Looking for a first time buyer mortgage? Here expert Peter O’Grady explains the steps needed to get a first time buyer mortgage, how to find the best mortgage rates and how important it is to get expert mortgage advice at this time.

First time buyer mortgages can be a minefield so it is really important you get expert mortgage advice from the off. Walking straight into your local bank may seem like a good idea but as they only offer their own products you may not fit their criteria. If you are refused this may leave a footprint on your credit score affecting future mortgage applications. Peter goes on to explain what is mean by this? Each and every lender has certain criteria that each and every mortgage provider has to follow. So before you go to a bank the best thing you should do is seek advice from a mortgage broker who deals with the whole of market or an IFA.

The first thing that should be checked before sourcing a mortgage product is your credit score. This can be done by the internet or post. Mortgage brokers or Independent Financial Advisors would normally check with companies like Experian, Equifax or Call Credit. There will be a small cost for this service. This will determine whether or not you are likely to get a mortgage in the first place as it will have all your current details of loans, credit cards, mortgages, hire purchase, defaults, missed payments and even bankruptcy. From this point forward this document will be used to search through the criteria that each and every lender has in place. This document will be used to determine what loan to value is required by the lender, what documents the lender will need to verify the affordability of your mortgage.

As always it is advisable to speak to a mortgage expert when making any financial decisions. So speak to a professional when seeking any mortgage advice to ensure you get the best possible mortgage solution for your personal circumstances. To get help today complete our online form at JustMortgageAdvice.com and you will be put in contact with a mortgage expert who can answer any questions you have and take you through all the options to ensure you find the best mortgage solution for your circumstances whether moving home or looking for a first time buyer mortgage.