FIRST TIME BUYERS

If you're a first-time buyer who is finding the mortgage world challenging to navigate, you are not alone. With many first time buyer mortgages to choose from, this is where we can help, We will provide you with good, honest, bespoke advice to make your first step on the property ladder as smooth as possible.

We can help you decide what the best solution is to get you onto the property ladder. Our aim is to provide you with all the facts so you can make an informed and financially sound decision.

We are here to assist your journey from start to finish, we will take care of the entire mortgage application, and remaining on hand to provide assistance through to completion and beyond. We hope the below  can provide some insight for prospective first-time buyers to gain an understanding of the process as a whole.

SUPPORTING YOU EVERY STEP OF THE WAY

Q: When should I contact you?

We would recommend speaking with us before you start looking at properties.

We will be able to let you know what a lender would consider lending to you. We can advise you on the whole process from start to finish giving you a realistic look at how you can get onto the property ladder. We can discuss the pros and cons of using schemes which are detailed further down. 

 

 

Q: What do I do once I find a property?

 

Once we have all the relevant information such as documents needed, selecting the best mortgage arrangement and details of a solicitor firm, We’ll be in a position to submit your mortgage application. 

 

The solicitor firm are an important part of the process, which we can also offer guidance on with instructing a firm and providing you with updates as they progress your case. We will keep in close contact with yourself the whole way through, ensuring to liaise with the lender and solicitor for updates to track your case through to completion.

Schemes Available 

Help To Buy Scheme:

The new Help to Buy: Equity Loan scheme was launched on 1 April 2021. It is for first-time buyers and includes regional property price limits to ensure the scheme reaches people who need it most.

The new scheme will run until March 2023. As with the previous scheme, the government will lend homebuyers up to 20% of the cost of a newly built home, and up to 40% in London.

Shared Ownership:

Also known as 'part buy, part rent', shared ownership is a scheme that allows you to buy a share of a property and pay rent on the rest. It's designed to help people with small deposits and lower incomes get on the property ladder. 

You buy a stake of between 25% and 75% of the property from a housing association (a not-for-profit organisation that supplies housing), and pay rent of up to 3% on the remaining share.

 

5% Deposit Mortgages

As we are independent mortgage advisors we can carry out research on the whole of the market to find you the most suitable mortgage for you

 

As a first time buyer you have the option of a 5% deposit mortgage which we can help arrange for you. 

 

TYPES OF MORTGAGAES AVAILABLE

Fixed Rate Mortgages

A fixed-rate mortgage is a mortgage where your interest rate is guaranteed to stay the same for a set period of time.


After this set period of time you would move onto the lenders Standard Variable Rate which is usually significantly higher. 

To avoid this you may consider remortgaging at the end of your fixed rate. to read more about remortgaging click here 

 

Tracker Mortgages

Tracker mortgages are typically aligned with the Bank of England Base rate for a set period of time, often between two and five years.

 

If the Bank of England base rate were to increase, the interest rate on your mortgage would also increase and your monthly payments would rise. Conversely, if the base rate were to decrease, you would see the benefit as your monthly repayments would be reduced. 

Discount Mortgages

With a discount mortgage, you pay the lender's standard variable rate (a rate chosen by the lender that doesn't change very often), with a fixed amount discounted. For example, if your lender's standard variable rate was 4% and your mortgage came with a 1.5% discount, you'd pay 2.5%.

 

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.