How Does the Mortgage Process Work? A Friendly Guide for First-Time Buyers in Lancashire

Buying your first home is exciting, but let’s be honest, the mortgage process can feel like a maze. At Mortgage Advice Hut Ltd, we’re here to make it simple and stress-free. Whether you’re in Preston, Southport, or anywhere in Lancashire and beyond, this guide will walk you through each step so you know exactly what to expect.

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Step 1: Work Out What You Can Afford

Before you start scrolling through property listings, it’s important to know your budget. Lenders look at your income, outgoings, and any existing debts to decide how much they’ll lend. Your deposit matters too, usually between 5% and 10% of the property price.

Our team can help you figure out your affordability so you don’t waste time looking at homes outside your price range. It’s all about making informed decisions from the start.

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Step 2: Check Your Credit Score

Your credit score plays a big role in getting a mortgage. Lenders use it to see how reliable you are with money. A good score can open doors to better deals.

Here are a couple of quick tips:

• Check your score with a multi-agency report.
• Make sure you’re on the electoral roll.

If you’re unsure where to start, we offer free mortgage advice to help you improve your credit before applying.

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Step 3: Get an Agreement in Principle (AIP)

An Agreement in Principle is like a thumbs-up from a lender saying, “We’re happy to lend you up to this amount.” It’s not a full mortgage offer yet, but it shows estate agents you’re serious.

You’ll need:

• Proof of income (payslips or tax returns)
• Bank statements
• ID (passport or driving licence)
• Deposit details
• Info on any loans or credit cards

We’ll guide you through this and connect you with trusted lenders across Lancashire.

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Step 4: Start House Hunting

Now the fun begins! With your AIP in hand, you can start looking for your dream home. Think about:

• Location and transport links
• Local schools and amenities
• Future resale potential

If you’re moving to Preston or Southport, we can help you match your mortgage options to the local property market.

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Step 5: Apply for Your Mortgage

Found the perfect place? Once your offer is accepted, it’s time for the formal mortgage application. This is where we step in to make sure everything is correct and complete, giving you the best chance of approval.

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Step 6: Valuation and Mortgage Offer

Your lender will arrange a valuation to confirm the property is worth the price you’re paying. You might also choose a home survey for peace of mind. Once everything checks out, you’ll receive your official mortgage offer.

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Step 7: Conveyancing and Completion

Your solicitor will handle the legal side, including:

• Property checks and contracts
• Stamp Duty (if it applies)
• Finalising the sale

When all the paperwork is done, you’ll get the keys and officially become a homeowner. Time to celebrate!

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Why Choose Mortgage Advice Hut Ltd?

• Local Expertise: We know the Lancashire market inside out.
• Independent Advice: We work for you, not the banks.
• Personal Service: From first-time buyers to remortgage advice, we’re here every step of the way.

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Ready to Get Started?

Buying a home doesn’t have to be complicated. If you’re looking for a mortgage adviser in Lancashire, need mortgage advice in Preston, or want a mortgage broker in Southport, we’re here to help. Contact Mortgage Advice Hut Ltd today and let’s make your home-buying journey simple and stress-free.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE