Purchasing your own home in the UK or London is a milestone accomplishment to many. Getting to the point of completing the ownership however can be a long drawn and daunting process.  As a first-time home buyer, we understand the complexities you might be faced with.

At BVS Mortgages, we are glad to be of support to our first time home buyers by providing a comprehensive overview of how the application processes work for different types of mortgages.

Did you know the UK government extends support to help first-time buyers with their property purchases? Yes, they do and if you have a bank deposit, you can expect more benefits that will assist in your purchase. Speak to a BVS adviser to see how you can get the most out of these benefits.

As in most mortgages in the UK, you will be required to make a down payment of 10% - 15% of the total property value. 

To get the best deals in a mortgage, it is important that you speak to a mortgage adviser before finalizing the deal with a lender.

At BVS Mortgages, our experts evaluate mortgage options before deciding on one that is better suited for their client.

Once you have identified your prospective property and decided on the purchase, your lender will ask you to sign an Agreement In Principle or better known as an AIP. The purpose of this document is to confirm that the lender has agreed in principle to provide you with the money for the mortgage. This is an assurance to the seller as well that you will be going ahead with the purchase.

The AIP is also an indicator to how much you are able to borrow. Although not a legal requirement, having an AIP can speed up the application process for the mortgage.

After you’ve finalized your property purchase, it’s time to submit your mortgage application and begin the legal process. As a first step, you will have to obtain the services of a solicitor and be required to be named in your mortgage application.

Once your application is submitted, the lenders will confirm the details provided after checking the documentation and making the final checks before submitting it for approval. 

For a better outcome with your application, it is always better to seek the services of a mortgage adviser. They are able to provide valuable insights that will minimize the chances of your application being rejected.

A survey of the property is another vital component of the mortgage process. Typically the lender will send a surveyor over to take accurate measurements of the property. This can be done by your own surveyor too if you wish to utilize your own resources.

The survey will help to ascertain the property’s value accurately and will indicate to the lender if the property is really worth its price. The lender usually uses this information as security against the loan being obtained.

The lender will notify you officially in writing if he/she wishes to make you an offer for the property. If you agree, what follows is the signing of the mortgage contracts.

Your solicitor releases money to the seller. Following that, you will be the owner of your new home. Congratulations!

Your property may be repossessed if you do not keep up repayments on your mortgage.