Hello first time buyers…
What is a first-time buyer mortgage?
A first time buyer mortgage is a type of mortgage that is specifically designed for individuals who are purchasing their first home. This type of mortgages are offered by lenders to help first-time buyers get on the property ladder, and come with features that make them more accessible to buyers who may have limited financial resources or credit history.
How does it work?
My service begins with a thorough analysis of your financial situation and home buying goals. This allows me to provide tailored advice on the most suitable mortgage products for your needs, taking into account your budget, credit history, and other relevant factors.
As an experienced mortgage broker, I am perfect for first time buyers. I have access to a wide range of mortgage products from a variety of lenders. I work with you to find the best mortgage option that meets your needs and explain all the costs and fees associated with your mortgage, so that you have a clear understanding of your financial obligations.
Throughout the process, I’ll answer any questions you have, providing guidance and support at every step. I’ll also liaise with lenders on your behalf, ensuring that your mortgage application is processed efficiently and you, as first time buyers, receive the best possible deal.
Are you already a first time buyer and just looking to remortgage. Click here.
The process
Initial Consultation
Budget Analysis
Product Research
Application Support
Ongoing support
IMPORTANT TO KNOW
Deposit
Most mortgage lenders require a deposit of at least 5% of the property’s value. However, some first time buyers mortgages may require a lower deposit, making it easier for you to get onto the property ladder.
Requirements
To be eligible for a first time buyers mortgage, you must meet certain criteria, such as being a first time buyer, ability demonstrate a reliable income.
Government schemes
The government offers several schemes to help first-time buyers get onto the property ladder, including Shared Ownership. These schemes can provide additional support and make it easier to secure a mortgage.
For more information: https://www.gov.uk/first-homes-scheme
Different rates
Understanding different mortgage rates is essential for first-time buyers to make informed decisions about mortgage financing. It allows you to choose the option that best suits your needs, plan your finances effectively, and avoid unexpected costs.
Affordability
It is important to ensure that you can afford the monthly mortgage payments before taking out a mortgage. Affordability checks will be undertaken.
Additional costs
As a first-time buyer, it’s important to understand the additional costs associated with buying a home such as, conveyancing fees, valuation and stamp duty. These costs can add up quickly and can have a significant impact on your overall budget, so it’s essential to be aware of them upfront and plan accordingly.
What do you need?
As first time buyers, applying for a mortgage, there are several documents that you will usually need to provide to your mortgage broker or lender.
Proof of Identity
Proof of Income
Employment information
Tax Returns
Bank Statements
Proof of Deposit
Financial obligation information
It’s important to note that the specific documentation required may vary depending on the lender and the type of mortgage product you are applying for. Your mortgage broker or lender will provide you with a comprehensive list of the documents required for your application.
Have a question or would like more information on first time buyer mortgages?
First Time Buyers
Mortgages specifically designed for individuals who are purchasing their first home.
Residential
A residential mortgage is a type of loan used to purchase or refinance a residential property.
Buy To Let
Designed for individuals who want to purchase a property with the intention of renting it out to tenants.
Let To Buy
A mortgage that enables homeowners to rent out their existing property and purchase a new one to live in.
Remortgage
Remortgage is a process when a homeowner switches their existing mortgage to a new lender or product.
Protection
You’re in safe hands. I can support you in safeguarding your financial wellbeing and assets in case of unforeseen events.
Bridging Finance
A short-term loan used to quickly secure a property or access funds, typically until long-term financing is in place.
First time buyer – Frequently asked questions
Can I buy a property without a deposit?
The short answer is yes. You can buy a property without a deposit at the moment. However, it will either have to be based on your proves or rental etc. or you will have to get a guarantor. Give me a shout and we will discuss further.
If I am a first time buyer at the age of 50, can I still get a mortgage?
100% Yes. Lenders have different maximum ages; however, most of them go up to the age of 70 without requiring proof of pension. It's never too late to buy your dream home.
What other fees will I have to pay?
Conveyancing and legal fees is unavoidable. Stamp duty depends on the purchase price and stamp duty allowances. There might be a charge for property value, or product fee as well.
How long should I expect the process to take?
Depending on whether you are buying a chain-free property or not, purchases usually take from 6 to 12 weeks. However, depending on the length of the chain, these timescales might be completely different.
How long are offers valid?
Usually, offers are valid for six months. Sometimes, they can be extended depending on the situation. New-build property offers are usually valid for a longer period of time.
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