[AD] Getting Your First Mortgage With Help From A Mortgage Advisor

There comes a time in everybody’s life when hopefully you are in the right position to think about buying your first home. It may be that you have been to university, achieved a degree in your chosen subject and you have managed to find your dream job and you have met the person you hope to spend the rest of your life with.

The next natural step to take once you have gotten to know each other and been together for a while is to buy your first home.

Finding the right mortgage to suit you can be so difficult because there are so many different options available and so many lenders. For somebody who has never had a mortgage before it’s quite honestly a minefield. There is so much to take in and understand and there are costs that you may not understand and even realise you had to pay. It can be a very stressful time, and the truth is with so much to understand you are most likely going to miss something important.

This is where mortgage advisors and brokers are worth their weight in gold. A mortgage advisor can make sure you get the right mortgage that suits your needs and take all the stress out of acquiring your first mortgage and make it a pleasant and enjoyable experience.

A mortgage advisor arranges everything between you and the lender. At Mortgage Light, based in Milton Keynes (servicing Milton Keynes and the surrounding areas), they will take the time to find out what you need from a mortgage and then find a mortgage that suits your particular needs. Once they have found the best deal they will come back to you and explain it in detail so that you can fully understand your mortgage and, of course, they will help you through all the paperwork.

Shared Ownership

A mortgage advisor is also invaluable if you are planning on utilising a Help to Buy scheme, such as Shared Ownership. This is the most common affordable purchase option. In simple terms, you purchase a share of the property and your local Housing Association retains the other share of the property, which they then charge a monthly rent for. It’s a cross between renting and home ownership. 

Shared Ownership mortgages work a little differently from a traditional mortgage. Using a mortgage advisor throughout the entire Shared Ownership process will ensure you completely understand the terms of the scheme, the terms of the mortgage, and how to progress in your Shared Ownership journey.

Help To Buy Mortgages

A mortgage advisor can also guide you through the Help to Buy Equity Loan scheme if this is something that you’ve been considering. The government lends you 20% of the cost of your potential new house build. You will need a 5% deposit and then you acquire a 75% mortgage to make up the rest to purchase your new home.

The scheme can be a tricky and confusing thing to navigate, arguably more so than your traditional mortgage. Using a mortgage advisor makes the process easy with minimal delays and stress. 

Bad Credit Mortgage

Using a mortgage advisor is also invaluable if you don’t have a great credit rating. It can be more difficult to get your first mortgage with bad credit, but definitely not impossible. Instead of risking being turned down for a mortgage, enlist the help of a mortgage advisor. They will know where to turn to find you the right deal and will be able to offer unbiased advice on improving your situation so that you can secure an even better mortgage deal in the future when your credit has improved.

When taking out your first mortgage, a good mortgage advisor will make the process easy to understand and take away the confusion, empowering you to take control of this new chapter in your life. This will set you up perfectly when the time comes to remortgage, or when you move on to your next property purchase.

Have you used a mortgage advisor/broker? I would love to hear your experiences in the comments below.

This is a paid collaboration.