First time buyers guide

We’ve put together this guide, which we’ve designed to help you get prepared to apply for your first mortgage, and hopefully to help demystify some of the legal jargon to make the process a little easier and more straightforward.

Putting our homeowners first, and always first

We understand that buying your first home is an exciting time, but that there’s also a lot to think about. With so many important things to consider, such as finding the right property, securing a mortgage and all the legal paperwork involved, at times it can feel quite daunting.

Throughout the process of buying your Blewbury Home, our expert customer services team are on hand to help and offer you friendly advice as and when you need it.   So, if you have questions don’t be afraid to ask!

Getting yourself mortgage ready…

Applying for a mortgage can take some time, particularly as there is a lot of paperwork to gather together to evidence your income.

You can help speed up the mortgage application process by having the correct documentation ready to give to your mortgage adviser at your first meeting. The documents that you will need vary slightly depending on if you are employed or self-employed, so we’ve put together a checklist for you:

IF YOU’RE EMPLOYED:

  • Payslips for the last three month
  • Your last P60
  • Bank statements for the last three months
  • One utility bill to prove your current address (not a mobile phone bill)
  • Your passport and your driving licence

IF YOU’RE SELF-EMPLOYED:

  • Three years’ of audited accounts, signed off by a qualified accountant (some lenders will accept two years, but check before you go to your meeting with the mortgage adviser to be sure)
  • Two years of your SA302 or equivalent tax computation from your Accountant, and Tax Year Overviews
  • Bank statements for the last three months for both your personal and business accounts
  • One utility bill to prove your current address (not a mobile phone bill)
  •  Your passport and your driving licence

Also, make sure you know what any direct debits or standing orders are for and have the balances to hand for any outstanding credit cards, store cards, personal loans or personal finance. This is all information your mortgage adviser will need and will ask you for during your first consultation, so if you want your mortgage application to go through quickly and smoothly, have this information ready.

Check your credit score:

As part of the mortgage application process, lenders will check your credit score. The higher your credit score is, potentially the better chance you’ll have of being able to access a wider range of products and better rates. That’s why it is so important to understand as soon as possible what your current credit rating is, and if necessary, take steps to improve it. Simple things, such as having a landline phone number and being registered on the Electoral Roll can greatly improve your credit rating, as can making more than the minimum monthly payments on your credit card.

You can check your credit score for free online using sites such as Experian or Credit Karma. If you’re able to take a copy of your full credit report with you when you meet with your adviser, or email it to them prior to your telephone appointment, this will really help to speed up the mortgage application process.

What other costs are involved in buying a property?

Apart from your deposit and any fees around your mortgage, there are other costs to consider when you purchase a property. It’s best to plan for these additional expenses from the outset so that you’re aware of what funds will be due when, and who they will be payable to.

Mortgage Valuation Fees:

If you are taking out a mortgage to purchase your Blewbury Home, your lender will require a valuation of the property. This is called a Mortgage Valuation and is undertaken by a Chartered Surveyor.  A Mortgage Valuation ensures that the property is worth what you’re paying for it in order to protect the lender’s interest in the property.

It’s important to remember that a Mortgage Valuation is carried out on your mortgage lender’s behalf, not yours, even though you may have to pay for it.  However, some mortgage lenders include free Mortgage Valuations in their mortgage products, so it’s worth asking your mortgage adviser if any of the mortgages they are recommending to you include this.

Legal Fees:

A large part of purchasing a property involves dealing with legal documentation, therefore you’ll require either a Solicitor or Licensed Conveyancer to assist you with the purchase of your Blewbury Home.

Conveyancing costs on a first-time purchase can be anything up to fifteen hundred pounds, so it pays to shop around and get a couple of quotes.   You may find that your mortgage product includes a contribution towards some or all of your legal fees, so it’s also worth checking with your mortgage advisor if this is the case, and if so, if there is a particular firm that you need to use.

Stamp Duty

If you purchase a property over a certain value, you’ll have to pay Stamp Duty Land Tax, or Stamp Duty as it’s more commonly known.

If you’re a First Time Buyer e.g. you’ve never owned a property before in your own name, or never been named on the deeds of a property that you purchased with someone else, then you may be eligible to claim an exemption on some or all of the Stamp Duty amount that would otherwise be payable on the purchase of your home.

You can calculate how much Stamp Duty you’ll need to pay by visiting the official HMRC online calculator:

www.gov.uk/stamp-duty-land-tax/residential-property-rates

Find out more about raising a deposit to purchase your Blewbury Home here

Why Choose Us

30 years of experience

Our team have experience from all sectors of the property market – from land sourcing, legal expertise, financing, construction, marketing and sales of the finished units.

Excellence is our standard

We work to satisfy the highest expectations from our potential buyers. Flawless execution of previous projects has afforded us a reputation as a developer who strives for perfection, and settles for nothing less.

We deliver

We believe a home is a collaboration; if you reserve off plan, you can tell us what you’d like to see and we’ll do all the hard work to make it happen. Wherever possible we’ll allow you to choose materials and colours, making your property unique to you.
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Bespoke designs

We are not a volume developer, we are a niche house building company. This means that we can offer individuality, style and character unique to each individual development we build.

Quality construction

We source the very best materials, ideally locally sourced and with and emphasis on the quality and integrity of the build. In addition, our contractor partners are highly experienced and share our vision.

After care

We make sure that the Blewbury Homes customer experience exceeds expectations, which is why we have a comprehensive customer after care process to make sure that we are always available if you need us.

Reach Us

Contact

Tel: 0330 058 6677

hello@blewburyhomes.co.uk

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