Thinking about buying your first home can feel exciting and completely overwhelming at the same time. Maybe you have been saving for a while, or maybe you have just started wondering whether it is even possible for you. Either way, you are in the right place.
At Cariad, home is where the heart is. And my job is not to blind you with jargon or make you feel like you should already know all of this. My job is to walk alongside you, help you understand what is realistic, and make sure you feel confident about every step before you take it.
So let's start from the beginning.
You Do Not Need to Have It All Figured Out Before You Ask for Help
One of the most common things I hear from first-time buyers is: "I didn't want to get in touch until I was ready."
Here's the thing, speaking to a mortgage adviser early is exactly how you get ready. You do not need a deposit saved, a property in mind, or a perfect credit score to have an initial conversation. In fact, the earlier you speak to someone, the more time you have to put yourself in the strongest possible position.
Step 1: Understanding Your Deposit
Your deposit is the amount you put in towards the purchase price of the property. Most lenders ask for a minimum of 5%, though having a larger deposit, 10% or more, can open up better mortgage rates and give lenders more confidence.
So if you are looking at a property worth £150,000, a 5% deposit would be £7,500. A 10% deposit would be £15,000.
The deposit does not have to come entirely from your own savings. Gifted deposits from family members are accepted by many lenders, though they will usually need a letter confirming the money is a gift and not a loan.
Step 2: What Can You Afford to Borrow?
Affordability is about more than just your salary. Lenders will look at your income, your regular outgoings, any existing credit commitments such as loans or credit cards, and your overall financial picture.
A rough guide is that most lenders will offer between four and four-and-a-half times your annual income, but this varies depending on the lender, your circumstances, and your outgoings. Online calculators can give you a rough idea, but they are no substitute for proper mortgage advice.
As a mortgage adviser in Swansea, I can look at your full picture and give you a much clearer and more personalised figure.
Step 3: Checking Your Credit
You do not need a perfect credit history to get a mortgage, but your credit report does matter. Lenders use it to understand how you have managed borrowing in the past.
It is worth checking your credit report before you apply, you can do this through services such as Experian, Equifax or CheckMyFile. Look for any errors, any missed payments, or any accounts you have forgotten about.
If your credit history is not where you would like it to be, that is not necessarily the end of the road. There may be options available, and getting advice early can help you understand what those options look like.
Step 4: Getting a Mortgage in Principle
A Mortgage in Principle (sometimes called an Agreement in Principle or Decision in Principle) is a document from a lender that confirms, in principle, how much they may be willing to lend you based on an initial assessment.
It is not a guarantee of a mortgage offer, but it is incredibly useful. Many estate agents in Swansea and across South Wales will ask to see one before they arrange viewings, and having one shows sellers that you are a serious buyer.
As your mortgage adviser, I can help you get a Mortgage in Principle in place at the right time and with the right lender for your circumstances.
Step 5: Finding Your Property and Making an Offer
Once you have a Mortgage in Principle, you can start viewing properties with more confidence. When you find the right one, you make an offer through the estate agent.
If your offer is accepted, brilliant. This is where the mortgage application process properly begins.
Step 6: The Mortgage Application
Once you have an accepted offer, I will arrange a full appointment with you to go through your application in detail. This is called a fact find. We will go through your income, outgoings, employment, the property details, and your goals.
From there, I will research the whole of the market to find the most suitable mortgage for your circumstances and explain your options clearly before recommending anything.
You will receive a document called a Suitability Report, which sets out my recommendation and the reasons behind it. Nothing happens without your full understanding and agreement.
Step 7: Valuation and Mortgage Offer
Once your application is submitted, the lender will arrange a valuation of the property. This is to confirm that the property is worth what you are paying for it.
If everything checks out, the lender will issue a formal Mortgage Offer. This is the document that confirms they are happy to lend you the money. Your solicitor will also receive a copy.
Step 8: Solicitors and Completion
Your solicitor or conveyancer handles the legal side of the purchase, the searches, the contracts, and the transfer of ownership. They will work alongside your lender and keep you updated as things progress.
Completion day is the day the money transfers and you get your keys. It is the day the hard work pays off.
Beyond your deposit, there are other costs to factor in:
- Solicitor or conveyancer fees
- Stamp Duty Land Tax , LTT (Land Transaction Tax in Wales)
- Survey costs (if you choose one beyond the basic lender valuation)
- Removal costs
- Mortgage adviser fees, at Cariad, any fee will be discussed with you fully before you proceed, so there are no surprises
You Do Not Have to Do This Alone
Buying your first home in Swansea is one of the biggest things you will ever do. It can feel like a lot. But with the right support, it does not have to feel overwhelming.
Whether you are at the very start of your journey, saving your deposit, or ready to get moving, I would love to have a chat and help you understand what your next step looks like.
Mortgage advice with heart. That is what Cariad is here for.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The fee will depend on your circumstances and will be discussed with you before you proceed.
Ready to Take the First Step?
If you are thinking about buying your first home in Swansea, Mumbles, Gower, Gorseinon, Morriston, Killay, or anywhere across South Wales, I would love to hear from you. Book your initial telephone consultation today. There is no pressure, no jargon, and no silly questions. Just honest, straightforward mortgage advice from someone who genuinely wants to help you get the keys to your first home. Get in touch with Cariad Mortgage Solutions, Mortgage Advice With Heart.