Back to Basics – Your First Time Buying Guide


by Sam Fox Warrington Mortgage Centre

WHEN buying your first home the mortgage world can seem like a foreign language. From interest rates, mortgage in principles and help to buy schemes.

BUT fear not, we’ve put together our top tips and tricks to guide you through when buying your first home.

Let’s strip everything back…
A mortgage is a loan. You borrow money from the bank to buy your home and re-pay the bank back often over several years whilst you’re in the property. On the loan you will pay interest, usually on your first property, your interest rate will be fixed for 2-5 years, after that rate finishes you will move onto a standard variable rate. (but don’t worry about that yet!)
To receive a binding mortgage offer you will need to supply your broker with some documents such as 3 months of bank statements, 3 months of payslips, p60 and ID. To make the process as stress-free as possible it’s always good to have these on hand before applying for your mortgage.

The buying process…
Once you have found out how much you can afford from your application, your broker will receive offers for your mortgage. It’s important to pick the right offer for you! Once you’ve picked your lender you will receive your Mortgage in principle. (MIP)
Now for the fun part – finding your perfect home! Once you have received for MIP the search can begin. From house viewing to putting in your offer. Once the offer has been accepted
and you have chosen your solicitor, we will go ahead with your chosen lender and make the formal
mortgage application – submitting all supporting document too, such as your payslips and bank statements.
Once your lender has received your application and assessed the relevant documents they have requested. A survey will be booked on the property you are purchasing. At this stage, the mortgage has been formally approved by your chosen lender.

Once the solicitor has completed their work and you have Exchanged Contracts with the vendor, you’ll set a completion date.
Just like that, you’ll own your own home.
If you’re interested in having a chat about your mortgage, then give us a call on
01925 573328. Or in the meantime, you can check out our First Time Buyers guide on your website, it’s free to download:



About Author

Experienced journalist for more than 40 years. Managing Director of magazine publishing group with three in-house titles and on-line daily newspaper for Warrington. Experienced writer, photographer, PR consultant and media expert having written for local, regional and national newspapers. Specialties: PR, media, social networking, photographer, networking, advertising, sales, media crisis management. Director Warrington Chamber of Commerce Patron Tim Parry Johnathan Ball Foundation for Peace. Trustee Warrington Disability Partnership. Former Chairman of Warrington Town FC.

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