First Time Buyer Mortgage Advice in Sunderland

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Holding your hand throughout your mortgage process!

Mortgages are a massive financial commitment to take out. Understandably, as a first time buyer you can find starting your process to be a little daunting. As a mortgage broker in Sunderland, it’s our job to help you be as stress-free as possible, doing the hard work so you don’t have to.


Our service is beyond just getting a mortgage, it’s all about your journey, how you got there and what happens next. We aim to make the process simple and keep you constantly informed; your mortgage advisor will be by your side all throughout.


How much deposit do I need for a mortgage in Sunderland?

The amount of deposit needed will depend on your credit score. As a common rule, we tend to find that first time buyers have a good credit score, which in turn may give you access to much better mortgage rates and put down a lower deposit, possibly as low as 5% of the purchase price.


Alternatively, for first time buyers with a rather low credit score, you may only have access to much higher rates and be required to put down a higher deposit, somewhere maybe within the area of 10-15%.


Your deposit amount will also be different depending on the type of property you’re looking to buy. If your property is more expensive, you may need to put down a larger deposit.


Are there ways to help me get onto the property ladder in Sunderland?

If you are finding it quite challenging to reach the minimum deposit that is required, you may be able to use one of the government mortgage schemes. These schemes were introduced as a means of helping first time buyers find success in their home owning dreams.


The schemes available currently include the Help to Buy Equity Loan, Shared Ownership, Mortgage Guarantee Scheme, the First Home Scheme, as well as a handful of others. Every one of these schemes is designed with the intention of helping home buyers get onto the property ladder in some way. You’ll still need to qualify, which is where a mortgage broker in Sunderland can come in.


For additional mortgage advice in Sunderland for first time buyers, as well as explanations of the available government mortgage schemes, book your free mortgage appointment with one of our mortgage advisors in Sunderland. They’ll be able to help you check eligibility and apply for your mortgage.


How does it work?Get a quote nowMeet your advisor

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Popular First Time Buyer Mortgage Scenarios

With over 20 years of working experience in the mortgage industry to our name, our team of mortgage advisors in Sunderland have helped many first-time buyers in Sunderland get onto the property ladder. 


There is rarely a situation we encounter that we haven’t resolved in the past. Below we felt it was best to compile a list of common first-time buyer questions we often hear from customers who have spoken with one of our team:

What will my costs be? How much can I borrow?

Many first time buyers in Sunderland wonder how much they can borrow and their monthly costs.


Your mortgage advisor in Sunderland will provide a rough estimate on this, giving you a more precise picture.  


I’ve seen a property that I like – What’s the next step?

The next step we recommend is to obtain an Agreement in Principle, which you may also see being referred to as a Decision in Principle, Mortgage in Principle, DIP or AIP.


Having an Agreement in Principle means that you have passed the lenders initial credit check. 


One of the bigger benefits to this document, is that it shows the seller that you’re in a more significant position to progress if they accept your offer, putting you ahead of other buyers. 


Usually, a member of our mortgage advice team can turn around an Agreement in Principle within 24 hours of your initial appointment. 


My offer got accepted, and I will like to proceed with my mortgage application?

Speak to your mortgage broker in Sunderland to give them the good news. We will progress your mortgage application and deal with all the paperwork on your behalf.  


If we encounter any hurdles, your expert advisor will have come across something similar in the past and know what to do to end up with a favourable outcome. 


My bank turned me away, can I still get a mortgage?

We often hear from first time buyers in Sunderland who have been turned away from their bank for a variety of different reasons. 


Our team of specialist advisors in Sunderland will work hard to find a solution for any issues you may face during your process. 


For a more tailored service, get in touch and get booked in for a free mortgage appointment. 

Why choose us for first time buyer mortgage advice in Sunderland? 

As a mortgage broker in Sunderland, we love helping first time buyers. From your initial call, right through to getting the keys to your dream home, your mortgage advisor in Sunderland will be by your side, ready to answer any questions you may have about your mortgage. 


Unlike the high street banks, we can search thousands of mortgage deals to find the best one that suits your circumstances. 


We are available seven days a week and aim to take the stress away and solve any hurdles we encounter along the way. The best part of our job is finding a property that you like and receiving the keys! 


Please read our genuine customer reviews, as they are a true reflection of the level of dedication and support, we provide to all customers. The service you receive and your happiness is essential to us. 

Reviews Stars5.00 Rating12 Reviews

Common mortgage

Your free initial mortgage consultation with a mortgage advisor in Sunderland will last round about one hour. They will then recommend a mortgage for you, wherein you have no obligation to proceed and you can decide whether or not that particular deal is something you’d like to go forward with.

As a trusted and well experienced mortgage broker in Sunderland, we will first carry out a Fact Find to establish your personal needs, before we begin searching and recommending the most suitable mortgage for you. A credit check will be required for an Agreement in Principle. A formal mortgage offer can be issued once you have provided all the relevant documentation and a valuation of the property has been undertaken.

To avoid any kind of disappointment with a property, we recommend you obtain an Agreement in Principle before you begin property viewings in Sunderland. We would say that at the very latest, you should obtain one before you start to make offers, in order to assist your bargaining position.

A standard Agreement in Principle typically lasts for around 30 to 90 days depending on the Lender. If your Agreement in Principle expires, you can get it easily refreshed.

You may have the option of getting a second mortgage on your home for things like debt consolidation or Home Improvements. This can also be possible if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.

The minimum deposit for purchasing a home in Sunderland with a mortgage lender is typically 5%. This figure can possibly be higher if you have had previous credit problems.

If you have had credit problems previously in life, you may still have a chance at obtaining a mortgage, but you may be required to put down a higher deposit than usual. This could be be 15% of the property purchase price.

Once you have submitted at least one year’s accounts to the lender, you may be eligible for a mortgage. Most Lenders will calculate the maximum mortgage with salary plus dividend, whereas others sometimes go off your net profit.

A lender will usually need three payslips for an employee to prove income and the latest 2 years’ accounts for an applicant who is self-employed. You will also need to provide them with proof of ID, address and 3 months’ bank statements.

Your free consultation with a mortgage advisor in Sunderland will typically lasts up to an hour or so. We have the ability to turn round an agreement in principle within 24 hours. A formal mortgage offer has been known to take roughly about three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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