Buying your first home in Coventry and Warwickshire

Hello, future homeowners! We understand that the journey to your first home can be an exciting and nerve wracking time. At The Mortgage Mum Warwickshire, we’re here to be your trusted guides. Because buying your first home should be a celebration, not a headache.

Why Choose Us for Your First Time Buyer Mortgage?

We know that the world of mortgages can be overwhelming, especially for first-time buyers. That’s where we come in – combining a personal touch with professional expertise. Whether you want to buy your first home in Coventry, Warwick, Kenilworth, Leamington, Stratford-upon-Avon or anywhere else in Warwickshire, we are dedicated to making your dreams a reality.

We are there for you from our first conversation all the way through to the moment you unlock your new front door. Giving advice, guidance and support all the way along.

  • Advice about the best mortgage and protection to suit your needs.
  • Guidance about surveys and conveyancing.
  • And support with conversations with estate agents, solicitors, lenders and other parties to make the process as painless as possible.

What process will I follow as a First Time Buyer in Coventry, Warwick, Kenilworth, Leamington, Stratford-upon-Avon and the rest of Warwickshire?

At The Mortgage Mum Warwickshire we help guide you throughout the 10 steps of owning a home

  1. Initial chat – here we will discuss how much you can borrow and how much your mortgage payment will cost each month. We will carry out a full fact find about your situation and discuss the different types of mortgages available.
  2. Agreement in principle – most estate agents will ask for this before you can view a property and certainly before you offer on a property. This certificate is confirmation from a lender that they can potentially lend a certain amount of money based on your affordability and a credit check. Once we have the documents we need and a fully completed fact find, we will issue you an agreement in principle (also called AIP, Decision in Principle, DIP).
  3. Property search – the best part! Once your budget is confirmed and you have your agreement in principle, you can start looking for your dream home.
  4. Protection- we will discuss the risks involved with home ownership and how Life Insurance, Critical illness, Income Protection, Family Income Cover and Buildings and Contents insurance can help you stay in your home.
  5. Mortgage and Protection application – once you have found the home you would like to buy, we can apply for your mortgage and protection.
    Conveyancer (solicitor) instructed – you can use which ever solicitor you prefer, some developers and some estate agents try to coerce you to use theirs but remember it is your choice and if you are buying a home in Coventry, Warwick, Leamington, Stratford-upon-Avon, Kenilworth or the rest of Warwickshire, a local solicitor might be more appropriate. The solicitor will apply for searches and raise enquiries with the sellers solicitor to start the legal work.
  6. Valuation carried out – the lender will want to conduct a basic survey to make sure the property is worth the amount you are paying for it and that it is in a suitable condition. You may wish to pay for a more detailed survey such as a home buyers report or building survey. We can discuss the differences of these in our appointments.
  7. Mortgage offer received- you will get a mortgage offer if the lender is happy with you and the property you are purchasing. This offer is typically valid for 6 months, so you will need to complete (get the keys to your property) within this time. Some lenders offer mortgages for shorter timeframes than 6 months so please do check your offer.
  8. Exchange of contracts – this is an exciting time! The point of no return. Once you exchange contracts the property is legally yours. No one change their mind. The day of completion will be set now.
  9. Completion – this is the day you can collect your keys and move into your new home.
  10. Moving day!

What fees are involved with buying my first home in Coventry, Warwick, Kenilworth, Leamington, Stratford-upon-Avon, and the rest of Warwickshire?

You will need money aside in addition to your deposit.

You will always need to pay for conveyancing.

You may need to pay for – surveys, mortgage advice, lender arrangement fees, stamp duty.

At The Mortgage Mum Warwickshire, we will spend time working out the cost of buying in addition to your deposit, so you can feel in control of how your money is spent and not face any nasty surprises along the way.

How much deposit will I need to buy my first home in Coventry, Kenilworth, Leamington, Warwick, Stratford-upon-Avon, and the rest of Warwickshire?

Typically, you will need a deposit of at least 5% of the property value. For this you will often need a good credit score. Some lenders will allow 0% deposit mortgages but there are further affordability restrictions with these.

The higher the deposit, the lower the interest rate and the more some lenders will be prepared to lend you.