First Time Buyer Mortgage Advice in eastbourne

Here to Help with Your First Property

Welcome to EBR Mortgages! We’re here to make buying your first home an easy and exciting experience. Our service is specifically designed for first-time buyers, offering the guidance and personal support you need. It’s a big step, and doing things in the right order is crucial to avoid unnecessary stress and setbacks. We’ll make sure you transition smoothly from an aspiring buyer to a happy homeowner.

Step-by-Step to Your First Home with EBR Mortgages

Getting ready to buy your first home? We’ll guide you through each step, making sure everything is easy to understand and as simple as possible.

1

Connect with Your Mortgage Adviser

Get started by getting in contact with us. It is crucial to assess your finances at the earliest opportunity to avoid unnecessary stress. We’ll determine your options by considering your income, savings and existing financial commitments, and give you advice and support to help you achieve your home buying goals.

2

Secure a Mortgage in Principle

This step not only confirms your eligibility for a mortgage but also sets a clear benchmark for the potential borrowing amount. You will have confidence when you offer on a property, knowing that you can actually afford it, plus it confirms to an estate agent that you are a serious buyer.

3

Find a Property

With your budget and mortgage eligibility in hand, you can start viewing properties. Once you have found the right property, express your interest and make an offer with the support of EBR Mortgages. We’ll guide you through the process of negotiating with an estate agent, giving you the best chance for success in having your offer accepted on your first home.

4

Apply for Your Mortgage

Your mortgage application is submitted and supporting documents such as proof of income and bank statements are sent to be assessed by an underwriter to make sure you meet their lending criteria and affordability. A mortgage valuation will also be instructed on the property you intend to buy. Once the lender is confident your application is affordable, your situation meets their criteria and the property you are purchasing is suitable security to lend on, they will approve your mortgage and issue your mortgage offer.

5

Arrange Suitable Insurances

At EBR Mortgages, we are insurance experts too, and will help you to make sense of the different options you may want to consider, such as life insurance, critical illness cover, income protection and home insurance. These policies are designed to provide you with financial protection in the event the unexpected happens so you have peace of mind that you and your loved ones can stay in your new home long term.

6

Appoint a Solicitor or Conveyancer

A solicitor or conveyancer will handle the legal aspects of the purchase, conducting various checks, such as local authority searches, land registry searches, and environmental searches. They will also liaise with the seller’s solicitor to address any queries or concerns by raising enquiries. You can choose any solicitor or conveyancer providing they are on the chosen mortgage lender’s approved panel. EBR Mortgages can provide you with recommendations for a suitable solicitor or conveyancer.

7

Finalise the Purchase

Once all checks and legalities are complete, you will pay your deposit to the solicitor and exchange contracts. A completion day will be set, and you can start making arrangements for moving into your new home. We will also make sure your insurances are in place so you are protected. 

8

Completion

On completion day, your mortgage account is opened, your solicitor will transfer the remaining funds to the seller and you will receive the keys to your new property. Congratulations, you’re a homeowner! 

Our Services for First Time Buyers

Here at EBR Mortgages, we specialise in providing a wide range of mortgage options suited to your needs. We’ll help you make sense of the buying process and support you through each step.

First Time Buyer Schemes

Buying your first home can sometimes feel unachievable, but there are government-backed schemes like Shared Ownership and the First Homes Scheme to help make home-ownership more accessible. We’ll guide you through the eligibility criteria, application process, and potential benefits of these schemes, helping you understand these options and see if they’re right for you.

Fees for First Time Buyers

Understanding the fees associated with buying your first home is crucial for effective financial planning. EBR Mortgages provides transparency regarding the costs involved, including legal fees, survey fees, stamp duty, and other potential expenses. Our goal is to ensure that first-time buyers have a comprehensive understanding of the financial commitments associated with their property purchase.

Budget Evaluation

We conduct a thorough budget assessment to determine how much you can  borrow, and make sure you can actually afford it once you move in. This includes assessing your income, expenditure, and potential deposit. We guide you through the process of securing a mortgage that aligns with your budget and financial goals.

Low or No Deposit Mortgages

Buying a property when you are limited on savings is possible, and we can guide you through the options available to you. The mortgage guarantee scheme backed by the government, makes it less risky for lenders to offer 95% mortgages, meaning you can buy a home with just a 5% deposit. In some circumstances there are even 100% mortgage deals potentially available, but we will advise on their suitability as these deals tend to have higher interest rates than normal, and there is a risk that you could end up in negative equity. There are other options to consider, such as using money gifted from a family member, Shared Ownership, or using a family member’s savings or equity in their property as security to enable a zero deposit mortgage.

Guarantor Mortgages

You may have the savings available for a deposit to buy your first home, but your income isn’t getting you the mortgage you need to buy the property you want. If you have a friend or family member that’s happy to help, we may be able to use their income alongside yours, when considering your affordability for a mortgage. This would be a joint mortgage in both of your names, either with both of you owning the property, or with only your name on the deeds if you apply for a Joint Borrower Sole Proprietor mortgage.

Bad Credit Mortgages

Getting a mortgage is possible with bad credit, such as missed or late payments, defaults, CCJs, and bankruptcy, but finding the right mortgage for your circumstances isn’t as straightforward. You just need a mortgage broker who is an experienced poor credit mortgage specialist. EBR Mortgages has years of experience in securing mortgage deals for clients who have previously failed to meet the obligations of a loan or credit agreement which left adverse or negative payment markers on their credit files.

Why Choose Us to Assist with Your First Time Buyer Mortgage? 

At EBR Mortgages, our commitment is to guide you through every step of your first home purchase. From assessing your budget to holding your hand through the full buying process until you pick up the keys, we’re here to make your journey to homeownership a positive and memorable experience.

We’re Here to Help

Getting the right mortgage can seem daunting, but it’s made simpler with EBR Mortgages. We offer clear guidance, expert advice, and access to the best rates. From the start of your application to the day you complete, we’ll make sure your experience is free from stress.