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

first time buyers

First time buyers

Let’s face it, buying your first home is a big step. As well as the financial side of things to think about, even just the process of buying can seem confusing.

With so many different people involved and all that paperwork, it can be hard to know where to start. But it can also be fun. Finding your perfect place, and planning how you’ll furnish and decorate it is really exciting.

So don’t worry if you’re feeling a bit overwhelmed, Advanced Mortgage Solutions is here to help and hold your hand every step of the way.

Advanced Mortgage Solutions guide to buying

How much money will I need?

As a first time buyer, you might not have a large bundle of cash to buy a new home. It’s more likely you’ll need a mortgage.

This is basically a large loan secured against your home. You pay it back over a set amount of time, normally 25 years, in monthly repayments. It’s important to keep up your repayments – if you don’t your home could be repossessed.

So before you start house hunting, work out how much you’re willing and able to afford.

How much can you spend on a property?

How much could you borrow?

Working this out might be easier than you think. Simply give us a quick call on 0116 348 0956 and within minutes we will tell you how much you might be able to borrow.

How much can you spend on a mortgage every month?

While it might be tempting to take out the maximum mortgage possible, you’ve got to be sure you can cover all your monthly bills and have enough left each month to enjoy life.

We can complete a short fact find for you and work out exactly what you can afford each month and the most you can spend on a home.

Save for a deposit

It’s important to make sure your savings can cover the costs of buying your first home.

We will help you to get the full picture of what buying your new home will cost. As well as the deposit and purchase price, there will be other one-off fees that you will need to consider.

Advanced Mortgage Solutions can help with all of this so why not call us today on 0116 348 0956.

Work out how much you need to buy a home

We have created a pdf guide to help you work out how much you need.

View the pdf, by clicking here

Finding a mortgage

We specialise in providing you with the right mortgage for your circumstances. Not only do we get you the most competitive rates available we have access to lenders that can also offer free valuations, free legals & zero fees subject to availability.

Buying with friends

Some lenders will allow applications from up to four people on one mortgage. They’ll consider the highest two incomes when working out how much you could borrow.

There are many factors you’ll need to consider, so it’s worth speaking to a conveyancer. They can advise and draw up legal documents for you.

Shared ownership

Shared ownership schemes are usually offered by registered social landlords or local authorities. With this type of purchase you buy a share of the property and pay a reduced rent for the rest to the registered social landlord or the local authority.

Shared equity

This can take various forms. Usually you own 100% of the property but pay a reduced amount to the builder, for example 75% of the property value. The builder then owns a 25% stake in the property and registers this interest in your property at the Land Registry.

Top Tip:

For more information about shared ownership and equity, why not visit www.direct.gov.uk

A fee of upto £250 non refundable fee is payable upfront depending on the individual case.