Buy A Property

Buying a property can be daunting, especially when it comes to choosing a mortgage to buy a house. At First Choice Finance, we can help you find the right mortgage with our unique combination of people and technology. First Choice Finance makes borrowing faster and easier, while giving you the personalised service you deserve.

To help you get started consider these eight factors when applying for a mortgage to buy a mortgage.

1. How much can you afford to borrow
The first step is to work out how much you can borrow. Look at your income and all expenses, debts and regular bills to work out how much you can put towards repaying your mortgage. Most lenders will base the size of your mortgage on your capacity to meet the repayments. Use our calculator to find out how much you can borrow.

2. Deposit amount
For most lenders, a minimum of 5% of the purchase price is required as a deposit. However, the more money you can save for your deposit the better off you’ll be. Repayments will be reduced and you’ll save money over the life of your mortgage.

3. Savings history
Lenders require proof of savings history in the form of bank statements that show regular deposits.

4. Types of mortgage
In today’s competitive market, finding the right mortgage can be a complicated, drawn out process, here at First Choice Finance we have qualified mortgage advisers who compare the mortgage plans from our panel of lenders to find a deal that suits your individual circumstances. What may be suitable for one person may be inappropriate for another. To help simplify the process, we help familiarise yourself with what’s mortgage deals are available, while taking into consideration your goals and financial circumstances.

5. First home owners grant
If you have never owned a home before, you may be eligible for one of the government schemes that can be used to help fund your purchase of a property. There are a number of schemes available these include help to buy, right to buy, shared ownership, first steps London among others.

6. Stamp duty
Stamp duty is a government tax based on a property’s selling price, the cost of stamp duty needs to take into consideration when looking to buy a property.

7. Property insurance
When you have bought of a property it is important that you take out the appropriate building insurance and other insurances you need for your property.

8. Additional costs
Apart from stamp duty and insurance, there are a number of additional expenses you need to take into account when buying a home. Costs include fees, solicitor/conveyancing fees, building/council inspection, home and contents insurance, moving expenses and utilities connections.

Buying a Buy To Let Property
When buying a BTL property you need to consider similar factors as buying a a residential property but purchasing a property to rent out you need to think about other factors such as taxes the responsibilities to the tenant and the rent you will receive.

If you are looking to buy a property First Choice Finance can help you with arranging a mortgage tailored to your individual needs and circumstances, contact us for qualified mortgage advice and a no obligation free quote

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.