Your Trusted Partner in Mortgages
Buy your first home with Emerald
Emerald Mortgages have a wealth of experience, having helped hundreds of First Time Buyers take that first step on the property ladder. We have all purchased our own homes and understand how daunting that first step is.
We want buying your first home to feel exciting, not scary. Our belief is that knowledge is power when it comes to buying a home, and that's why we guide you every step of the way in the journey of buying your property.
Whether you're just starting to save up for your first home and need to set those savings goals, or you think you're ready to start looking for properties, getting advice is the first step you should take.
Top Tips for First Time Buyers
Speak to an adviser sooner, rather than later. Saving without a goal or plan can feel overwhelming. It will also give us time to look at credit issues / bank statements to make sure you're ready to apply for a mortgage once you get to your savings goal.
Get your documents organised. You'll need to prove your income, any deposit, show your outgoings and provide ID & proof of address. Your adviser will talk you through exactly what you need.
Affordability first. Don't start looking at properties until you know what you can afford. Your adviser will help you get an agreement in principle from a lender before you start putting offers in for properties. This gives you confidence in your offers, knowing that a lender is happy to fund your purchase, subject to a full application and underwriting.
Don't listen to the noise. Most people have an opinion or their own experience of buying property in the UK and therefore you may receive lots of conflicting advice. It's a complicated process, the mortgage market is everchanging, and no two applications are ever identical. What was sound advice ten years ago may be completely wrong for you now. Advisers have to stay up to date with the market, products available and can keep you informed about the process today. Seek advice from a professional.
Find out your budget
Reach out to one of our advisers to get an understanding of your borrowing power and your budget.
You need to know how much lenders are willing to lend you, how much deposit you need to put down, and also what the monthly payments look like so you can set a personal budget that you feel comfortable with
Your adviser will help you to get an agreement in principle before you start looking for a property.
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The Home Buying Process
in 5 simple steps
Property search
Once you have your agreement in principle and have hit any applicable savings goals, you can then start to look a property and make an offer when you find a property that feels right.
An estate agent will usually want to see your agreement in principle to confirm you can afford the property and will put your offer through to the seller. Every offer made on a property should be passed onto the seller to consider.
Once you have had an offer accepted on a property we will then move onto next steps.
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Mortgage Application
It's time to apply for your mortgage. Your adviser will need up to date documents and you'll have an appointment with them to finalise figures and confirm rates available to apply for your mortgage.
The mortgage application process includes:
Credit checks
Valuation of the property
Documents checking
Underwriter questions
Affordability checks
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Legal Work
Your solicitor will handle all the legal work throughout your purchase, helping to ensure you're making a sound investment. They'll carry out property searches, check the title, review planning permissions and building regulations, and prepare the contracts.
They'll also review your mortgage offer and confirm that all deposit and ID checks meet the lender's requirements.
While the process can sometimes feel slow, the work they do is essential in protecting your interests and keeping your purchase on track.
Having a trusted solicitor by your side is invaluable throughout the journey.
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Exchange & Completion
Your exchange date is when your deposit is paid, your contracts have been signed and you are committed to purchasing the property.
As you are committed to purchasing the property, this is the date when your insurances should start from, to protect both yourself and your new home.
You will have agreed a date to complete when you exchange, this is the time when all that's left to do is to pack!
Your completion date is when you get the keys to your new home!
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