Hello, future homeowners! We understand that the journey to your first home can be an exciting and nerve wracking time. At Warwickshire Mortgages, we’re here to be your trusted guides. Because buying your first home should be a celebration, not a headache.

Why Choose Us for Your First Time Buyer Mortgage?

We know that the world of mortgages can be overwhelming, especially for first-time buyers. That’s where we come in – combining a personal touch with professional expertise. Whether you want to buy your first home in Coventry, Warwickshire, or further afield, we are dedicated to making your dreams a reality. Our team are there for you from our first conversation all the way through to the moment you unlock your new front door. Giving advice, guidance and support all the way along.

• Advice about the best mortgages and protection to suit your needs.
• Guidance about surveys and conveyancing.
• And support with conversations with estate agents, solicitors, lenders and other parties to make the process as painless as possible.

What process will I follow as a First Time Buyer?

At Warwickshire Mortgages we help guide you through the 10 steps of owning a home

1. Initial chat – here we will discuss how much you can borrow and how much your mortgage payment will cost each month. We will carry out a full fact find about you and discuss the different types of mortgages available.
2. Agreement in principle – most estate agents will ask for this before you can view a property and certainly before you can make an offer on a property. This certificate is confirmation from a lender that they can potentially lend a certain amount of money based on your affordability and a credit check. Once we have the documents we need and a fully completed fact find, we will issue you an agreement in principle (also called AIP, Decision in Principle, DIP). The lender you have an AIP with may not be the lender you end up with for your mortgage.
3. Property search – now the fun starts! Once your budget is confirmed and you have your agreement in principle, you can start looking for your dream home.
4. Protection- we will discuss the risks involved with home ownership and how life insurance, critical illness, income protection, family income benefit and buildings and contents insurance can help you stay in your home.
5. Mortgage and protection application and conveyancer instructed – once you have found ‘the one’, we can apply for your mortgage and protection with the lenders and insurers who are best for you and your situation at the time.Conveyancer (solicitor) – you can use which ever solicitor you prefer, some developers and estate agents may try to coerce you to use the solicitors they recommend but remember it is your choice and a you may find a local solicitor is more appropriate. Asking friends and family for solicitor recommendations is a good place to start. Once appointed, the solicitor you choose will apply for searches and raise enquiries with the seller’s solicitor to start the legal work.
6. Valuation carried out – the lender will want to conduct a basic survey to make sure the property is worth the amount you are paying for it and that it is in a suitable condition. You may wish to pay for a more detailed survey such as a home buyers report or building survey.
7. Mortgage offer received- Wahoo! Congratulations! The offer is typically valid for 6 months, so you will need to complete (get the keys to your property) within this time. Some lenders offer mortgages for shorter timeframes than 6 months so do ensure you check and know the timescales.
8. Exchange of contracts – this is an exciting time! The point of no return. Once you exchange contracts you are legally bound to buy the property and the seller is legally bound to sell it to you. No one can change their mind and the day of completion will be agreed and set.
9. Completion – this is the day you can collect your keys
10. Moving day! Phew, time to put your feet up and enjoy your new house, after you have moved all of your stuff in of course.

What fees are involved with buying my first home in Coventry and Warwickshire?

Extra money will need to be set aside in addition to the deposit: You will need to pay for conveyancing. You may need to pay for – surveys, mortgage advice, lender arrangement fees, stamp duty. At Warwickshire Mortgages, we will help you work out the extra costs, so you can feel in control of how your money is spent and not face any nasty surprises along the way.

How much deposit will I need to buy my first home?

Typically, you will need a deposit of at least 5% of the property value. For this you will likely need a to have a very good credit score. The higher the deposit, the lower the interest rate and the more some lenders will be prepared to lend you. Some lenders offer 0% deposit mortgages, there is extra criteria around this which we can discuss with you if you book an initial chat.

Which areas can we cover?

We can help first time buyers in Coventry, Warwick, Leamington Spa, Stratford upon Avon, Kenilworth, Nuneaton, Bedworth, Atherstone, Coleshill, Southam, Rugby and the surrounding areas in our office and the rest of the UK via telephone/ video call.