Important Advice for First Time Buyers

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Why Choose Us

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5-star reviews on Google
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years we have been as independent mortgage and protection brokers
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customer satisfaction for finding the best deals on the UK market
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total donated to various charities

Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
0
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

What Our Clients Say About Us

5.0 Based on 122 reviews from review us onLucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!rafal W. ★★★★★ I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.Shahid L. ★★★★★ This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and familyPretty L. ★★★★★ Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your supportNikki E. ★★★★★ Huge thanks to Richard Johnson for sorting out all of my insurance policies! I had accumulated a variety of life cover and various other policies over the years that all needed a good review and refresh. Richard was extremely patient and helped me to remove the duplication and choose the best cover to suit our current needs. I have used Ascot Mortgages for over 12 years and have met several members of the team, always finding the right help and support to work through what can be a complicated and stressful time. Thanks again, Richard!Aamir R. ★★★★★ As first time buyers we had very little understanding of how to go about applying for a mortgage. Phil was so helpful in cutting through all of the formalities and helping us to decide which mortgage would be best for us also ensured we collated all the details needed and kept us up to date on progress. The process of finding the right house was very stressful but the process of choosing and applying for the mortgage and life cover has been so straight forward that, at times, we were worried it was all a bit too smooth! Thank you for guiding us through this so professionally and with real understanding and personality.Andrew T. ★★★★★ Working with Richard at Ascot has been a great experience. He listened to us and was very professional throughout. This was our first experience with Richard but we've been using Ascot now for 6-7 years. Thank you all at AscotAngie B. ★★★★★ Always give a great service and find you a mortgage in a timely fashion.Alison is awesomeAndrew M. ★★★★★ We have used Ascot Mortgages for over 5 years now and have had excellent service throughout, primarily with Alison and Kevin. Our latest dealings have been with Richard Johnson who although new to us (and to Ascot I believe) has once again provided the 5 star level of service we have come to expect. His product knowledge is excellent offering a range of options supported with consistent communication and updates, always available on the phone or on email every step of the way.Ali H ★★★★★ Excellent service, a big thanks to Natalia Barry for her excellent support with my buy to let mortgage application, Natalia was professional, transparent, and kept me informed during all the process, and thanks to Jason jones for his assistance and support.david R. ★★★★★ I have dealt with Ascot for many years now and will always go back, recently had all my insurances re done by Richard Johnston at the firm, excellent service, communication and swift actions by Richard. Great deals on all three insurances and would recommend anybody to go to Richard for help. Thanks Richard 👍Eve Alexandra C. ★★★★★ We used Ascot Mortgages to purchase a home as first time buyers, Ellie assisted us with this and went above and beyond to ensure everything went smoothly, all questions were answered, and any queries were solved.As first time buyers, myself and my partner were quite nervous and clueless as to what to expect when getting a mortgage and what not, and Ellie made this so simple and explained everything in a way that we thoroughly understood what was happening with our house buying journey, without it being pure jargon.I can't thank Ellie enough, she truly has been a star during the whole experience and is an asset to Ascot Mortgages.She is someone who I would definitely recommend to friends and family if the opportunity arises, and has made this whole experience a very stress free and exciting one!Thank you for everything Ellie!Emma W. ★★★★★ Alison helped me to get the right mortgage for my current situation and was very supportivehelen L. ★★★★★ Phil Greenwood dealt with my recent remortgage, he made sure I had the best product to fit our HMO criteria. Then chased solicitors for me and made sure I completed around the date I wanted to avoid my ridiculous rate I was about to be switched to. Thanks Phil, great job! Ready for my next mortgage now so I will be coming back 🙂Mark C ★★★★★ Excellent service from an excellent representative. Very professional and helpful company. Thank you for all your helpDamian L. ★★★★★ I recently purchased a buy-to-let from Auction and Ascot Mortgages, in tandem with Ascot Bridging Finance, supported me through the whole process. Once the property purchase via a bridging loan was complete, Ascot Mortgages worked out the best options for me, despite the Banks rising interest rates and spiralling UK inflation and managed to secure me a competitive mortgage rate for that property. I wouldn't hesitate in going back to Ascot Mortgages in the future and look forward to working with them again in the near future. Thank you for everything you've doneJuliet B. ★★★★★ Thank you to Alison for helping us and sorting out our mortgage. Swift, reliable and very helpful. Very much appreciated. God bless you abundantly 👍👌🤝gareth P. ★★★★★ Been with Alison and team for more than 25 years. Needless to say, very happy...Jo T. ★★★★★ We have been using Ascot Mortgages for the last few years and they have done 11 buy to let products for us.We have found Alison, Phil, Jason, Jardelle and the team to be excellent at finding the best product for us and to work at pace when we are buying from auction and have a deadline to meet.Communication is very good and nothing is too much troubleBen H. ★★★★★ I can't recommend Ascot Mortgages highly enough.We have used them for all of our Mortgages . They are professional and friendly and have walked us through all our options, they always have the time to talk to you and go the extra mile to get you the best deal. It wont be long till I'm calling on their services again, I wouldn't go anywhere else.If you want a mortgage, there's only one place to go!Dog J. ★★★★★ Ascot went the extra mile to help me acquire a mortgage. With the help of Jason and Ellie I was able to get a competitive rate after 3 other firms had told me they couldn't help me. Great levels of communication throughout, I would highly recommend!Ursula B. ★★★★★ Alison was very friendly and professional in securing the right bridging for us and at a very competative price. This ensured that we were able to place an immediate offer and not miss out on our forever home. Later her help and support in finally getting our completion over the line was nothing short of a miracle. I would strongly recommend both Alison and the team at Ascot Mortgages.primrose C. ★★★★★ ALISON IS BY FAR THE BEST IN THE GAME. ALL WE CAN SAY IS THANK YOU SO MUCH. They are passionate on customer service, even in my frustrated time Alison, Jadelle, Ellie I could name them all. May the good LORD BLESS YOU.js_loader

The rise of property shows has made us all want to buy a house, possibly one that is a shell, and turn it into our dream home! But, in reality, the prospect of buying a house is daunting for many first time buyers. Worries about arranging a mortgage, paying too much for a property, and the deal falling through, someone else putting a higher offer in at the last minute, the survey revealing some nasty home truths (excuse the pun!), to name a few.

…And buyers are right to be cautious, buying a property is probably the most expensive investment anyone will make, so naturally you want to make sure the buying process is as low risk as possible and that a the sale is completed quickly without any last minute glitches.

Ascot Mortgages, will not only help you arrange the financial aspects of buying your new home, but we can also help to manage the buying process, we will work directly with your estate agent and solicitor on your behalf to help keep the sale on track.

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

04.12.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

04.12.2023

First Considerations (before you decide to start viewing properties)

Work out your budget / how much you can borrow

This is likely to be one of your most important criteria’s for your search so it is vital that you have a good understand what your maximum budget would be. If you are not sure how to work this out, give Ascot a call, it will take us less than 5 minutes to accurately assess this for you. Once you know your budget you can start to look at realistic properties.

How much deposit you have, how much do you need for other fees

Make a full list of all the other average fees when you are buying a property. These will soon add up, and if you have not accounted for these separate they will eat in to your deposit and may reduce your overall ability to borrow. Consider: stamp duty, legal costs, survey fees, removal fees, and mortgage arrangement fees, plus building insurance, all add up.

Decide what type of mortgage would suit you best

There are many different types of mortgages available, and a range of government schemes to for first time buyers, so depending on what type of property you would like to buy, you may be able to get help with a deposit, or be able to secure a lower rate mortgage if your parents are willing to act as guarantor. Again, give Ascot a call and we will be able to explain all this to you, and see what you are eligible for.

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Viewing Properties (and which properties to view)

Location & Transport links

For most people the area is most important factor, particularly for commuters, but as well as thinking about location in terms of distance, consider also accessibility as some areas, whilst further away can offer better transport links. Before you decide which areas to view properties in, it is always a good idea to go and have a drive around the area first.

A good location will usually come with a premium

Try and buy in the best location that you can, because material things (like an old kitchen or dodgy wallpaper) can be changed, whereas location has a big bearing on resale value. Do some research using websites like upmystreet.com to check out crime rates and other important factors.

Use your buying position to negotiate a better deal

Being a first time buyer already puts you in a strong position, and from an estate agents point of view you are a very desirable buyer as you have the potential to complete a property chain. However, also consider asking the vendor to pay stamp duty fees, your legal costs, and removal fees, instead of lowering the cost of the property. This will help to minimise the expensive initial outlay.

Remember asking prices are just that, and offers are usually welcome

Don’t appear too keen when you first view, as much as you may love the property! This can undermine your negotiating skills! Check the land registry for similar properties and prices. Remember the estate agent has to pass on all offers to the buyer, whether they believe they are too low or not – the offer needs to be passed on. Some buyers deliberately make offers much lower than the asking price in order to lower the seller’s final expectations of the selling price. However be cautious about submitting multiple very low offers to the same estate agent as it may cause friction and demotivate the estate agent with regards to negotiating an acceptable sale price for all involved.

If things go wrong

Don’t despair if the reality of your search doesn’t meet your expectations. There are schemes to help first time buyers, such as Home Buy and shared ownership schemes. Be prepared to wait a while, and to see many unsuitable properties: don’t rush into buying a house because you think it’s a great price, when you have reservations about it.

Watch the property market: the Government’s changes, for instance the scrap of no stamp duty on properties, can be important in your purchase.

Alison Gibson

Ascot Mortgage Expert

Unlocking New Possibilities: The Power of Remortgaging Your Home

Discover How Remortgaging Can Secure Your Financial Success and Home Upgrades

living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.

Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.

Completing the Sale

How long the process takes

The process usually takes 2-3 months. However, this can vary greatly depending on the number of people in the chain and whether the chain is complete or not. This means there needs to be people at each ends of the chain who are not also buying or selling another property. For example as a first time buyer you would be at the very start of the chain, and someone selling their property to move in to rented property would be the very end of the chain.

Choosing a solicitor

Once you have chosen your home, you need to find a solicitor who can complete the process for you. Conveyancing is possible without a solicitor, but for first time buyers it is far better to invest in a good solicitor, to make life much easier.

Getting the property valued and securing a mortgage

Before the mortgage will be formally agreed, (you will have previously been given an agreement in principal which tells you who much you can borrow), your formal mortgage offer will be provided once the mortgage company have sent one of their own valuers to the property in order to ensure it is worth the agreed price. Since the property market crashed in 2007, it has been more common for mortgage lenders to mark down the value of a property; however in most cases the seller will have no choice but to reduce the price accordingly.

Taking out your own in-depth survey

Some people choose not to, because mortgage lenders insist on basic check of the property: however, this is not as comprehensive as a survey. Like hiring a solicitor, it is better to invest money in having a professional check your new home, than risk buying it and having to spend thousands later on. The valuation, and the survey, also check the property is worth what you have arranged to pay for it.

Complete any necessary legal work, and have any draft contracts issued

At this point, arrange building and contents insurance and also consider additional policies, like life insurance or income protection insurance.

Exchanging contracts

The the final part!…
Before you exchange contracts, make sure you iron out any questions, are completely clear on the agreed completion date (when the sellers are moving out, and when the money will actually be paid and you get the keys) most people exchange contracts on a Friday and complete the weekend after, however there is no fixed rule about exchange and completion, you can do this on the same day if you choose – but for practical reasons and planning last minute things, some people prefer to wait a week to ensure everything is absolutely final before they pack up the last remaining things!

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FAQ

A guarantor mortgage is a type of mortgage that involves a third party, usually a family member or close relative, guaranteeing the mortgage repayments on behalf of the borrower. This arrangement is more commonly now known as joint borrower sole proprietor as the guarantor essentially is included as part of the mortgage application but not included on the title deeds to the property.

Shared ownership is a form of home ownership that enables buyers to purchase a share in the property and pay rent on the remaining amount. The buyer usually pays an initial deposit, which is between 5% to 10% of the price of the share being purchased, and then pays a reduced rent on the remaining portion owned by a housing association or other organisation.

A joint mortgage is a type of mortgage that two or more individuals take out together to purchase a property. It allows multiple borrowers to combine their incomes and share the responsibility of repaying the mortgage loan.

The loan-to-value ratio (LTV) is a financial term that represents the ratio between the loan amount and the appraised value or purchase price of an asset, typically a property. It is commonly used by lenders to assess the risk associated with a loan.

Repayment and interest-only mortgages are two different types of mortgage repayment structures. Here’s an explanation of each:

  • Repayment Mortgage: A repayment mortgage, also known as a capital and interest mortgage, is a type of mortgage where your monthly payments cover both the interest on the loan and the repayment of the principal amount borrowed. Over the term of the mortgage, typically 25 to 30 years, your monthly payments gradually reduce the outstanding balance. At the end of the term, assuming all payments have been made, the mortgage is fully repaid, and you own the property outright.
  • Interest-Only Mortgage: An interest-only mortgage is a type of mortgage where your monthly payments only cover the interest charges on the loan. Unlike a repayment mortgage, you do not make any principal repayments during the term of the mortgage. As a result, the outstanding balance of the loan remains the same throughout the mortgage term. Therefore your monthly payments are less. However, lenders may restrict the maximum loan to value on an interest only basis – generally between 50% to 75%.

With an interest-only mortgage, you are required to have a separate plan or investment vehicle in place to repay the principal amount at the end of the mortgage term for residential mortgages. This could involve savings, investments, or other arrangements that aim to accumulate sufficient funds to pay off the loan. It’s crucial to ensure that the repayment plan is robust and will be able to cover the loan amount. For Buy to Let mortgages lenders will typically accept sale of the security property as the investment vehicle.

Consider a longer-term mortgage if:

  • You prefer lower monthly payments to manage your budget.
  • Affordability is a priority, allowing you to allocate funds to other financial goals.
  • You plan to sell or refinance in the near future.

 

Opt for a shorter-term mortgage if:

  • Minimizing total interest payments is important.
  • Building equity quickly is a priority.
  • You plan to stay in the property for an extended period.
  • Ultimately, the decision should align with your financial circumstances and goals.

Consulting a mortgage advisor can provide personalized guidance.

Yes, it is possible to get a buy-to-let mortgage as a first-time buyer, but it can be more challenging. As a first-time buyer lenders may view you as a higher risk and will also base their lending decision on both rental income and your own personal affordability. However, if you have a good credit score, a stable income, and a solid business plan for your rental property, you may be able to secure a buy-to-let mortgage. It’s important to shop around and compare different lenders to find the best deal for your individual circumstances which is why contacting a mortgage broker for the right advice is a good solution.

Yes, you can get a first-time buyer mortgage if you’re self-employed but most lenders would require a 2 year minimum trading history. However, additional requirements may apply. You’ll need to provide evidence of income, such as business accounts and tax returns. Lenders may request an accountant’s certificate and consider your trading history. A larger deposit may be required. Specialist lenders may cater specifically to self-employed borrowers. It’s best to consult with a mortgage advisor or lenders directly for personalized guidance.

Apply for a first-time buyer mortgage when you have prepared your finances, saved for a deposit, and are ready to commit to homeownership. Consider obtaining a Decision in Principle before house hunting. Consult with a mortgage advisor for personalized guidance.

When budgeting for homeownership, consider the following costs: –

  • Deposit: Set aside funds for the down payment on the property.
  • Stamp Duty or LBTT: Pay the property tax based on the purchase price.
  • Solicitor or Conveyancer Fees: Budget for legal services.
  • Valuation and Survey Costs: Account for property valuation and survey expenses.
  • Mortgage Fees: Consider arrangement or booking fees associated with the mortgage.
  • Home Insurance: Plan for building and contents insurance.
  • Moving Costs: Budget for expenses related to moving your belongings.
  • Ongoing Costs: Include mortgage repayments, council tax, utilities, maintenance, and service charges.

Ensure you research and estimate these costs to create an accurate budget. Our advisors are always available to assist you in finding the most suitable deal for your unique situation.

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Searching for your first-time home? Ascot Mortgages is your go-to resource! Our experts specialize in assisting first-time buyers and have access to a diverse range of mortgage options. Whether you’re looking for a cozy apartment or a spacious house, we’ll find the perfect financing solution for you. Contact Ascot Mortgages today to discuss your first-time buyer requirements and embark on the exciting journey of homeownership.

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