First Time
Buyers South Woodham Ferrers.

first time buyers South Woodham Ferrers

Helping you To Take
The Next Step.

Lee Berry Mortgage Services specialise in assisting first-time buyers in Southend to secure a mortgage.

If you’re new to mortgages, understanding which one is right for you can be confusing. Mortgage basics aren’t taught in school, so if you’ve never had one before, it’s hard to know where to begin. We break down your mortgage options in clear, straightforward terms. Think of it as a masterclass in understanding how mortgages work and identifying the deals that will suit you best.

We provide a ‘full advice and recommendation’ service, ensuring that any mortgage we arrange is the most suitable choice for you. Once your application is submitted, you’ll have a dedicated mortgage consultant available by phone for ongoing support and guidance. We’re here to answer any questions throughout the process, right up until you collect the keys to your new home.

 

 

 

20 Years Experience

Local Essex Expert

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Friendly & Reliable

Why People Use Us.

“Lee Berry Mortgage Services arranged our mortgage for us last year. After a family bereavement, we really thought that we were going to lose our family home. They sorted out absolutely everything for us. They made a complicated situation understandable to us and took care of us through the whole process. I couldn’t recommend them highly enough”

Grant D.

“Highly recommended. Lee helped us get a mortgage when we thought we had exhausted all options elsewhere. After being declined several times by other lenders, Lee was able to help us get the mortgage we wanted straight away and with minimal fuss.”

Vanessa W.

Your personal, on-hand mortgage experts.

Our advisers are some of the most experienced in the mortgage industry with a vast amount of knowledge of the house moving process. With Lee Berry Mortgage Services, you will be allocated your own personal, on-hand adviser who will be available to help you through the journey from start to finish.

Frequently Asked Questions for First Time Buyers

What is a mortgage, and how does it work?

A mortgage is a loan used to buy a property. You borrow the amount needed to purchase your home, and the loan is secured against the property. You’ll make monthly repayments, typically over 25–30 years, until the mortgage is paid off.

How much deposit do I need as a first-time buyer?

Most lenders require a minimum deposit of 5-10% of the property’s purchase price. A larger deposit can improve your mortgage options and potentially secure a better interest rate.

What types of mortgages are available?
  • Fixed-Rate Mortgage: The interest rate is fixed for a certain period (2, 5, or 10 years), so payments stay the same.
  • Variable/Tracker Mortgage: The interest rate can fluctuate with the Bank of England’s base rate.
  • Discount Mortgage: Offers a lower rate for an initial period, which can change based on the lender’s standard variable rate.

How much can I borrow?

Lenders consider your income, expenses, credit score, and financial situation to determine how much you can borrow. Generally, you may be able to borrow 4-4.5 times your annual income.

What is an Agreement in Principle (AIP)?

An Agreement in Principle (also called a Decision in Principle) is a statement from a lender indicating how much they might lend you, based on your financial information. Having an AIP can strengthen your position when making an offer on a property.

 

What other costs should I consider?
  • Stamp Duty: First-time buyers in England don’t pay Stamp Duty on properties up to £425,000, with reduced rates up to £625,000.
  • Legal/Conveyancing Fees: Costs for legal representation in the buying process.
  • Survey Fees: Costs for property surveys, which assess the property’s condition.
  • Valuation Fees: Fees for a mortgage valuation required by the lender.
  • Mortgage Arrangement Fees: Some mortgage products have arrangement fees.

How does the mortgage application process work?
  • Step 1: Obtain an Agreement in Principle.
  • Step 2: Find a property and make an offer.
  • Step 3: Apply for a mortgage, providing necessary documents.
  • Step 4: A valuation and possibly a survey are conducted.
  • Step 5: The lender will approve or decline the application based on your financial profile and the property valuation.
  • Step 6: If approved, contracts are exchanged, and your solicitor will complete the legal work for the purchase.
What does a mortgage advisor do?

A mortgage advisor will guide you through the mortgage process, recommend the best mortgage deals for your circumstances, and handle the application process, helping to reduce the stress of buying your first home.

 

How long does it take to get a mortgage?

The mortgage application process typically takes 2-6 weeks, depending on the complexity of your situation and the lender’s process. The entire home-buying process, from making an offer to moving in, can take anywhere from 8 to 12 weeks or more.

 

What happens if my mortgage application is declined?

If declined, your advisor will help identify the reasons and suggest ways to improve your chances, such as enhancing your credit score, saving a larger deposit, or looking at different lenders.

 

A lifetime mortgage will be secured against your home. Equity release products are limited to lifetime mortgages only and does not include home reversion schemes. Think carefully before securing other debts against your home.

Other Mortgage Advice Services

Buy To Let

Contact us today to see how we can help you with your mortgage.

Website Created by Scott Pearson Design

Authorised and regulated by the Financial Conduct Authority. 

Lee Berry Mortgage Services is a trading name of LB FINANCIAL LIMITED and is entered on the Financial Services Register under reference 841329.

Registered office address; 35 Ferndale Road, Rayleigh, Essex SS6 9NN

Registered in England and Wales. Company number - 10798151.

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

As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. 

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