FIRST TIME BUYER
Need expert advice?
FIRST TIME BUYER
Need expert advice?
Buy your First Home
If you’re thinking of buying your first home it can be quite a daunting experience. With so many options available and new government incentives, it is best for you to seek independent advice from an expert to know if you meet criteria and are securing the best mortgage to meet your objectives.
The main questions first time buyers ask are ‘how much can I borrow?’, ‘do I have enough money for a deposit & fees’, and ‘is it within my budget?’.
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Buying your first home in 4 simple steps
Step 1
Book a time to chat over your objectives and circumstances with a personal mortgage adviser.
Step 2
Let your personal mortgage adviser save you time by researching the market and giving you the confidence to purchase your first home.
Step 3
When you have found a property to purchase, your mortgage adviser will apply online for the best mortgage for you.
Step 4
Your dedicated relationship manager will see you all the way through to getting your door keys and keeping you well informed along the way.
Start saving your time, get expert independent advice today!
What you need to know…
How much can I borrow?
You can get an indication of how much you can borrow by using our handy “how much can I borrow” calculator. The actual amount you can borrow will depend on your credit commitments, your regular monthly outgoings and how each lender assesses your income.
It may be possible to borrow more than our calculator shows you, that’s where the expertise of our personal advisers comes in and where our independent status benefits you.
How much deposit do I Need?
The minimum deposit required is 5% of the property purchase price. Most lenders will allow the deposit to come from a gift and some lenders will even consider this being raised via a personal loan. There are government incentives to help boost your savings if you are a first time buyer. Depending on your circumstance you may either need to have a larger deposit or will perhaps want to put a larger deposit down, due to preferable interest rates.
Will I get the best deal?
Because we are independent mortgage brokers we will be able to secure you the best deal for your circumstances.
What is the benefit of having an agreement in principle?
An Agreement in Principle, also known as a ‘Decision in Principle’ will be provided after affordability and credit checks have been approved. An Agreement in Principle is extremely useful to increase your confidence when viewing and offering on properties. Estate Agents will typically want to see an Agreement in Principle before presenting your offer to the seller. Our personal advisers can help you with this.
What insurance will I need?
It’s a requirement of your mortgage to have buildings insurance. This covers the bricks and mortar of the property.
It’s also a good idea to take advice from your personal adviser on protecting you and your loved ones if something bad happens. For example: Life Cover, Critical Illness Cover and Income Protection.
Will I be accepted for a mortgage?
Being accepted for a mortgage does depend on your circumstances. We are experts with all types of mortgages…. We specialise in obtaining mortgages for the self-employed, contractors, construction industry scheme (CIS) workers and those with historic adverse credit (as well as employed people of course). In all these situations we can frequently secure high street deals. Being independent and experts is a real benefit in these circumstances.
How much will my monthly payments be?
Your monthly payments will vary according to the chosen mortgage term, choice of product, level of deposit and repayment type. You can get an indication of the monthly payments by using our calculator below, but it is best to chat with a personal adviser to find out exactly what interest rate and term you can secure to give an accurate monthly payment.
Is it cheaper to buy than to rent?
Most of the first time buyers we have helped secure a mortgage are paying less on their mortgage than they used to pay on rent. This does, however, depend on circumstances. The mortgage term chosen is a major factor which can be dictated by your age and intended retirement age. Of course, it is also worth noting you are paying back the mortgage and once it is repaid you won’t have any rent to pay.
What costs are involved with purchasing my first home?
There are costs associated with purchasing your first home. You will need to pay legal fees and other potential costs include a survey fee, stamp duty (which is a property land tax) and administration fees. There are First Time Buyer government incentives on savings and stamp duty that can help you with raising the monies for a deposit, costs and reducing stamp duty. Our personal advisers can give guidance within a free consultation.
Useful calculators
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
Chat over your objectives with an Expert Mortgage Adviser now on
01273 736536
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