Having been saving for a deposit for some time, Solicitor, Ben and Chartered Legal Executive, Tim began their search for a home.

The pair viewed homes on a new build development where a Sales Advisor suggested they speak with mortgage broker, Sue at Mortgage Advice Bureau, to get a professional view on their mortgage options.

“Sue meticulously worked through our finances and affordability with us, providing hints and tips along the way,” Ben explained. “We were in a much better position that we had ever imagined.”

Guided through the mortgage process

On starting their home buying journey, first time buyers Tim and Ben admit they knew very little about the mortgage process.

“We were quite apprehensive about applying for a mortgage,” Ben says. “Homes are expensive and a mortgage is a big, life commitment.”

The couple found the advice of their mortgage broker helped to ease their concerns by guiding them through the process.

“Sue was able to articulate the process, the products available on the market, and their workings, so that it was understandable to both of us,” Ben added.

“No question was left unanswered and if there was something Sue did not know, she found out and let us know.”

The cost of a mortgage broker

The couple’s only initial reservation of using a mortgage broker was the potential cost of their service.

However, this was quickly settled as the pair realised they wouldn’t have to pay for the service from their mortgage broker.

This is because some new build mortgage brokers receive commission from lenders, which means they do not need to charge a fee to the customer for their services.

“Being naive to the process, we would have simply gone to our bank in the first instance, and we know we would not have got the best deal if we had done that,” Ben said.  

New build deposit contributions

Although the first-time buyers had saved a consideration deposit, it wasn’t enough for a 10% deposit.  

However, their mortgage broker was able to use their experience of the new build market to increase Tim and Ben’s options – and not just through the lenders.

“Without Sue, we would have never known that many developers offer financial incentives,” Tim explains.

Tim and Ben were able to take advantage of a deposit contribution incentive being offered by Barratt Homes which meant they were in a position to reserve their dream new build home.

And, with the help of their mortgage broker, they secured their mortgage offer within 11 days of reserving their home.

More advice on buying your first home?

Download ‘A first time buyer’s guide to new builds’ for tips and information on buying your first home.