Get more information and updates from Bellway Homes regarding this development via:
Receive updates about other nearby developments from Bellway Homes and sister brand Ashberry Homes, as well as related products and news.
Get more information and updates from Bellway Homes regarding this development via:
Receive updates about other nearby developments from Bellway Homes and sister brand Ashberry Homes, as well as related products and news.
We’ve teamed up with one of the UK’s leading new homes mortgage specialists, New Homes Mortgage Helpline, to help find the right mortgage product for you.
Please note, by ticking the checkbox below you consent to Bellway sharing your data with New Homes Mortgage Helpline (a trading name of The New Homes Group Limited) who will contact you to offer unbiased, reliable and professional advice on mortgages available from a wide variety of lenders. Bellway will receive a commission of £350 when you complete on a mortgage arranged by the New Homes Mortgage Helpline through this portal. This commission does not affect mortgage terms and is not charged to homebuyers.
We’ve put together a helpful first-time buyer checklist to help you get ready to buy your first home – even if you haven’t yet saved a penny towards your mortgage deposit. From working out what you can afford, to getting all your paperwork in order, here are the steps that get you closer to that ‘I did it’ feeling.
The amount of deposit you have will determine how much you can afford for a mortgage, and lenders typically ask for 5% to 10% of the property price upfront, depending on the lender and mortgage product you choose. So hopefully you’ve already started saving for a mortgage deposit, but if not, this is your sign.
The more you can put down for your mortgage deposit, the better choice of products and interest rates you’re likely to have, which can mean lower monthly repayments that you’ll need to budget for. That being said, the mortgage market can change as often as the British weather and so it could be worth speaking to an independent mortgage advisor for unbiased guidance and support throughout the mortgage process – which can feel really tricky when you’re buying your first home.
An independent mortgage advisor is qualified to help you understand your affordability, choose the right mortgage for your circumstances, and navigate all the paperwork and online forms that come your way. Oh, and if you choose to buy a new Bellway home, you’ll have the option to work with the mortgage specialists at New Homes Mortgage Helpline for free – have a look at our independent mortgage advisors page for all the details.
On top of saving for your mortgage deposit, you’ll also need to set money aside for all the admin costs involved with buying a home, which can add up to thousands of pounds depending on your individual circumstances.
Here’s a checklist of all the costs and fees you might have to pay as a first-time buyer:
It’s also important to consider the ongoing costs of running your home after you move in. From monthly bills for energy and water, council tax, TV and internet subscriptions, to annual charges like your home insurance and an estate management fee (if applicable), these will all be on top of your mortgage repayments.
If you’re buying a new-build home, we’ve got some great news for you. New Bellway homes are energy efficient, which means you can look forward to lower monthly bills than if you’d chosen a second-hand home – and feel good that your home’s better for the environment too.
Your credit score tells a potential mortgage lender how good you are at borrowing and repaying money, so it’s worth checking that yours looks healthy before getting into the application process. The higher your score, the better, as you’re likely to have more mortgage options and a higher chance of your application being accepted.
There are loads of factors that can affect your credit rating, from how good you’ve been at repaying past borrowing (even on your mobile phone contract), to whether you’re registered on the Electoral Roll at your current address. You can check your credit score for free with several different agencies and get some tips on how to improve it, if you think you might need to.
Help really is out there for first-time buyers, including schemes to help you buy with a low deposit, find a more affordable mortgage, or get a new-build home at a discounted price. You might even be able to secure a mortgage with zero deposit depending on your circumstances.
We’ve put together a handy guide to ways to buy for first-time buyers so you can explore all your options in one place.
You might already have a clear idea in mind of where you want to live (right down to the street), or maybe you’re feeling a bit overwhelmed with choice. If that’s you, let us give you a few tips on narrowing things down.
Use property portals like Rightmove , OnTheMarket and Zoopla to search all kinds of homes according to your budget and requirements, and find out which areas are affordable for you.
Have a look at your nearest Bellway developments for your chance to be part of a brand-new neighbourhood from its very beginning.
Decide what’s important for you to have nearby: family and friends? Easy transport links? Good schools? A boujee coffee shop? A park for walking the dog? There are no wrong answers, only what’s right for you.
Visit a few different areas to explore on foot and get a feel for each place, then come back on different days and at different times to see how it changes.
Ready to start hunting for your first home? Hold your horses. You’ll need a mortgage decision in principle (DIP) from a lender before you can start arranging any viewings. The DIP tells you how much your lender could be willing to let you borrow for a mortgage, so you can look for properties within your budget, and it also tells estate agents and housebuilders that you’re serious about buying a home.
To be clear, a decision in principle isn’t a mortgage offer, and you’ll still need to put in your full mortgage application when you want to proceed with a purchase. You can also choose to go with a different mortgage lender if you change your mind later.
Armed with your decision in principle from a mortgage lender, you’re ready for the really exciting bit: house shopping. You can start booking viewings with estate agents, or visiting showhomes if you’re considering buying a new-build home.
If you find a home that you fall in love with, you can put in an offer if it’s an existing home, or reserve a plot of your chosen house style at a new-build development. Your sales advisor will guide you through it over a coffee.
After putting in an offer on an existing home, the seller will consider your offer and either accept or decline it. If they accept, it’s happy days; if they decline, then it’s up to you whether you’d like to increase your offer (if you can afford to) or keep on looking.
If you reserve a new-build home, the good news is that the process is a bit more straightforward. As a first-time buyer you won’t be in a property chain, meaning that your purchase won’t be dependent on anyone else buying or selling another home, so depending on the build stage of the plot you’ve reserved you could be moving in within weeks.
Regardless of whether you’ve chosen a second-hand home or a new build, the next steps are finding a solicitor (or conveyancer) to handle all the legal stuff, and putting in your full mortgage application with a lender. Oh, and don’t forget to celebrate – you’ve come a long way since saving those first few pounds towards your deposit.
Ready to get started? Here’s a handy checklist of everything to think about as you make your way towards buying your first home.
You know what to expect and you’ve got your checklist sorted. Now it’s time to start looking for a home that feels right. Exciting, isn’t it?
Trust us with the house, so you can find a home
