Buying Your First home
Hi I am Steve from the Furness; the economic climate for first time buyers is challenging and what we have tried to do is put this video together to help you through the maze of the mortgage market to help you get on that ladder.
The first step is to get through the jargon of mortgages with a 95% mortgage this means that you will put 5% deposit down on the purchase price the other 95% we provide and that is where the 95% loan to value comes through.
Your mortgage is going to be the longest financial commitment you are going to have throughout your lifetime probably. We have got to try and work out how much you can afford with your current budget and what you have got to try and do is pick the budget that fits the house that suits your income rather than the budget that fits your heart although we will try and match those two things together.
Other costs on a mortgage include the 5% deposit as we have highlighted, they also include solicitor’s costs, they also include the potential for properties over £125,000 having a stamp duty payment. Also an important choice is the type of valuation you have. A standard valuation or the homebuyer’s valuation which gives you, as the customer, more detail on the house you are buying and highlights any defects.
• 5% deposit
• Solicitors fees
• Stamp Duty
• Choice of Valuation
The sort of things we check to make sure we feel we can lend you the money are, checking your income with P60’s and payslips, we also like to see three month’s bank statements. If you are a self-employed person we would probably ask for two year’s audited accounts. We would probably check also your credit, debit cards, loans and other financial commitments to make sure that we are not over stretching you on the mortgage payments.
• Checking your income
• Audited accounts (if self employed)
• Credit cards and loans
The Furness prides itself on having friendly, helpful advice either on a face to face basis or on the telephone and the choice is yours. We will help you get through the maze of the mortgage to get that house you have set your heart on. Other things that we can help you with through the mortgage process are protecting your house and possessions and also protecting yourself and your family against long term income protection or long term life cover. I have only hinted at one or two of the bits of jargon that go with the mortgage process. We have a glossary of terms on our website to help you through that. Whilst getting on the property ladder can be a daunting process, I and my colleagues have taken a lot of customers through this process since the launch of this new 95% first time buyer mortgage to get them to the house that they have set their heart on as a long term family home.
Find out more at any Furness Building Society branch or call Furness Direct on 0800 220 568
Furness Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Furness Building Society is on the Financial Services Register under registration number 159624
Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage.