First-Time Buyer Mortgages Oxford

You may be tempted to start looking at properties immediately - this is, after all, the fun part! In fact it is recommended that you start by contacting us first to find out if you can get a mortgage and how much you can afford to borrow. You will need to provide some basic documents (payslips, ID, bank statements mainly) for us and then we will review all of your options and help you determine the amount you can borrow. At this point we aim to help you arrange an Agreement in Principle (AIP), putting you in a much better position when you start to look for a property. Estate agents like AIPs because it shows them that you are a serious buyer who has already considered their financial situation.

As soon as your offer has been accepted, get in touch again with us asap. We will then commence the mortgage application process for you, allowing you to focus on more enjoyable things...like furniture shopping.

Your dedicated adviser will submit the fully packaged mortgage application with the chosen lender, who will then verify that the information provided is correct and review all your documents. During this process we will regularly communicate with the lender and yourself, to ensure all the requirements are satisfied and to keep you updated at all times. Whilst your documents are verified by the underwriter, the lender will also send out a valuer to check the property out. As soon as the lender is happy with all of these elements, your mortgage will be then agreed.

This is the 'Holy Grail'. All of our hard work is to obtain the mortgage offer. The offer is confirmation that your application has been meticulously checked and approved. This is sent out to you and your solicitor and we will also receive a copy and check it to make sure it is exactly as we expected.

There are two additional factors which need to be addressed during the mortgage process. Firstly, it is vitally important to understand and talk through your insurance options. You legally have to arrange building insurance but we will also talk you through the other associated protection policies like life insurance and income protection to help ensure that you do not lose your home in the event of an unexpected life turn. Secondly, you may be inclined to arrange an independent valuation on your new property. This would usually be a homebuyers or structural survey depending on the age of the property as well as the recommendation from the surveyor too. We can help you arrange the survey and this would give you further reassurance that your proposed new home will not have any unexpected problems.

After your mortgage is offered, the legal part of the process, known as conveyancing, will start (sometimes this may start before the mortgage is offered but usually is recommended to wait until you know you have been accepted). This is when the conveyancers organise the actual legal purchase of the property and during this time, our team will liaise with all the parties involved to keep you up to date.

Once everything is in order and both sides are satisfied, your solicitor will exchange contracts with the seller’s solicitor. The purchase completes when the money is transferred, on the mutually agreed date. This is the big day, when you get the keys to your new home!