First Time Buyers
We Can Advise On:
It is vital as a first-time buyer to be sure that you can afford your new home. That’s why we always take into account your income and outgoings. You should, however, strive to get on the property ladder as soon as possible to avoid price rises and spending money on rent.
There are no 100 per cent mortgages for first-time buyers. You will need at least a five per cent deposit and enough money for solicitors fees and other expenses. We can offer advice on deposits. A larger deposit will always result in a better mortgage rate too!
Types of Mortgage
The mortgage market is large and complex. Lenders offer many mortgage deals when you are buying your first home. Our job is to help guide you through this vast choice of options, including fixing rates, length of mortgage term and the effect of fees levied.
Your credit history will have an effect on your ability to get a mortgage and the rate you will pay. If you are planning to buy your first home then we can guide you through your credit file. You can then take action to improve or maintain your credit score.
Mortgages for the self-employed are viewed differently by lenders. As a first-time buyer, you should present your accounts and employment status in a way that will ensure mortgage acceptance. Rely on our vast experience to help with this.
Help from Family
As a first-time buyer, you may ask another family member to help you with a deposit. A larger deposit will result in a lower mortgage rate. Alternatively, you may decide to share the cost of purchase. Ask for our advice on the best ways to proceed.
Mortgage protection provides great peace of mind. Life insurance, critical illness cover and income protection give re-assurance for young families that their home will be safe if the worst happens. Policies are always cheaper for young, healthy home buyers.
Agreement in Principle
An Agreement in Principle (AIP), is a basic commitment from a lender detailing what you should be able to borrow. Usually valid for 90 days, they provide an estate agent or house vendor assurance that you can raise funds to purchase a property.
When purchasing a property you need to appoint a solicitor to handle all legal aspects. Those new to the process and particularly first-time buyers cannot be sure which one to choose. Ours are swift efficient and provide fixed-cost certainty.
Some Useful Resources
First Time Buyer Enquiry Form
To request a callback from a specialist mortgage advisor please complete and submit the form below:
Ian at the Mortgage Store made the process of buying our first house completely hassle free. He explained the whole process from start to finish in a simple way we would understand and we were kept up to date at every stage of the mortgage process. Cannot recommend Ian enough! Thanks.
Can’t thank Ian & the mortgage store enough for helping us with our first home/mortgage! Always explained everything in detail & answered our many questions! Excellent customer service! Thank you again! Will see you in a few years!! xx
I would strongly advise anyone to go to Ian If they’re planning on buying a house, especially first-time buyers! Me and my partner went in feeling like we didn’t have a clue, we have since had our offer on a house accepted and our mortgage offer. We couldn’t be happier and it’s all thanks to the hard work put in by Ian and Lynn.