First-time buyers
Buying your first house is an exciting experience, and it doesn’t have to be complicated. We help lots of first-time buyers; We will explain the house buying process and the importance of planning your finances well in advance, to give you the best chance of having your application accepted. We will advise on how much you can borrow, how much deposit you need to save and how to manage your bank account. We can also advise on all the Government schemes, such as ‘Shared Ownership.’
Even if you are planning to buy in a year or two, it’s still a good idea to start looking into things now so that you can hit the ground running when you find your dream house! We can provide you with a mortgage ‘Agreement in Principle’ and as soon as your offer is accepted, we will manage the whole mortgage application process and help you choose your solicitor if you wish.
How much can I borrow?
These days, lenders use affordability criteria to determine what they will lend, so unfortunately the simple days of multiplying your salary are gone and you cannot rely on the many mortgage calculators that are available online. To further complicate matters, different lenders have different criteria! This is where we can really help you – after discussing your circumstances we can tell you how much you can borrow and identify the lenders and mortgages that are available to you.
How much deposit will I need?
The size of your deposit affects the amount you will need to borrow and the interest rate that you will pay. A bigger deposit may give you access to better interest rates because the ‘loan-to-value’ ratio is better. For most first-time buyer mortgages you need a deposit of at least 5% of the price of the property you want to buy. Our advisers will be able to tell you exactly what deposit will be required for your house search so speak to them before you start house hunting.
How can I prepare my finances for a mortgage application?
Each lender has different criteria, but the general guidelines apply for most. Essentially, they want to check that your out-goings do not exceed your income, that your finances show that you can afford mortgage repayments and that you can demonstrate a history of good financial management. The mortgage lenders will want to see how you conduct your finances and will look carefully at your bank statements and credit history.
Find out more about how to prepare your finances for a mortgage application here.
Help from your parents
If you are lucky enough to have some help from your parents, we can advise on the most efficient way for them to contribute. There are strict requirements that apply to money given by family members, and lenders can have different rules, but we can advise you on the best choice for you and your circumstances.
We understand that both you and your parents may have questions along the way and our experienced team is always available to meet in person or by phone or email to help you both as and when you think of things.
I am self-employed or contracting
If you are self-employed, contracting, or part self-employed/part employed, and are concerned about how this might impact on your ability to get a mortgage, please get in touch. We frequently deal with customers like yourself and, whilst it can be a complicated and difficult process to arrange your own mortgage under these circumstances, we are very experienced in presenting information to lenders in the best possible way to ensure that you get what you want.
We also offer, and encourage, an informal consultation to explain how to manage your business accounts to help plan you for your mortgage application well in advance. There’s no charge for our advice and the aim is to make things as easy as possible for you.
How do I apply for a mortgage?
We will complete the mortgage application on your behalf and to undertake the administration on behalf of the lenders. We aim to make the process as user-friendly as possible for our customers to make the process as smooth and stress free as possible.
Find out more about the process and the information you will need to provide here.
Happy Customers
We have been helping people arrange their mortgages for years; we are very lucky to receive many lovely cards and reviews, and we are thrilled that many of our customers recommend us to their friends and family.
Read our reviews
Help and Advice
If you have any questions, or would like some guidance before starting the process, we are happy to help.
Feel free to call us on 0118 4028971.
In the meantime, if you would like to know a little more about mortgages, please take a look at our FAQs.
Why Clark and Poole?
We have a very experienced team – our advisers have been helping people arrange their mortgages and life insurance for over 30 years. We are driven by a desire to get our customers the best deal and importantly we aren’t governed by the sales targets of any organisation – we act solely in your interests.
It is fair to say that we aren’t easily beaten and enjoy the challenge of getting customers a mortgage where other advisers have been unable to help. We are extremely tenacious and will pull out all the stops to get you what you need. If you hit any bumps in the road, we will fight hard on your behalf to resolve the issues.
Get in touch
Arrange a free consultation now - call us on 0118 4028971
