By James Evans, Director, TouchPoint Mortgages.
Purchasing your first home is a significant milestone, and while exciting, it can also be fraught with complexity, especially when it comes to securing a mortgage. If you’re a First Time Buyer in Rustington understanding the intricacies of the mortgage process is crucial. This guide will cover everything you need to consider—from the initial costs to navigating interactions with mortgage lenders and estate agents.
Deposit: Typically, you’ll need a deposit of at least 5% to 20% of the property’s purchase price. Mortgage Arrangement and Valuation Fees: These can vary significantly and sometimes be included in your mortgage costs. Solicitor’s Fees: You’ll need a solicitor or conveyancer to handle the legal aspects of buying a home. Stamp Duty: Depending on the property price and your circumstances (there are often discounts or exemptions for first-time buyers).
Mortgage Application: This involves providing your financial details to a lender to get an ‘Agreement in Principle’ (AIP). Property Search and Offer: Once the AIP is secured, you can seriously engage with the property market. Mortgage Valuation and Survey: After an offer is accepted, your lender will require a valuation of the property, and you should ideally commission a separate survey to check for potential problems with the property. Final Mortgage Offer and Exchange of Contracts: Once all checks are completed and you’re happy to proceed, contracts can be exchanged and a completion date set.
Underwriting Process: This is where the lender assesses the risk of lending to you, examining your credit history, income stability, and the property details before making a final mortgage offer.
What Lenders Look For: Stable income, good credit history, and a sufficient deposit. Each lender has different criteria, which is why comparing options is beneficial. Going It Alone vs. Using a Broker: While you can go directly to your bank, a broker like TouchPoint Mortgages can offer access to a wider array of products and guide you through the application process, potentially securing more favourable terms.
Interest Rates Fluctuations: Be aware of how changes in interest rates might affect your repayments, particularly with variable rate mortgages. Overstretching Financially: Don’t be tempted by high loan amounts that might be a struggle to repay. Neglecting Insurance: Consider life insurance and home insurance to cover your new home and mortgage repayments in case of unforeseen circumstances.
Second and Third Viewings: Always go back for multiple viewings at different times of the day to get a realistic feel for the property and the area. Negotiating Deals: Don’t be afraid to negotiate on price, especially if surveys reveal problems with the property. Check out our blog on how to deal with Estate Agents here
Rustington, a serene village nestled between Littlehampton and Worthing on the West Sussex coast, is known for its charming character, beautiful beaches, and community-focused atmosphere. If you are considering purchasing a home in Rustington, this guide will help you identify the best areas to buy based on lifestyle preferences, amenities, and overall ambiance.
Characteristics: The heart of Rustington is rich with shopping opportunities, including the popular Rustington Shopping Parade which offers a wide variety of shops, cafes, and essential services. The area boasts a mix of residential options from modern apartments to traditional houses, providing something for everyone.
Why Buy Here: Central Rustington is ideal for those who enjoy the convenience of having amenities within walking distance. It’s perfect for families and elderly individuals alike, thanks to its flat layout and pedestrian-friendly environment.
Characteristics: West Rustington is more residential and known for its spacious properties including larger detached homes with gardens. This area is closer to the sea, providing easy access to Rustington’s peaceful beaches.
Why Buy Here: Opt for West Rustington if you’re looking for a quiet, family-friendly neighbourhood that offers both modern conveniences and natural beauty. It’s also a great area for pet owners and those who enjoy outdoor activities, with easy access to public footpaths leading to the beach and nearby parks.
Characteristics: This area is a little more affordable than West Rustington but still offers a range of housing options, from semi-detached houses to bungalows and newer condominiums. East Rustington has its own charms and amenities, including local shops and easy access to Angmering railway station.
Why Buy Here: East Rustington is suited for first-time homebuyers and those looking for good value for their money. It is also convenient for commuters due to its proximity to the train station which offers direct services to London and Brighton.
Characteristics: Properties near the seafront are highly sought after due to their views and the lifestyle they offer. These tend to be more exclusive, with prices reflecting the prime location.
Why Buy Here: Ideal for those looking for a ‘holiday home’ feeling all year round, or retirees who desire a quiet life by the sea. Living by the seafront provides a tranquil environment and is often considered a good investment as waterfront properties typically retain their value.
Characteristics: The outskirts of Rustington feature more rural settings with larger plots of land, encompassing both farms and standalone homes. This area provides a countryside feel while still being accessible to the village center and amenities.
Why Buy Here: Perfect for those who prefer peace and privacy. The outskirts offer a retreat from the hustle and bustle of city life, with larger homes and expansive outdoor space which is great for families.
Purchasing a home is a monumental task that involves more than just securing a mortgage; it encompasses negotiation, dealing with legal paperwork, and coordinating various moving parts. TouchPoint Mortgages offers comprehensive services that go far beyond just finding you the cheapest rates. Here’s how we can guide you through each step of your home buying journey as a first time buyer in Rustington
1. Tailored Mortgage Advice: TouchPoint Mortgages doesn’t just find any mortgage; we find the right mortgage for you. We consider all aspects of your financial situation to recommend the best possible product that fits your needs. This could mean lower interest rates, better terms, and overall savings that go beyond the surface figures.
2. Access to a Wide Range of Products: With comprehensive access to the market, TouchPoint Mortgages can explore products from a vast array of lenders — not just the high-street giants but also boutique lenders who might offer more favourable terms for your specific circumstances.
1. Negotiating with Estate Agents: One of the unique services TouchPoint Mortgages offer is assisting clients in negotiating with estate agents. Whether it’s pushing for a lower price based on survey results or helping you to understand the complexities of the property market, our team ensures you get the best deal possible.
2. Liaising with Solicitors: TouchPoint Mortgages understands that the conveyancing process can be one of the most stressful aspects of buying a home. We recommend and liaise with solicitors to ensure a speedy and smooth completion. We communicate with the solicitors on your behalf to iron out any issues quickly and efficiently, which can be crucial in avoiding delays.
1. Help with Paperwork: From your initial mortgage application to adjusting your offer post-survey, TouchPoint Mortgages helps manage all the necessary paperwork. This service is invaluable as it reduces errors and oversights that could potentially delay or derail your home buying process.
2. Comprehensive Guidance and Hand-Holding: Perhaps the most significant aspect of TouchPoint’s service is their commitment to guiding you through every step of the process. This is absolute crucial as a first time buyer in Rustington. We understand that buying a home, particularly for the first time, can be overwhelming. Their experts are there to hold your hand from the initial consultation until you turn the key in your new front door.
3. Post-Completion Support: Their service doesn’t stop at the completion of the sale. TouchPoint Mortgages also offers post-completion advice on issues like additional borrowing, remortgaging, or changing mortgage products as your needs evolve.
At TouchPoint Mortgages, they understand that securing a mortgage and buying a home involves much more than just paperwork and financial transactions. It’s about making informed decisions, negotiating from a position of strength, and having support throughout the journey — all of which are integral to their service.
By choosing TouchPoint Mortgages, you’re not just getting a mortgage broker — you’re getting a partner who will be with you every step of the way. From finding the best mortgage deal to handing over the keys to your new home, they ensure a seamless, straightforward, and stress-free process.
To get started with your home buying journey, as a first time buyer in Rustington, visit TouchPoint Mortgages and discover how our expert team can help you navigate the complexities of the mortgage world with ease and confidence. For any inquiries or to discuss your needs, don’t hesitate to reach out through our contact page. Embark on your property buying journey with the right support at TouchPoint Mortgages!
Send your message and we will be in touch, alternatively you can book an appointment to chat to one of our team.
