We don’t believe in making your first mortgage stressful. Find the right mortgage for you – no mess, no fuss.
Our in-house experts are ready to help you take those first steps to buying a home. With insider knowledge and expert insight, we take the fear out of your first mortgage to help you get excited about your new home. No jargon, confusing paperwork or complicated processes. We deal with it all for you, leaving you with a pure and simple process you’ll love.
How much can I borrow?
Ah, the all-important question when it comes to buying your first home. To find out how much you can borrow, lenders will take a close look at what comes into your bank and what goes out each month. For a quick result, multiply your yearly earnings by 4.5, and you’ll have a good idea on what you might be able to access, subject to lenders affordability checks.
How do I know which mortgage is the best fit?
There’s no one magic mortgage that suits every first-time buyer perfectly. But that’s precisely where we’re needed. Our expert industry knowledge, and years of experience, will help you find a mortgage that suits you down to the ground. All it takes is a few questions, and we can get going.
How can you help me get a mortgage?
At Think Plutus, we make it easy to connect you with the perfect mortgage. We’ll find the best options, translate all the finance-speak and provide mortgage advice tailored for you. All you need to do is sign on the dotted line, and that dream home could be yours.
What are you waiting for?
How does my first mortgage work with Think Plutus?
Want to know a bit more about the mortgaging process? You’ve come to the right place. At Think Plutus, we leave all that industry jargon at the door. We believe in clear communication, transparent processes and practical first-time mortgages that fit you like a glove. What’s not to like?
Finding your dream home
Before you even think about your mortgage, finding your first home is the exciting first step of the process. For many of our customers, it’s the most significant purchase they’ve ever made – and one of the most important. But don’t worry – you’re not the first to jump on the property ladder, and you certainly won’t be the last. Stage one is getting a good look at those all-important properties, and seeing exactly what’s on the cards for your future home.
A two million pounds penthouse might sound like the dream, but you’ll come down to the ground with a bump if you don’t have the income to back up your ambitions. Instead, think realistically about what you can afford. If you’re stumped, you can give us a call to discuss what lending might look like on your income. We can even provide an Agreement in Principle, or AIP, to let you know what you will likely be offered from a specific bank. Happy hunting.
Building those savings
For those considering buying their first home, the elephant in the room is that huge deposit sum. With the average first-time buyer putting down 20% on their homes, that number can seem a million miles away. But luckily, there are other options out there. Some lenders will accept as little as a 5% deposit on some properties, and offer family deposit mortgages or guarantor mortgages but however much you need to put down, filling up that virtual piggy bank is your next goal.
If you’d like to purchase a £200,000 home, then a 10% deposit of £20,000 should be your goal. Set aside £415 a month, and you could reach that goal in just over four years. Doesn’t sound all that bad when we put it like that. If you’re looking for some friendly advice on reaching those deposit milestones, our team are always happy to talk you through it on the phone or via our contact form.
Making it formal
Once that dream property is on the market, and your deposit is nice and cosy in your savings account, it’s time to make it all formal. Putting down an offer can be nerve-wracking, but with a little of our Think Plutus mortgage advice smarts, you can reach an amount that everyone will be happy with. Do your research, see what you can afford and don’t get carried away.
Once the offer has been accepted, it’s time to get the confetti and cakes out! Get in touch with us, and we can get your first-time mortgage process underway. It really is that simple. We’ll even do all the work on your application for you, so feel free to sit back and start stacking up that IKEA wish list. It’s exactly what we’d be doing too.
De-Mystifying Mortgages for First-Time Buyers
Is there anything more exciting to getting the keys to your first home? But before the housewarming party can happen, all that less-than-appealing paperwork has to be completed. At Think Plutus, we de-mystify your mortgage with clear language and all the details included. If you require a helping hand, we’ve covered what happens in a mortgage step-by-step to get you started:
The first step to sorting a mortgage with Think Plutus is to get in touch with us. Once you’ve made that first step, we’re able to provide you with all the advice and guidance you need to get it right the first time. Get to know us, and we’ll get to know you. Once we’re all acquainted, we can assign you your very own personal mortgage advisor to get the ball rolling.
Once we’ve got to know a little bit about you, we can assign you the perfect personal mortgage adviser to get you started on your journey. All our advisers are highly qualified, experienced and skilled at what they do – smoothing over the mortgage process from the first contact to last. We may be the best in our field, but we’re certainly not scary, so don’t be afraid to be in touch with us as much as you’d like.
Once you’re well-acquainted with your mortgage adviser, and all the fundamental questions have been asked, we can start to match you up with the best mortgage for you. Once you’ve picked your favourite recommendation, we can then get a DIP – or Decision in Principle – in place. This is a promise between you and the lender that they will loan you the specific funds you discussed, depending on factors such as the value of the property and the information you provided.
It’s essential to be honest with us because if we don’t have the correct information, we can’t get the job done for you. No-one wants that to happen, so try to be straight-up with us from the off for the best possible results.
Break out the bubbly, because you’re well on your way to buying that dream property. Once the DIP is all sorted out, you can put in a formal offer on your future house. DIPs provide great proof that you can afford the purchase of your home, showing just how committed you are to the process. Win-win.
Your offer has been accepted, and all that exciting home-ownership paperwork is on the way. At Think Plutus, we provide all our almost-home owners with a detailed information pack for all the documents and paperwork your lender needs to approve your mortgage. Once that’s all filled out, we can submit the information and act as the go-between to ensure everything is ship-shape and ready to go.
We never said the mortgage process was short on paperwork. The next step, after we have submitted your application, is for the lender to underwrite your mortgage application, as well as to instruct a mortgage valuation or a property survey, this ensures your money is well spent, and there’s no hidden nastiness waiting for you once you’ve got the keys. It may take a little time, but it’s time well spent.
When all the nitty-gritty bits are completed at their end, the lender will give you that great big tick on your mortgage offer. Break out the label maker and prepare your change of address cards, because you’re not far off from holding those house keys in your paws.
It wouldn’t be a mortgage without a little of legalese thrown in. Once your mortgage offer is done and dusted, solicitors and conveyancers will be working away behind to scenes to get all those crucial contracts and documents in place. They sort the legal stuff, and you get going on your admin ready for the big move. We’re on the final stretch now, so don’t forget to book in those movers ready to go.
That ever-exciting word: Completion. Once contracts are exchanged and that deposit has left your bank account, the property is yours. With your mortgage in place and everything signed, there’s nothing left to do except shift those belongings into your new home. Congratulations are in order because you’ve got your first foot on that property ladder. Bring on the beers.
Of course, if you’ve suddenly got cold feet, there’s still time to back out – but you will lose your deposit in the process.
While mortgages can sound like a bit of a complicated mess from the outside, bringing in an expert mortgage adviser like Think Plutus can transform that confusion into completion. We’ll get you in your brand-new home in no time, no fuss or jargon required. Drop us a line today, and we’ll let you know what we can do for you.