As a dedicated team of experienced mortgage advisors in Bristol, we strive to keep our customers well-informed, updated, and prepared for the mortgage journey ahead.

In this article, we’ve compiled a comprehensive list of the 10 steps that first time buyers in Bristol will encounter during their mortgage process. Our goal is to bring you closer to being ‘mortgage ready’.

First Step: Get in Touch for Your Free Mortgage Consultation 

Having carefully considered your options, you’ve decided to venture into the world of property ownership and secure your first home by obtaining a mortgage as a first time buyer in Bristol.

We understand that this decision holds significant weight in your financial life and can be somewhat anxiety-inducing, especially if you’re new to the process.

This is where a dedicated mortgage broker in Bristol can play a key role in guiding you through the upcoming mortgage journey. Our team works diligently to alleviate your stress, ensuring you emerge on the other side with a mortgage, a positive outlook, and the excitement of enjoying your new home.

Second Step: Mortgage Affordability Assessment – How are you doing Financially? 

During your free mortgage appointment, our trusted mortgage advisor in Bristol conducts a mortgage affordability assessment. This swift yet important process involves scrutinising your monthly income and regular expenditures to gauge your financial capability to repay a mortgage.

This step is vital for ensuring you can afford your monthly repayments, avoiding potential debts and future repossessions, which both you and your mortgage lender would prefer to steer clear of.

Third Step: Obtaining a Mortgage Agreement in Principle

With the mortgage affordability assessment completed, the next step in your free mortgage appointment involves helping you in obtaining a key document – a mortgage agreement in principle.

Also known as ‘decision in principle’ or ‘mortgage in principle,’ this document signifies that you’ve passed the lender’s primary credit scoring system. While it doesn’t guarantee a mortgage, it demonstrates your seriousness to the property seller, potentially influencing price negotiations when making an offer.

Fourth Step: Finding the Right Solicitor 

Following the agreement in principle, your next move is to find a conveyancer to handle the legal aspects of home buying. Conveyancing involves the legal transfer of property ownership between seller and buyer.

Your conveyancing solicitor manages contracts, provides legal advice, conducts necessary searches, and handles funds transfer for the property purchase. Careful consideration of your choice for this role is vital, and we can recommend trusted partners if needed.

Fifth Step: Making an Offer on a Property 

Having spoken with a mortgage broker in Bristol, passed the mortgage affordability assessment, obtained an agreement in principle, and secured a conveyancer, you’re now ready to make an offer on a property.

Armed with the agreement in principle, you’re in a favourable position for negotiations. Remember to negotiate respectfully and, if possible, leverage your AIP to potentially secure a lower price.

Sixth Step: Submit Your Documents 

The next critical step involves submitting the required documents to proceed with your mortgage. Mortgage lenders meticulously review these documents, including proof of identity, earnings, address, deposit, and other financial details.

If applying for a joint mortgage, the same documentation will be required from the other applicant.

Seventh Step: We’ll Progress Your Mortgage Application 

With your mortgage agreed in principle and an offer accepted, the next stage is submitting your full mortgage application to the lender.

Our experienced team ensures that all necessary documentation is in order before sending it to the lender, initiating the waiting process for confirmation of mortgage approval.

Eighth Step: Property Valuation / Survey 

During the application processing period, the lender typically requires a valuation survey on the property. This survey, conducted by an accredited company, assesses the property’s value to ensure it aligns with the agreed-upon purchase amount.

This step is essential to avoid ‘down valuation’ issues, where the lender perceives the property’s value as lower than the purchase price.

Ninth Step: Receiving Your Mortgage Offer 

The moment you’ve been waiting for arrives when your mortgage lender completes a thorough assessment, and you are presented with your formal mortgage offer.

Our dedicated team reviews the offer on your behalf to ensure accuracy and satisfaction. With the formal mortgage offer in hand, your Conveyancing Solicitor takes the process to completion.

Tenth Step: Completing The Process 

Congratulations are in order as you transition from an unsure and inexperienced first time buyer in Bristol to a confident and mortgage-ready first-time homeowner. We hope that your concerns have been eased, and you are excited to make a start on this new chapter in your life.

The only remaining task is to grab your keys and start moving into your new home. We trust that you received top-tier mortgage advice service in Bristol and enjoyed interacting with our team throughout your mortgage journey.

If you’ve chosen a fixed-rate mortgage, we look forward to helping with your remortgage or future property plans when the time comes.

Date Last Edited: June 18, 2024