A fresh start in Salford: a guide to buying your dream home and securing your first UK mortgage
Buying your first home is an exciting milestone, however, navigating the UK mortgage process can seem daunting, especially if it’s your first time or you're new to the country. Whether you're moving from another part of the UK or relocating from overseas, understanding the steps involved will make your journey smoother. At Lovell Homes, we’re committed to helping you achieve your homeownership dreams, and we’re particularly excited about our new Phoenix Quarter development in Pendleton, Salford - a vibrant and diverse community.
To help unpick some of the key mortgage questions, we have drawn on the insight of expert mortgage advisor, Scott Howitt from Chartwells Mortgage Services.
What do I need to know about starting the mortgage process?
The UK mortgage market is well-regulated, ensuring fairness and transparency. Before anything else, it is important to understand your financial situation. This involves:
· Calculating your income, expenses, and existing debt
· Determining how much you can realistically afford for a deposit and monthly mortgage repayments
· Checking your credit score; a good credit history will help to secure a favorable mortgage deal
What is a mortgage deposit and what do I need to provide?
Your deposit is the upfront amount of money you pay towards the purchase price of a property when buying a house, with the remaining amount financed through a mortgage.
A key factor for lenders in your mortgage application will be verifying the source of your funds. Do not be concerned if further investigation is required; lenders meticulously check the legitimacy of deposits. It's a good idea to be prepared to provide clear documentation of where your money came from - whether it’s savings, a gift, or the sale of assets, transparent records are essential.
Across different cultures there are many diverse saving methods, and lenders are increasingly understanding about this. However, clear evidence is always required. Lenders will need to see bank statements and may require six months of transaction history.
How do I fill in a mortgage application and gain approval?
Once you've chosen a lender and a mortgage deal – which you may want to speak to a mortgage advisor about - you'll need to complete an application and provide supporting documents, including:
· Proof of identity (passport, driver's license)
· Proof of address (utility bills, bank statements)
· Proof of income (payslips, bank statements, tax returns)
· Visa status (if applicable)
· 12 Months of UK residency is a large factor for anyone moving from overseas
Lenders will then assess your affordability and creditworthiness before approving your mortgage. Creditworthiness refers to your likelihood of repaying a loan, while affordability assesses your ability to manage repayments based on your income and expenses.
What do I need to know about conveyancing and completion?
Once your mortgage is approved, you'll need instruct a conveyancer (either a solicitor or licensed conveyancer) to handle the legal aspects of the buying a property - our sales advisors will be happy to suggest some for you. Your chosen conveyancer will conduct searches, review contracts, and ensure a smooth transfer of property ownership.
Completion is the final stage, where the funds are transferred, and you receive the keys to your new home.
The mortgage process can take anywhere from a few weeks to a few months, depending on the complexity of your situation and the lender's processing times.
Why Pendleton, Salford?
Greater Manchester is a fantastic place to call home. It boasts a thriving economy, excellent transport links, and a rich cultural scene. Salford, in particular, has seen significant regeneration, making it an attractive location for first-time buyers.
Phoenix Quarter is the latest scheme from Lovell Homes in Pendleton; a vibrant and diverse community. The area has seen a large amount of investment and has excellent transport links to Salford and Manchester City Centre, as well other surrounding areas.
Phoenix Quarter offers a range of modern homes designed for comfortable and convenient living. With its diverse community and excellent location, Pendleton is the perfect place to start your homeownership journey.
Want to find out more?
If you have any questions or would like to learn more about Phoenix Quarter, please contact us on 0161 7686546 or fill in an enquiry form. Our friendly team is here to help you every step of the way.
