s solicitor. The keys will be handed over and you can move in!
If you’re ready to make that first step onto the property ladder give our team of mortgage advisers a call today on 0333 920 6009.
We also participate in a number of different schemes to help first time buyers get on the property ladder. If you’re struggling to raise a deposit, then take a look at our 100% Family Guarantee Mortgage.
If you only have a small deposit then take a look at our Help to Buy mortgages:
Are you looking for your first mortgage but also self-employed?
* We offer 100% mortgages if you have a close relative who is willing to accept a collateral charge on their property