How Does the Mortgage Process Work? A Guide for First-Time Buyers – Mortgage Advice Hut Ltd

Buying your first home is a milestone moment, but the mortgage process can feel overwhelming. At Mortgage Advice Hut Ltd, we’re here to make things simple. This guide will walk you through everything you need to know—from applying for a mortgage to securing your dream home.

Step 1: Understanding Your Affordability

Before applying, it’s crucial to know how much you can afford. Consider:

• Your monthly income vs. expenses (including existing debts)
• Your deposit (typically 5-10% of the property value)

At Mortgage Advice Hut Ltd, we help first-time buyers assess affordability, ensuring you make informed decisions.

Step 2: Checking Your Credit Score

Lenders will check your credit score to determine your reliability. To improve your chances:

• Review your score with multi-agency credit reference
• Ensure you’re registered on the electoral roll

Need help? We offer free mortgage advice on improving your credit score before applying.

Step 3: Getting a Mortgage Agreement in Principle (AIP)

An Agreement in Principle (AIP) helps you understand how much a lender is willing to lend. Having an AIP strengthens your position when making an offer on a property.

You’ll need: ✅ Proof of income (payslips, tax returns) ✅ Bank statements ✅ ID documents (passport or driving licence) ✅ Deposit proof ✅ Existing credit commitments

We can guide you through this process and connect you with trusted lenders.

Step 4: Finding Your Home

Once you have an AIP, start searching for properties that fit your budget. Look at:

• Location & transport links
• Local amenities & schools
• Resale potential

Our mortgage advisors can help you align your financing options with your property search.

Step 5: Applying for Your Mortgage

Once your offer is accepted, the formal mortgage application begins.

At Mortgage Advice Hut Ltd, we’ll assist in preparing your application so you stand the best chance of approval.

Step 6: Property Valuation & Mortgage Approval

Lenders conduct a property valuation to confirm its worth. Sometimes, buyers opt for home surveys to check for potential issues. Once approved, you’ll receive your formal mortgage offer.

Step 7: Conveyancing & Completion

Your solicitor will manage:

• Legal checks & contracts
• Stamp Duty (if applicable)
• Finalising the sale

When everything is complete, you will officially own your home! 🎉

Why Choose Mortgage Advice Hut Ltd?

✅ Expert Guidance: We simplify the mortgage process for first-time buyers. ✅ Trusted Advice: Independent, unbiased mortgage support. ✅ Personalised Solutions: Helping you secure the best mortgage deal.

Buying a home doesn’t have to be complicated—let Mortgage Advice Hut Ltd guide you every step of the way. Ready to take the next step? Contact us today! 🚀

 

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