First Time Buyer Mortgage Advice

A mortgage is often the biggest and most important financial commitment of a person’s life.

There are many factors involved in getting a new mortgage and the process may seem complex and time-consuming. But don’t worry!  We don’t expect you to take it all on yourself – we are here to advise you at every step of the way and to do most of the work for you.

Being independent means that we search over 90 lenders covering the whole of the mortgage market to find the best deal for you.

Simply give us a call and we can guide you through your mortgage from start to finish.

First time buyer

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01536 483733

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It is always a good idea to understand what’s happening, so read on to find out more about what is involved and how to help ensure you’ll find a mortgage that is right for you. These are some of the most common questions we are asked:

1. How much can I borrow?

Whether you’ve found your dream home or are just starting your search, you need to know how much you can afford. If you phone us, we can give you a rough idea of the amount you can borrow, the deposit you’ll need and the monthly payments you’ll be making.  The mortgage product you choose will change these numbers dramatically, so exploring your options and making the right decision is crucial.

2. How do I choose a property?



  • Start with choosing your area
    Your criteria might include having a good school nearby, local transport links and convenient shops or restaurants.
  • Be clear on what you want
    House or flat? How many bedrooms? Being clear on your requirements will help you narrow your search and help estate agents be more specific
  • Register with as many estate agents as possible in your desired location
    Ask them to send you details of suitable properties on their books on a regular basis.
  • Keep records of the properties you have visited.
    You’ll see a lot of properties in a short period of time, so keep notes of their good and bad points to make sure they are fulfilling your requirements.
  • Get to know an estate agent more closely.
    By calling once a week to reaffirm your interest, they’ll know you’re a serious buyer and ensure you get an early look at their best new properties.
  • Stay competitive.
    If you know that many people will be interested in the property and you are really keen on it, you might consider offering the asking price up front to avoid a ‘bidding’ war.
  • Forget to consider the additional costs 
    On top of mortgage payments, make sure you consider your utility bills, maintenance bills, Council Tax, any renovation work and other property bills.
  • Be inflexible
    Be prepared to trade off one factor for another as you look around, e.g. you might be prepared to live in a cheaper area if that means having a garden.
  • Keep a short-term view
    Your job might change and your friends might move, so don’t use these as a basis for making decisions about where to buy your long-term home.
  • Neglect family matters
    If you’re starting a family, is there room for your family to grow? Are the local schools any good? Are there the right services for a young family? Is it a safe area?
  • Immediately offer the asking price
    Most sellers inflate their price, so it is usual to offer up to 10% less than the asking price, especially if the property requires building work or redecoration.
  • Assume an accepted offer is set in stone
    The acceptance of your offer is not legally binding until you and the seller exchange contracts. Watch out for gazumping, where a seller accepts an offer then takes a higher bid.

3. What is the process for getting a mortgage?

a) Making Choices

Choosing a property

Your criteria might include having a good school nearby, local transport links and convenient shops or restaurants.

Choosing a mortgage

 Anstee & Co will manage your entire application, taking you through the whole process from start to finish

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These days lenders investigate your finances. They will look at your income and expenditure. They will look at your lifestyle, your dependants and your spending. They have to be sure that you’re not over-stretching yourself. There’s no point in setting your heart on a house beyond your means, because the lender simply won’t give you a mortgage.

At your initial mortgage meeting, you will need to bring with you your supporting mortgage documentation to start the process (e.g. 3 months recent pay slips, 3 months bank statements, proof of identity such as a Driving Licence and Passport).

If your credit score is deemed sufficient, you are ready to move on to surveying the property.

b) Deposit

You will need to provide a deposit – the more attractive mortgage deals can be obtained with larger deposits.

Normally you need to save a deposit of at least 5% of the cost of your home. Home buyers who put down a 15% deposit can find some great deals. Anyone who has 25% will get the lowest possible rates of interest.

Few first time buyers can afford as much as this, so the government has introduced a temporary scheme for struggling buyers called Help to Buy. Our expert mortgage advisers know about all the deals available for buyers so ask us about it.

Your deposit will be paid at exchange of contracts, although you will probably need to prove that you have these funds at the outset, to show the mortgage lender you are not borrowing the money from elsewhere and therefore increasing your outgoings. When considering the level of deposit, you should bear in mind the other costs associated with buying a property, such as valuation costs, solicitor’s fees and potentially stamp duty.

c) Making an offer

With the knowledge of how much you can borrow, it is easier to select a property when you have a price range to work within. When you have found somewhere, you need to make a formal offer to the the person selling the property, known as the vendor, confirming the price you are willing to pay. This is normally done through their estate agent.  If the vendor accepts your offer, you can move on to the next stage.

Average time: 2-4 weeks for an offer from lender, provided you have submitted all required information

d) Mortgage Advice

When your offer has been accepted, you can return to your mortgage adviser to talk more specifically about the mortgage repayment type and products you require. This is a detailed process where a great deal of information is taken to assess your financial circumstances and goals as well as your ability to repay the mortgage. As an independent mortgage broker, Anstee & Co is able to search the mortgage market and the large number of products available to help select the best option for you.

How can Anstee & Co help


We save you the hassle

Our expert advisers work with you to make the mortgage process simple, saving you time and effort on one of life’s biggest decisions.

We’re independent

Going directly to a bank or estate agent limits your options and leaves you at risk of getting a bad deal. We have access to hundreds of products across the whole mortgage market and will help find you the ideal solution for your needs.

We can save you money

By recommending the best mortgage and negotiating the best rates on your behalf, we could save you up to tens of thousands throughout the term of the mortgage.

For mortgages we can be paid by commission, a fee or a combination of both. Our typical fee is £395. However, we will discuss your payment options with you and confirm the actual amount payable before we begin to provide our services.

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Call our expert advisers now
01536 483733

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