first time buyer
Buying your first property is one of the biggest landmark decisions you’ll make throughout your life. It is an extremely exciting time yet can often look like a daunting, stressful and complicated journey with mortgages, valuations and legalities to adhere to.
We are here every step of the way from when you first begin considering homes right through to completion. It is important to remember that this process can take a long time - months can pass between the start of the house hunt and when you get the keys and move in. But that doesn’t mean it has to be the cliche stressful journey for you; our experts are on hand to ensure you have a smooth transition into homeowner status.
Many lenders will offer mortgages that have been specifically designed to help first time buyers get onto the property ladder. As with any mortgage, the lender will need to assess how much you can actually afford to borrow before offering you a mortgage.
You’ve probably spent the last few years saving hard for that deposit on your first property and typically, the bigger the deposit you have saved up, the more you will be able to borrow. Furthermore, a larger deposit may give you access to better interest rates which will reduce the overall cost of your mortgage.
As well as saving for your initial deposit, you will also need funds set aside to cover other costs and fees associated with buying your first property. These include property searches, surveys, mortgage arrangement fees, solicitor’s fees, home and life insurance, moving in costs and more.
As a first time buyer, mortgage providers will only
agree to lending to you when they have completed
satisfactory affordability checks on you. These
checks include ensuring your income is stable and
reliable and looking at your outgoings including
credit cards and loan debts, childcare, travel and
other living costs.
You will also need to make sure that the other associated costs are affordable to you such as the monthly household bills and living costs. Stamp Duty may also apply, however first time buyers are exempt from paying stamp duty on the first £300,000 when buying properties worth up to £500,000.
Mortgage providers will usually have a maximum loan-to-value – LTV – they’re prepared to offer you. This is the maximum amount you can borrow as a percentage of the total property value. For example, if the property value was £200,000 and you were offered a mortgage of £170,000, your LTV would be 85% and you’d need a deposit of £30,000, which is 15%.
how can I get a first time buyers mortgage?
Getting the right mortgage deal to meet your circumstances is vital. If you have struggled to find the right mortgage to get you on the property ladder, then you’ve come to the right place.
Mortgage Solutions’ expert advisers will give you the right advice to suit your requirements before recommending the lender and specific mortgage that is right for you. Our advisers have the right skills and expertise to cover the market and secure the best deal for you.
If you’re looking to take your first steps onto the property ladder then get in touch with us today.
what is a first time buyer mortgage?
mortgage affordability
are you Ready to take the first steps?
We are here to help.
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If you need a mortgage, regardless of how early you are in the process or what your circumstances are, we will offer expert advice and assistance in finding the right deal for you.
Although we do not charge for the consultation, we charge a fee, which is payable as follows:- £500 on completion of the mortgage. We will receive commission from the lender in addition to the fees you pay.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE REPAYMENTS.