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First Time Buyers

Getting onto the property ladder can be a big step, 
AA Mortgage Services are here to help you every step of the way
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First Time Buyer Mortgages 

Our 3 step process makes purchasing your first home that little bit easier
  • Mortgage Review
    Our comprehensive mortgage review takes into account your financial circumstances, the amount you wish to borrow and the flexibility you need. We’ll then explore the widest range of potential lenders.
    Confirm Mortgage Lenders
    We will identify a range of possible lenders who match your requirements allowing you to select a competitive product that meets your needs. We will then guide you through the application process.
    Mortgage Confirmed
    Finally, your mortgage is confirmed and your property dreams are well on their way to becoming a reality

What Is a First Time Buyer? 

A person will generally be classified as a first-time-buyer if they're purchasing their only or main residence and have never owned a freehold or have a leasehold interest in a residential property in the UK or overseas. They will usually need to provide a deposit of anywhere between 5-10% of the purchase price.

How Much Can I Borrow? 

Your income, the value of any outstanding debt you might have and the size of your deposit will all determine how much you may be able to borrow. Lenders will also usually ‘stress test’ to see if you’d be able to keep up repayments should interest rates suddenly rise. All of this means you should be realistic about how much you’d like to borrow.
What is an Agreement in Principle? 
An Agreement in Principle (AIP) is a statement from a lender to say that ‘in principle’ they would be willing to lend you a certain amount of money. When you apply for an AIP the lender will perform a ‘soft check’ on your credit file to ascertain whether or not they’re able to lend to you. They will establish your eligibility and then confirm whether or not they might be able to lend you the amount you require. Gaining an AIP doesn’t guarantee that you’ll receive a firm mortgage offer but it can be helpful when you’re house hunting.
What Fees Will I Have to Pay When Buying a House? 
There are a number of different fees, charges and taxes you will have to pay before you complete the purchase of your property. You’ll need to factor in these charges when you’re working out how much you can afford.

These fees can include a mortgage arrangement fee, valuation fee, survey costs, land registry fee, conveyancing costs and stamp duty. At AA Mortgage Services, we charge around £495 on average for our help, but these costs can be recouped from savings on your mortgage product and through access to more competitive deals.

We are here to help you

Speak to our experienced AA Mortgage adviser today
AA Mortgage Services, a trading style of AA Mortgage Services Ltd is an appointed representative of HL Partnership Limited, 
which is authorised and regulated by the Financial Conduct Authority.​

The Financial Conduct Authority do not regulate some aspects of buy to let and commercial mortgages. ​

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £295 to £695 and this will be discussed and agreed with you at the earliest opportunity.

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