First-Time Buyers
Buying you first home is exciting, but it can also be a little daunting. Once the euphoria wears off of finding your perfect first home, you will probably have more questions than answers. Don't worry, we're here to help.
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Some of the most common first-time buyer questions are answered below. Can't find what you are looking for? Click here to get in touch and Ray or Leonie will get back to you as soon as possible.
What is the process for buying a property in England?
There are nine main steps to buying a property in England. Most mortgage brokers would help you with two of these stages (some might help you with three). Here at RMR Finance we would help you with eight of the stages - advising, recommending solutions and then chasing people on your behalf throughout your purchase.
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What's the one stage we don’t help with?? Saving your deposit!
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Save up your deposit
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Get your paperwork and finances in order
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Speak to a mortgage broker
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Find a property and get your offer accepted
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Arrange your mortgage
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Instruct a conveyancer
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Survey
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Exchange of contracts
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Completion
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What are the different types of mortgages?
Mortgages can be broken down into different types depending on WHAT you pay back and HOW you pay it back. The three main types of mortgages are:
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Fixed rate
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Tracker rate
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Variable rate
Of course there are other mortgage options on the market, but these will generally be the most relevant to first-time buyers.
As always, not all options will be available to you depending on your circumstances. The best thing to do is speak to a broker beforehand who will know the lender's criteria and will be able to place you with someone suitable.
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PHOTOGRAPHIC IDENTIFICATION
- Passport
- Driving license
(with the correct details on them!)
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BANK STATEMENTS
3 to 6 months worth
- To prove expenditure and affordability
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PROOF OF ADDRESS
- Bank/credit card statement
- Utility or council tax bill
- Driving license (if not used for photo)
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PROOF OF INCOME
- Payslips (minimum 3 months) If employed
- SA302/tax year overview (1-3 years) if
self-employed​
What documents do I need?
CREDIT REPORT
- Experian
- Equifax
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We recommend using Checkmyfile.com (*) as it is the most comprehensive credit agency – you will be amazed what the banks can find out about you! Checking here first will help you understand what they will see.
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PROOF OF DEPOSIT
- Bank/savings account statement
- Stocks and shares statement
- Gift letter plus bank statement
- Certificate from executors (for inheritance)
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(*) After your free 30-day trial. You can cancel at any time online, or contact us by phone or email to request this.​​
Important Information
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.