Simple Process | Award Winning Mortgage Advice
First Time
Buyer
Mortgage Advice.
It’s free to speak with a mortgage adviser 7-days a week.
Discover The Easy Way
Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Mortgage Deals
Latest Mortgage Deals
The Journey To Your New Mortgage !
Initial
Meeting
Let’s grab a coffee (or a Zoom/call). This is where we get to know you, your plans, and your goals. Think of it as a relaxed chat to set you on the right path. You talk, we listen!
Personalised
Package
We’ll craft a mortgage plan tailored to your needs, complete with all the suitable options. We’re like your personal mortgage matchmaker, finding the most suitable deal to make your dream become a reality!
We Do
The Rest
Leave the paperwork, lender chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning team is available 7-days a week.
Collect Your
Keys!
Your mortgage offer is in, and it’s time to pop the bubbly! Like all our 5-star customers, you are now one step closer to making your goals a reality.
Why Use Protex Financial For Your First Mortgage?
Here at Protex Financial, we strive to make our only focus on you; this is why we can offer the most suitable range of Mortgage Advice with access to 1000’s of mortgage products that the market has to offer. Our mortgage brokers are able to search thousands of products to make sure you are getting the most suitable deal you can possibly get.
Our mortgage team here at Protex Financial are regulated by the FCA, the Financial Conduct Authority. This means everything we do is for you; we are obligated to offer you great rates, great deals and great Mortgage Advice.
We Don't Just Say It We Shout About It !
Whether you’re trying to buy your first home or remortgage with changed circumstances, get expert advice from one of the UK’s leading Mortgage Brokers to help you navigate an ever-changing mortgage market.
Simple
Fees
Mortgage Fee
£376.00
Our fee can range from £176 to £576, depending on case requirements.
Whether you’re buying your first home, remortgaging, or growing your property portfolio, we keep it transparent, simple, and straightforward. Plus, our fee is only payable once we get you a mortgage in principle.
- Access to whole of market
- Award-winning advisers
- Access to a wide range of expert solicitors
- Mortgage protection built to last
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of Mortgage Advice, then make an appointment with one of our mortgage brokers today. We aim to make your home buying or family insuring process as simple as possible, keeping you informed every step of the way.
Speak with Simon & Kelly, book your FREE mortgage appointment today.
First Time Buyer Tips
A good credit score is crucial when applying for a mortgage, as it can significantly improve your chances of approval and help you secure better interest rates. Lenders use your credit score to assess your financial reliability and determine the risk of lending to you. Here are the steps to take:
Obtain Your Credit Report: Request a copy of your credit report from major credit reporting agencies like Experian, Equifax, or TransUnion. In the UK, you can access your credit report for free from services such as ‘Check My File’ by clicking here – Credit Check.
Review for Errors: Carefully examine your credit report for errors or discrepancies. Common errors might include incorrect personal information, accounts that don’t belong to you, or incorrect payment statuses. If you find any inaccuracies, contact the credit bureau to dispute and correct them promptly.
Pay Bills on Time: Consistently paying your bills on time is one of the most effective ways to improve your credit score. Set up reminders or automatic payments to ensure you never miss a due date. Late payments can significantly impact your credit score.
Reduce Debt: High levels of debt can negatively affect your credit score. Aim to pay down existing debts, particularly credit card balances. Keeping your credit card balances low relative to your credit limits can boost your score.
Avoid New Credit Applications: Each time you apply for credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Avoid applying for new credit in the months leading up to your mortgage application.
Increase Credit Limits: If possible, request an increase in your credit limits. Higher limits with the same balance will lower your credit utilization ratio, positively impacting your credit score. However, avoid increasing your spending to match the new limit.
Maintain Old Accounts: The length of your credit history also affects your score. Keep older accounts open and active, as they contribute positively to the length of your credit history.
Diversify Your Credit Mix: Having a mix of different types of credit accounts (e.g., credit cards, and instalment loans) can improve your credit score. However, do this responsibly and avoid taking on unnecessary debt.
Monitor Your Credit Regularly: Monitoring your credit report helps you stay on top of any changes or potential issues. It also allows you to track your progress as you improve your score.
By checking and improving your credit score, you’ll be in a stronger position when applying for a mortgage. A higher credit score can lead to better mortgage offers, lower interest rates, and more favourable mortgage options.
Aim to save at least 5-20% of the property price for your deposit. A larger deposit can help you secure better mortgage rates and reduce monthly payments. Most importantly, once you have conducted your credit check research, if you find your credit report isn’t in the best of shapes, then the higher deposit option is going to be the best here. With adverse lenders (lenders whom lend to people with bad credit), they usually require a higher deposit.
Also, the higher the deposit, the lower the loan to value, which also results in better product options, which is fundementaly because of lower rates.
Seek advice from financial advisors or mortgage brokers to help you navigate the complexities of buying your first home. They can provide valuable insights and ensure you make informed decisions. Sometimes, when one bank/lender says no, another might say yes. Take it from us personally; sometimes going to one back can put you off for life, so don’t do it! Seek a whole-market mortgage broker and get full advice.
An affordability assessment is a crucial step for first-time homebuyers, as it determines whether you can afford the mortgage repayments and other associated costs of owning a home. This detailed evaluation goes beyond simple calculations and considers various aspects of your financial health to ensure you can sustainably manage your mortgage.
Don’t just rely on a broker or advisor who multiplies your annual salary by 4 or 5; this simplistic approach won’t provide a comprehensive view of your financial situation and could lead to financial strain in the long run. A proper affordability assessment includes a thorough examination of your income stability, monthly expenses, debt obligations, credit score, and savings. This ensures that you are not only able to secure a mortgage but also capable of handling all related costs without compromising your financial well-being.
By taking a holistic approach to affordability, you can better understand your financial limits and make more informed decisions about your home purchase. This includes considering additional costs such as property taxes, home insurance, maintenance, and unexpected repairs. A detailed affordability assessment helps you avoid overextending yourself financially and ensures homeownership remains a positive and sustainable experience.
Keeping on top of your bank statements is crucial for first-time buyers for several reasons:
1. Budget Management
Regularly reviewing your bank statements helps you track your income and expenses, ensuring you stay within your budget. This is essential when saving for a deposit and managing the additional costs of buying a home, such as conveyancing fees, moving expenses, and initial home setup costs. Understanding where your money goes each month allows you to identify areas where you can cut back and save more effectively.
2. Creditworthiness
Lenders will scrutinise your bank statements during the mortgage application process to assess your financial stability and spending habits. Consistently monitoring your statements allows you to ensure that your account remains in good standing. Avoiding overdrafts, maintaining a positive balance, and demonstrating responsible financial behaviour can improve your creditworthiness and increase your chances of securing a mortgage with favourable terms.
3. Fraud Detection
Regularly checking your bank statements helps you quickly identify unauthorised transactions or fraudulent activities. Prompt detection and reporting of such issues can prevent financial losses and protect your credit score. Maintaining a clean financial record is essential when applying for a mortgage, as lenders favour applicants with a history of responsible financial management.
4. Financial Preparedness
By staying on top of your bank statements, you can better prepare for the financial responsibilities of homeownership. Understanding your cash flow helps you anticipate and plan for future expenses like property maintenance, utility bills, and home insurance. This proactive approach ensures that you are financially ready to handle the ongoing costs of owning a home.
5. Proof of Funds
Lenders often require proof of funds to cover the deposit and legal fees. Regularly updating and organising your bank statements clearly proves your savings and financial capability. This documentation is essential during the mortgage application process and can streamline approval.
6. Financial Discipline
Developing the habit of regularly reviewing your bank statements fosters financial discipline. This practice encourages you to stay mindful of your spending, prioritise savings, and make informed financial decisions. For first-time buyers, cultivating financial discipline is key to managing the long-term financial commitment of a mortgage.
In summary, keeping on top of your bank statements is a vital practice for first-time buyers. It ensures effective budget management, enhances creditworthiness, aids in fraud detection, prepares you for the financial demands of homeownership, provides necessary proof of funds, and promotes overall financial discipline. This comprehensive approach to financial management lays a solid foundation for a successful and sustainable home-buying journey.
Mortgage Calculator
First Time Buyer Frequently Asked Questions
A mortgage broker’s responsibility is to help clients in finding the most suitable deal on a mortgage that suits them well at a given time. A mortgage broker, also known as an independent mortgage adviser, can search through thousands of deals to save clients both time and money.
The role of a mortgage broker acts as a bridge between borrowers and lenders in terms of experience and knowledge. They offer advice and support throughout the whole process of buying or remortgaging, helping customers with any hurdles they may face such as surveys, legal reports, valuations among others.
Trying to find a mortgage can be hard work but having a mortgage broker by your side every step of the way can be priceless.
We are trusted mortgage brokers who will review your finances, compare mortgages available to you, navigate lender criteria confirming our expertise in this area thus ensuring getting you through the application process while securing the most suitable deal in return.
A mortgage broker has extensive experience with various client situations and possesses in-depth knowledge of lending criteria. They aim to match your application with the most suitable lender for your personal circumstances, getting it right the first time.
Interest rates advertised on price comparison sites and social media are often used as marketing tools and may not be available when you apply.
Our mortgage brokers strive to save you time and effort by handling paperwork, negotiations, and communication with lenders on your behalf. At Protex Financial, we provide expert mortgage advice, helping you make informed decisions and select a mortgage that aligns with your financial goals and circumstances.
Prices can vary significantly when it comes to using a mortgage broker. Our fees range from £176 to £376, while some brokers charge as much as 1% of the loan amount, which we think is a bit excessive! On the other hand, some brokers charge nothing at all, which we also find unusual.
Paying a fee ensures you receive dedicated service. If you opt for a fee-free broker, chances are many others are too, which might mean you don’t get the personalised attention your case deserves. However, we also believe there should be a reasonable limit. For instance, if you choose a broker charging 1%, your fee could be up to £3,000 for a £300,000 mortgage! We pride ourselves on providing excellent service, but even we think that’s a bit much!
If, for any reason beyond our control, we can’t secure a mortgage for you, we will refund the fee you paid. That said, we typically don’t charge our fee until we are 99% certain that you will receive the mortgage offer when we apply.
Certainly, you can still get a mortgage with poor credit. It may be a bit more difficult, but there are money-lenders that focus on assisting those with bad credit scores. Our mortgage brokers have experience in dealing with such cases and will strive to identify viable choices for you. We shall take you by the hand, make everything clear and help you at every stage of the journey. So, do not worry about having bad credit because this does not mean that you cannot achieve your dream of owning a home; we will be there for you!
It’s important to note that our fee does not change for people with bad credit.
The question of whether to approach a bank or a mortgage broker for a loan depends on your personal needs and preferences. If you have a good relationship with your bank, you might find it easier to take advantage of their mortgage products. On the other hand, mortgage brokers can often provide better interest rates and more favourable terms since they deal with a variety of mortgages from different lenders.
Mortgage brokers can save you time and energy by comparison shopping for you and handling all the formalities on your behalf. Additionally, they offer personalised guidance and assistance throughout the property financing process, ensuring you get the best mortgage to suit your financial situation.
To sum up, while banks are convenient and familiar as mortgage lenders, mortgage brokers offer greater choice and personalised service, making your home purchase process smoother and more tailored to your needs.
A Decision in Principle (DIP), also known as an Agreement in Principle (AIP) or Mortgage in Principle, is a statement from a lender indicating how much they are willing to lend you based on an initial assessment of your financial situation.
First Review:
Among other things, such as earnings, expenses, credit rating and current debts, the lender will scrutinize various areas of your finances during this initial stage. This enables them to set an estimate on what they might lend.
Soft Credit Search:
They may do a soft credit search, which has no impact on your credit score most of the time; however, some lenders might carry out hard credit checks, leaving footprints on credit reports, so applicants need to confirm this with their prospective companies.
Approximate Sum:
This statement indicates an approximate sum that one can be lent by these institutions considering their provided details – it should be noted though that indicative figures are not binding but give clear indication about how much could be borrowed.
Often, we find that first-time buyers who tend to be early in the process will just be wondering about the maximum amount they could borrow. We have mortgage calculators available to help you gather a rough estimate, though these figures aren’t guaranteed.
Our mortgage advisors will be able to take a look at your case and help you to work out a more accurate maximum loan amount.
When applying for a mortgage, having the right documents ready can help streamline the process. Here’s a list of the key documents you’ll typically need:
Proof of Identity:
- Passport or Driving Licence
Proof of Address:
- Recent Utility Bill (within the last 3 months)
- Council Tax Bill
Proof of Income:
- For Employed Applicants:
- Last 3 months’ Payslips
- For Self-Employed Applicants:
- At least 1 years’ Tax calculations and overviews
- At least 1-years Full accounts (if LTD company)
- For Employed Applicants:
Bank Statements:
- Latest 3 months’ Bank Statements
Proof of Deposit:
- Savings Account Statements
- Evidence of Gifted Deposits (if applicable)
Credit Report:
- A copy of your Credit Report (check now – credit report)
Having these documents ready will help your mortgage broker or lender process your application more efficiently. If you have any specific circumstances or need further assistance, our team at Protex Financial is here to guide you through every step of the mortgage process.
Yes, you can get a mortgage if you work for yourself! This may be more difficult than it is for people with traditional jobs, but many lenders offer mortgages to self-employed individuals.
Understanding Your Income: It’s true that self-employed income is more complicated. However, our mortgage brokers have experience interpreting financial statements, tax returns and business accounts so that they reflect your income in the best possible way.
Access to Specialist Lenders: We can choose from a variety of lenders who know all about what it means to be self-employed when they’re working with borrowers like yourself – which also means finding great deals designed just for you!
Guidance and Support: We will help you gather the documents necessary for applying as well as guide through each step until finish line thus making everything seem easy peasy lemon squeezy.
Overcoming Hurdles: In case there are any challenges such as uneven earnings or an inadequate trading history; do not worry at all because together we shall overcome them by finding suitable remedies while presenting your case attractively before different moneylenders.
At Protex Financial, we understand the unique needs of self-employed individuals looking to buy homes. So contact us now and see what options are available.