First time buyer

Specialists in First Time Buyer Mortgages

If you ask one of our Mortgage Advisors which clients they enjoy working with the most, it’s assisting our First Time Buyers. Helping a client buy their first home makes our day! We are on your side, we will cut through the jargon, search the whole market, and find the best product for your needs and budget. We have even produced a free First Time buyer pack to help you, click on the button below to receive yours.

What is a First Time Buyer Mortgage?

A First Time Buyer mortgage is for those purchasing their first property. As a first time buyer you may be eligible for certain schemes and lower interest rates to enable you to get on the property ladder.

Features of First Time Buyer Mortgages

Government Scheme: There are several schemes offered by the government to assist first-time buyers, such as: Shared Ownership and First Homes which we are proud to be experts in, and are recommended by providers of these schemes nationwide. These are available to provide additional financial support to make the property market more accessible for newcomers.

Lower Interest Rates: The government also offers banks and mortgage lenders a guarantee for helping first time buyers purchase a property with only 5% deposit. With a 95% mortgage, you can borrow up to four and a half times your salary, or a combined salary if you are buying with a partner. Of course, with any mortgage, you will be subject to the usual credit checks and affordability testing which is where our mortgage experts can help.

Next Steps for a First Time Buyer Mortgage

1. Determine Affordability and Monthly Repayments: Your mortgage adviser will help you work out how much you can afford to borrow, and pay back on a monthly basis - this will also help when searching for your dream property
2. Check your Credit Score: a good credit score is essential for mortgage approval. Be mindful of your spending three months before application. Take a look at our how to improve your credit score here.
3. Mortgage Pre-Approval: we can usually get your mortgage in principle within 30 minutes and provide a certificate that can be used to help secure your first home.
4. Look at Mortgage Options: your mortgage adviser will help you to find the mortgage product best suited to you.
5. Mortgage Application: Complete the mortgage application process with the support of one of our advisers.
6. Offer: Once the lender has done all their checks, they will issue a mortgage offer to you and your solicitor
7. Complete: We will then work with you and your solicitor to finalise the purchase and get you moved in
8. Don’t forget Insurance: we have dedicated Protection Specialists who can help you with this, find out more here.

We know buying your first home can be a daunting prospect. We are here and happy to help. Our award-winning advice is free, friendly, and unpressurised!

Take a look at our First Time Buyer blog here.