First-time buyer mortgage advice in Liverpool
Buying your first home has more moving parts than anyone expects on day one. You don't need to understand them all before you talk to me. Most of my first-time buyers come to me not knowing where to start. That's fine. That's what my job is for, to support you.
The three numbers that decide what's possible
Before viewings, before offers, three things shape your options.
Your deposit
How much you have, where it came from, and whether any of it is a gift. The size of your deposit changes which lenders will consider you and what they'll charge, so it's the first thing I'll ask about.
Your income
Lenders don't just multiply your salary any more. They look at what comes in against what goes out, including credit cards, loans, car finance and subscriptions. If you're employed, that usually means your last three months of payslips. If you're self-employed, it means your tax figures for the last two or three years, and I have a separate page on that.
Your credit file
A poor credit file is the most common reason a decision in principle gets declined. The simple things matter most: be on the electoral roll at your current address, don't miss payments, keep card balances well below their limits, and don't apply for new credit in the months before a mortgage.
Get a decision in principle before you view
A decision in principle is a lender's written view of roughly what they'd lend you. It isn't a promise of a mortgage, but it's enough for an estate agent to take your offer seriously.
A proper decision in principle uses a soft credit check, which doesn't mark your file, and verified income. We look at your income together first, on your payslips or your tax returns, before the decision in principle is run, so the figure it gives us shouldn't move when a lender checks it properly. I'd suggest holding off on an offer until that's done.
What I'll need from you
For the first conversation, not much. If you're employed, your last three months of payslips. If you're self-employed, your last two or three years of tax calculations and tax year overviews from HMRC. Later I'll ask for three months of bank statements for every account, proof of where your deposit is coming from, photo ID and proof of address. I'll let you know what's needed and when, and you upload it to a secure portal.
What happens next
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A conversation
Around 30 to 45 minutes, by Zoom, WhatsApp call or in person. I'll explain how I work, you tell me about your plans, and we build a budget together so you can see what a mortgage payment would look like alongside real life. If it makes sense, we can run the decision in principle there and then.
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House hunting
Send me any property you're considering and I'll aim to come back with a rough idea of the monthly cost before you offer.
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Offer accepted
We meet again to go through the mortgage I'm recommending and the protection to sit underneath it, and both applications go in.
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Application to keys
From there my administrator works alongside me: chasing the lender, keeping the solicitors moving, and aiming to send you a written update every Friday until you have the keys. From offer accepted to keys in hand is usually ten to fourteen weeks.
Protecting what you've just bought
The mortgage gets you into the home. Protection is what keeps you in it if life takes a turn. I'll explain your options properly so you decide with the facts in front of you. There's more on the protection page.
“As a first tume buyer, i was like a deer in headlights with how everything worked but he has made everything alot easier to understand and the process itself has felt alot easier for me than i initially expected.”
Questions first-time buyers ask me
How much deposit do I need?
Less than many people think, but the size of your deposit changes which lenders will consider you and what your monthly payment looks like. What matters most is being clear on what you have and where it came from. We go through it on the first call.
Do I need a decision in principle before I view?
You can view without one, but you shouldn't offer without one. Estate agents take an offer seriously when there's a lender's view behind it, and you'll know your number is real rather than hopeful. I aim to base them on verified income.
Part of my deposit is a gift from family. Is that a problem?
No, it's common. The lender will want a short letter from whoever is gifting it confirming it's a gift and not a loan, and usually some of their bank statements too. Tell me early and we can plan for it.
What does it cost?
There may be a fee for mortgage advice, and the amount depends on your circumstances. I'll set it out clearly before you commit to anything, and the fee statement at the foot of every page is the formal version.