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First Time Buyers

Define: Mortgage

A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt

(Oxford English Dictionary)

How to get on to the property market

Being a first time buyer can be both exciting and nerve-wracking at the same time. After all, having finally decided to take your first steps onto the property ladder, most people, when they buy a house, have to borrow some money in the form of a residential, or ‘owner-occupier’ mortgage.

These long-term loans, typically provided by bank or building societies, which are secured against the property itself, seem simple enough, but there is a wealth of information to take in.

Not only can the choice, at times, seem daunting, but these days arranging a residential mortgage or remortgage isn’t as straightforward as it seems.

Of course there are the usual questions, such as the type of loan you should go for — fixed or tracker, for example — but in the current market lenders are far stricter with their lending criteria. Because of this, the knowledge and contacts of a professional mortgage broker such as Coreco can be the difference between a costly mortgage and a competitive one.

When applying for a residential mortgage, it’s vital to not only get a competitive interest rate but also to find a product that suits your lifestyle and needs.

Things to consider

  • How much can I borrow?
  • How much deposit do I have?
  • How am I going to pay the loan back?
  • Do I want the security of fixed monthly payments?
  • Do I need flexibility to make lump sum payments?
  • Can the mortgage lender move quickly enough to secure the property?
  • How much will I need to pay in fees?
  • How do I know the property is worth what I am paying for it?
  • What exactly does the mortgage process involve?

Luckily, help is at hand. That is where obtaining professional advice and a hand to hold throughout the whole process can address all of these questions and more.

If you want to know how to avoid the pitfalls, from preparing to enter the mortgage maze to receiving the mortgage offer that helps you purchase your dream home, our simple, 10-step jargon-free guide will help you take the right turns and ensure a stress-free and smooth mortgage process.

Coreco Mortgage Guide

Further Information

Coreco have access to 11,000 mortgages from 90+ lenders across the UK, whether that be High Street, broker only lenders, Private Banks, Offshore lenders, small building societies or specialist loan providers. We even have access to exclusive products that are not available on the open market.

All our professional advisers are here to act for you, first and foremost, not only helping you to choose the most suitable mortgage, but guiding you through the process with ease from start to finish.

Coreco, helping you to own and protect your new home.

 

Bow Terrier

Mortgage Guides

This is Bow, he’s a plucky little Boston Terrier and knows a thing about mortgage applications. His owner, Patrick, is one of our clients and Bow here helps with his paperwork. If there’s anything you need to know about mortgage applications or the paperwork entailed then check out our advice hub – it has everything you need!

View the mortgage guides

Compare the best mortgage products

So you want to research the market yourself? Try our handy mortgage finder - it’s better than traipsing round dozens of bank branches.

Click here to get started

Mr M Markoulias & Miss S Cox- February 2016

Excellent, will definitely use again

Adviser – Matthew Yassin – C1035362