Why First-Time Buyers Should Talk to a Mortgage Broker Before Searching for a Property: 

If you’re a first-time home buyer in Plymouth, it’s easy to get caught up in the excitement of looking through rightmove and booking house viewings. But before you start dreaming about your dream home, there’s one critical step that can make or break your home buying journey: taking the advice of a mortgage broker.

Meeting with a mortgage broker before searching for a property can help you understand how much you can afford and as such increase your chances of mortgage approval. Here’s why each step is so important when purchasing your first home:

1. Know Exactly What You Can Afford

One of the biggest mistakes first-time buyers make is falling in love with homes outside their price range. As a Plymouth based Mortgage Broker I will:

• Review your income, savings, credit history and current debts
• Help determine your potential borrowing potential
• Explain monthly repayments, interest rates and key mortgage terms

2. Get An Agreement in Principle

In competitive markets, sellers and estate agents like it when buyers who are prepared. A mortgage broker can help you organise your Agreement in Principle so you can demonstrate to estate agents that you are proceedable. We do this by:

• Organising your Agreement in Principle
• Help you understand your loan affordability
• Help you understand your purchase price capacity

3. Access More Lenders and Better Interest Rates

Unlike a bank, which only offers its own mortgage products, a mortgage broker works with multiple lenders. That means:

• Access to exclusive mortgage rates
• More flexible lending criteria (especially helpful if you’re self-employed or have a low deposit)
• Increased chances of finding a mortgage that fits your individual circumstances

4. Understand All the Costs Involved

Buying your first home isn’t just about the deposit. A broker will help you plan for:

• Stamp duty (if applicable)
• Solicitor fees
• Survey and valuation costs
• Mortgage Protection such as Life & Critical Illness

5. Avoid Mistakes That Could Delay Your Approval

First-time buyers often unknowingly decrease their mortgage chances by:

• Making large purchases before completion – using lending
• Changing jobs mid-process
• Applying for credit cards, loans or car finance

A good mortgage broker will guide you on what to avoid during the mortgage process and ensure all paperwork is correctly completed.

6. Save Time and Reduce Stress

House hunting is stressful enough. A Mortgage Broker:

• Handles the paperwork
• Communicates with lenders
• Troubleshoots any issues during underwriting

This gives you peace of mind while you focus on finding the right property.

Final Thoughts: Make Your First Move the Right One by Planning Ahead

Before you schedule your first viewing speak to a mortgage broker. It’s the smartest way to understand your affordability, understand future costs and avoid costly mistakes.

If you’re a first-time buyer in Plymouth or across Devon & Cornwall, contact me using the link below:

Contact – Stuart Ash – Mortgage Services

‘Your home may be repossessed if you do not keep up repayments on your mortgage’