Mortgage advice for first-time buyers

Being handed the keys to your very first home is a moment that you’ll never forget, and here at The Mortgage Genie, we aim to make the whole process as simple as possible.

We will take care of you from the moment you begin looking for your dream property to moving day and throughout the lifetime of your mortgage. Our dedicated support and service team will help you to find the right deal and offer tailored advice suited to your circumstances.

We will manage your application and keep you updated at every stage, to ensure a smooth completion. You’ll also receive expert guidance through some of the more complicated aspects of securing a mortgage, which we’ve detailed below.

Will you help me with Stamp Duty?

When you purchase a property for more than £125,001, you will have to pay Stamp Duty Land Tax (SDLT). Remember to consider this when saving for your house, as this has to be paid with your deposit.

The Mortgage Genie will be able to help you with general guidance on paying this, as well as advice on where you find the latest rates.

Can you help me organise a property survey?

A property survey can help you spot any repairs that need to be taken care of in your new home. With every purchase a survey will be required. There are generally three options available with varying levels of detail and protection:

• Basic Valuation – Carried out on behalf of the lender to establish a property value and to ensure that the property is good security for the loan.
• Homebuyers Report – The most popular level of survey. You will receive a more detailed report where the surveyor acts on your behalf (rather than the lender). This will also satisfy the lender’s basic valuation criteria.
• Full Structural Building Survey – The most thorough and comprehensive survey available. If the property has any defects in any way then these should be discovered during this survey. Generally, more suitable for older properties or those with a more unusual construction.

Here at The Mortgage Genie, we can provide valuable advice on how to go about organising a survey for your dream home.

What other Costs are involved?

When buying a house there are other costs and fees to be aware of. Typically, the following may apply:

• Mortgage arrangement fee
• Valuation fee / Survey costs
• Legal fees
• Stamp duty
• Removal costs
• Property agent fee
• Mortgage Broker fees

The team here at The Mortgage Genie are well-versed in providing mortgage advice for first-time buyers, and they will be able to advise you about paying the additional costs, like those listed above.

In addition to mortgages for first-time buyers, we can also assist you with getting essential insurance for your application, including mortgage protection, life, critical illness, and income protection insurance, as well as home cover.

We want to make buying a home for the first time as easy and transparent as possible, so get in touch or give us a call on 033 33 44 33 72 today.

Helping a loved one with their first-time buyer mortgage

Looking to give a loved one a head-start in the housing market? You can gift equity to family members so they can put it towards buying their first home.

The main benefit of a family concessionary purchase is that it negates the need for a deposit. For example, with a property worth £100,000, parents can gift £25,000 of the equity to their child. This would mean the child would only need a £75,000 mortgage with no cash deposit, as the parents’ equity is considered a gifted deposit.

The Mortgage Genie can provide you with expert guidance towards a family concessionary purchase, and our team can talk you through the options available to you and your children.