Telephone: 0800 338 3736
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
MSN Residential work in partnership with independent mortgage brokers who are authorised and regulated by the Financial Conduct Authority via a mortgage company or network. Your mortgage application will be submitted by a mortgage broker who is responsible for the advice and service provided following the submission of an application. The information above is enclosed in our Terms of Business which will be provided to you prior to submitting an application. Please click here to view this document.
We do not charge a fee for mortgage advice. We charge an administration fee for assisting with the arrangement of your mortgage contract and liaising with all relevant parties to ensure completion.
The fee payable depends on each individual application and its complexity. The typical fee we charge is 1% of the mortgage loan size of which £500 is payable on application and the remaining balance is payable on completion.
Terms & Conditions
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First Time Buyer Mortgages
Helping you to get on to the property ladder…
How does the buying process work?
Here's an overview of what happens:
• First, we'll work with you to set your mortgage budget
• You start the exciting bit ‐ viewing properties
• We help you make and secure an offer on the place you want
• You instruct a solicitor to handle the legal side of things
• Our mortgage broker will finalise and submit your mortgage application to your chosen lender
• They will survey the property to make sure the mortgage you want is reasonable
• Once they are happy with the valuation, they'll make you an official mortgage offer
• Your solicitor completes the legal process so you can exchange contracts and pay your deposit
The home is now yours and it's time to collect the keys.
How does the mortgage process work?
Getting a mortgage is important, but it doesn't have to be complicated. We'll handle every step for you, deal with all the paperwork and take away all the hassle. Here's a quick overview of how the process works and how we will help you:
• We'll talk to you in detail about your situation and budget to work out the maximum you can borrow. This will help make sure you're looking for properties in the right price bracket.
• We'll explain all the documentation we'll need to put together to support your application.
• Once you've found a property, our mortgage broker will find your ideal mortgage and manage the application process for you. We'll make it as simple as possible.
• The lender then carries out a survey to assess the property, and their underwriter will review it all to confirm it's affordable for you. This might include asking for a reference from your employer or accountant
• Once the lender's happy with all the checks, they'll make a formal mortgage offer. Then we'll help you complete the legal details and exchange contracts with the seller. We'll be there to talk you through every single piece of paper so you don't need to worry about a thing.
Why do I need a mortgage broker?
It's easy to navigate the mortgage process when you have a broker that really understands your situation and budget. We'll pull together all the information you need, spending time with you to get everything just perfect.
We'll ask you questions like:
• What are your plans for the future?
• What type of job do you do?
• What's your income and pay structure?
• What are your family circumstances?
Our mortgage broker will then research the mortgage rates on offer and look at the market to provide you with clear, relevant information you can use with confidence.
That way, when you're ready to make a decision, you can do so knowing that you've got all the facts.
About Government Home Ownership Schemes
What government schemes are available to help me buy my home?
Over the years, the government has introduced a number of different schemes to help. They are designed to make it easier to own your own home, at a time when property prices are rising faster than many people's incomes.
The two main schemes currently available are Shared Ownership, which involves a housing association or housing authority, and the government's Help to Buy (HTB) scheme.
Help To Buy (HTB)
Help to Buy (HTB) is a government scheme. It allows first-
They are available if you're a first-
HTB Equity Loan
The HTB Equity Loan scheme is available for new build properties with a purchase price of up to £600,000.
The government will lend you up to 20% of the cost of a brand new home, meaning you only need a 5% cash deposit and a 75% mortgage. The equity loan is interest-
Help to Buy London
If your dream is to own a home in the capital, an adapted version of the Equity Loan scheme could be for you. The Government introduced a London-
With Help to Buy ‐ London, you won't be charged loan fees on the 40% loan for the first five years of owning your home, apart from a nominal monthly £1 per month fee.
If you're a first-
• You buy a share of between 25% and 75% of your new home.
• You pay a subsidised rent on the remaining share to the housing association or housing authority, along with a monthly service charge.
The share you can purchase will depend on the vendor, what you can afford and the eligibility criteria.
Who is eligible?
This can vary slightly between different housing associations. However, shared ownership is normally only available if you're a first-
Other exceptions will depend upon the housing association's individual terms. Many housing associations require buyers to be UK/EU/EEA citizens while others will consider non-
This means buying additional shares in a Shared Ownership property. You can do this at any time, normally at a minimum of a further 10% share each time. The housing association instructs an RICS surveyor to conduct the valuation and normally as you are the applicant, you pay the valuation fee. The current market value will dictate the price you pay.
What is a new build?
New build normally means it either hasn't been built yet, or it's been completed but never sold or occupied (including show homes).
Many mortgage lenders also count new builds as:
• any conversion (such as a townhouse into flats)
• a substantially renovated or extended property
• homes built in the last couple of years
New builds are a popular choice, particular for first-
What cost should I consider when buying a home?
Stamp duty is a government tax paid on homes being purchased.
Click here to calculate your stamp duty
This is the amount you put towards the cost of the property when you buy your home.
On average, you need at least 5% to 20% of the purchase price (for example: £10,000 to £ 40,000 when buying a £200,000 home).
The mortgage lender will assess the value of the property to establish how much they are prepared to lend you. The cost can be £150-
Before you buy a property, get it checked by a surveyor. Surveys range from a basic home condition survey costing around £250 to a full structural survey from £600 or more.
You’ll normally need a solicitor or licensed conveyor to carry out all the legal work when buying and selling your home. Legal fees are typically £850-
Estate agent’s fee
This is only paid by the seller, not the buyer, for the estate agent’s services. It is usually 1% to 3% of the sale price plus 20% VAT.
These might include:
• A booking fee of £99-
• An arrangement fee of up to £2,000, and
• A mortgage valuation fee (£150 or more).
If I’m self employed what are my options?
There's a common myth that the self-
A number of lenders specialise in self-
This can include:
• Lending against your most recent year's income, rather than an average of the last two or three years
• Lending against your company net profit -
• Consideration of your daily rate if you're a contractor.
Lenders will need to see specific documentation if you're self-
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