We understand buying your first home is a big decision.
Our team of mortgage advisors are here to talk you through the process.
On contacting the Society a mortgage advisor will be allocated to you. They will talk you through your options and be available at the end of a phone when you need them.
All of our mortgage applications are assessed by a person, on an individual basis, and not a computer. We have a standard mortgage range, including fixed rate and discounted variable products, or if you need something a little more specialised you can view our specialist mortgage range. We also have a range of deals available using the Government's Help to Buy Equity Loan Scheme.
It is important to know that your mortgage is secured on your home and your home may be repossessed if you do not keep up the repayments on your mortgage.
Knowing what you can afford
We will carry out a financial assessment based on your income and expenditure and advise what you can afford to borrow, which will show the value of the property you can buy. We will ensure you aren’t borrowing more than you can afford to repay and we’ll give you an indication of what your monthly mortgage payments will be.
To get a mortgage you will need a deposit.
The size of your deposit will affect the amount you can borrow and ultimately the house you can buy.
For example, if you are looking to buy a house for £100,000 you will need a £10,000 deposit saved, which is 10% of the value of the house. This would leave you needing a mortgage for the balance, which is 90% of the value of the house, so you will require a 90% Loan-To-Value (LTV) mortgage.
Each mortgage deal requires a different deposit, we would advise that you speak to one of our mortgage advisors about your options.
It is important to know that there are additional costs (on top of your deposit) that you have to pay when buying your first home.
You may have to pay some or all of the below charges to complete your house purchase, these are outright costs and aren’t added onto your mortgage loan.
Some of the additional costs are:
• Estate agent’s fee;
• Legal fees;
• Application fee, product fee or any other fees which are detailed in your mortgage deal;
• Valuation fee; and
• Higher lending charge.
You may have to pay the following when you are buying a home and getting a mortgage.
Your ESIS illustration includes details of all the other relevant costs relating to your mortgage. If any of our administration fees change, we will send you notice of these at least once a year.