If you are thinking of buying your first home, taking that first step onto the property ladder can for some be a large step. Our range of first-time buyer mortgage deals could help you get the keys to your new home. We want to make sure that finding the right mortgage is as simple for you as finding the right place was satisfying. We'll search the market, seek out the best rate, and sort all the admin and form-filling until the new mortgage starts.
With so many options to consider, it can seem very confusing. So, to help you out we've answered some of your most common questions. For more specific advice about the options available for your circumstances, why not get in-touch with one of our friendly advisors.
Before you set your heart on the property of your dreams you need to know that you can get the mortgage to buy it. By speaking to Oviso, we can assess your current financial situation and let you know what mortgages are available to you and what the monthly payments would be. We provide a comprehensive view of the best options available to you.
At Oviso we recognise that everyone's situation is unique. Mortgage lenders, who assess this based on affordability, will also take into consideration the term of your mortgage, the number of dependents you have, any outstanding debts and the deposit you are providing.
Yes, you will need a deposit. The minimum deposit you will require is 5%, however, the larger the deposit you contribute the more options will be available and will, more likely, offer you a better interest rate.
There are several ways to improve your credit rating such as paying your debts on time and ensuring you are on the electoral register. Lenders use the information on the electoral register to help confirm your details. If you don’t have any debts it may be worthwhile thinking about using a credit card for a few months and paying it off in full each month to give yourself some credit history – mortgage companies like to see how you have conducted previous or existing credit commitments. If you find you have a low credit score but are confident you've always managed your debts responsibly, then check your report carefully for any mistakes. If you do find errors, contact the relevant credit reference agency to make sure your report is updated.
Once we have assessed your financial position and selected the mortgage provider that offers the best option, we will complete a credit check with the lender. If this proves successful, you have an agreement in principle (AIP), which gives everyone confidence that your application will be successful. It also shows estate agents and sellers that you are in a position to make an offer as soon as you find your ideal home.
Upon request, Oviso is more than happy to support you when negotiating the purchase price and be assured we act purely on your behalf.
We not only search the market for the best rates we also complete all the admin and form-filling, leaving you to focus on your house move. We always communicate rather than waiting for you to contact us, we pride ourselves in staying in touch both with you and the lender to ensure the process moves forward in a timely fashion.
Our initial advice is completely free. However, we typically do charge a fee of £295, which is only payable on offer or completion.
Our simple mortgage calculator can help you to calculate your LTV (loan to value) and what your likely mortgage repayments will be. Remember, you will need to allow for other costs such as stamp duty, solicitor fees and moving expenses.
There will be additional fees that you'll need to include within your house purchase budget
Examples may include: Solicitor fees, Broker fees, Conveyancing fees, Mortgage fees, Stamp duty.
If your mortgage is a fixed rate, your payments will remain the same for the deal period, but could increase at the end of the deal period.
For a more detailed summary of your house purchase costs, it's advisable to discuss the options available to you for your circumstances with a qualified mortgage advisor.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors