First Time Buyer Mortgage Advice

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Here is Katie, senior mortgage adviser discussing Government schemes available to help first time buyers get onto the property ladder. These include - Help to Buy, Help to Buy ISA, Help to Buy Shared Ownership.

Here is Katie, senior mortgage adviser discusses mortgage affordability criteria and how a mortgage lender will base the size of your mortgage on your income.

Here is Katie, senior mortgage adviser answering frequently asked questions from our first time buyers.

We have recently seen an increase in the number of people buying homes together, even though they are not married. If you are one of these people, here are a few tips to consider.

After receiving your mortgage offer there are a few things you should do - or rather, not do. They include...

Of course, buying your dream home means, by definition, that your heart is driving this at least as much as your head. You need to suppress your desires and keep a cool head. Don’t allow the day dreams and wishes to cloud your judgement.

When shopping for a new mortgage, it might seem sensible to stick with the devil you know - namely, your bank. But is this really the right thing to do?

The government have introduced the Help to Buy Isa scheme that encourages first-time buyers to save. The idea is that the savings can then be used to help with the costs of buying a first property.

Buying your first property can seem complicated but if you understand the process you can save time and money. Here is a brief guide to the process of buying your new home.

With an ISA you’ll earn tax-free interest on your savings or a return on your investments. You can only open one ISA per year, but it is possible to transfer to another with another provider.

An Income Multiplier is the number by which a mortgage lender will multiply your sole or joint incomes when calculating the maximum amount they are prepared to lend to you.

More of us are buying their first property with one or more friends as a first step onto the property ladder.

Here are a few tips to consider when buying a home;

A Guarantor Mortgage allows a third party (maybe your parents) to underwrite your mortgage repayments and obligations. But why would you want that?

Once the lender has evaluated all the information you provide, they may make a mortgage offer which is, at this stage, subject to status.

The Mortgage lender will require an independent valuation of the property to make a decision to lend.

The simple answer is yes - you can borrow money for a mortgage deposit. But there are strict rules and good and bad ways to do it. Let’s take a look.

Most of us need a mortgage to buy our next home so how much you can realistically expect to be able to borrow is critical to the process.

When buying or selling your home, understanding the difference between exchange of contracts and completion will help you to control the process, manage expectations and reduce stress.

A Mortgage Agreement in Principal usually last between 60 days and 90 days so it’s important that you don’t apply too soon - or too late.

These figures should encourage first-time buyers looking to obtain a mortgage offer, although it is also worth noting that these figures refer to applications made through an independent intermediary, such as Mortgage Required.

Mortgages are usually repaid over a considerable period of time, perhaps 15 - 30 years and whilst many mortgages are ‘repayment mortgages’, some are ‘interest-only’.

If you are currently looking at mortgages, no doubt you’re starting to get just a little frustrated by exactly what is available and what is the best choice for you. At Mortgage Required this is what we do.

It can be a mind field when you are buying a new home, especially if it’s in an area you don’t know well. Here is our list of things to consider when buying your next home.

Here are a few of the primary reasons most mortgage applications are refused.

Paying off your mortgage faster might be desirable for a variety of reasons but whatever your reasons there are a few facts worth considering.

A Mortgage valuation will include summary notes made by the valuer after a short inspection of the property inside and out. It will make recommendations with regard to...

Most mortgage lenders want to see a deposit of 10% and even after help from the Government, it’s likely that you will need to scrape together yourself a deposit of 5% if you are to borrow at a reasonably competitive rate.

Many buyers are confused by the difference between a Mortgage Valuation, a Homebuyers Report and a Structural Survey. If you don’t work in the industry, it’s understandable, but there’s an easy way to clarify.

Buying your home is probably the most expensive asset you’ll buy in your life. It’s therefore important that you get it right.

One of the most common reasons for a delay in the mortgage application process is missing information.

A mortgage in principle is an initial mortgage offer made by a lender to a borrower. The offer is conditional upon checks and other criteria (including an acceptable mortgage valuation) but it has several benefits for the borrower.

The Rental Exchange is primarily a database which aims to better record and score a tenant applying for a mortgage.

Some buyers will decide to obtain an RICS Survey Report which generally covers a rudimentary report on the fabric of the property.

When buying a home most of us need to borrow money. This loan is secured on the property you are buying and should you fail to stick to the terms agreed it’s possible that the lender will take possession and then sell the property to pay off what is owed.

A mortgage lender will look at several things when deciding how much you can borrow. They are...

What are the advantages and disadvantages of using an FCA qualified and accredited mortgage broker over, say, doing it yourself?

Since the eighties property bought or sold in England or Wales has been required to be registered by your conveyancer at the Land Registry.

Mortgage rates remain low but with first-time buyers now regularly in their thirties and older, the monthly cost of borrowing is still sometimes relatively high. This is because most mortgage lenders will not extend a loan past a borrower’s retirement age.

The Help to Buy Schemes continue to be used by home buyers keen to get into the housing market. 2017 was an busy year with over 32,000 new-build homes purchased.

The Help to Buy Scheme was set up by the government to help people with little deposit, wanting to buy a home. It’s available to those that don’t own a home and are in the market for a new build home.

Mortgage Lending Criteria vary from lender to lender and they change fairly regularly. Set by the lender’s underwriters, the criteria are decided upon as part of the lender’s risk management of their entire ‘lending book’s’ portfolio.

No matter where you live, property in the UK is now relatively expensive with the average house price having nearly trebled since 1995. So, what can you do to get on the housing ladder? Here are three ideas to consider.

There are lots of terms thrown around the housing market but one that regularly comes to the fore, especially in a good market, is Equity Release.

There is little that can be done to speed up the process and, frankly, you should not want to do so. However, there are some simple things you can do to help smooth the process.

The conveyancer that you instruct must be properly qualified and authorised to act as your representative in the conveyancing process.

When most people now buy a new home, the Government recently introduced relief for first time buyers purchasing a home on or after 22 November 2017.

With property prices in many parts of the UK continuing to rise, many young people could be forgiven for assuming that they will never become a homeowner in their own right. However, this is not necessarily the case. 

A mortgage broker is an intermediary whose primary function is to advise his client on the mortgage best suited to his or her individual circumstance and specific needs.

The mortgage process is relatively swift these days, but only if you have already spent some time getting together all the information you need. 

In today’s lending market there are a large variety of mortgage types. For the purposes of this article, we’re looking simply at repayment and interest-only mortgages.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be no fee for Mortgage Advice. There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, but we estimate it to be £399.

Mortgage Required Ltd, Finance House, 5 Bath Road, Maidenhead, SL6 4AQ is authorised and regulated by the Financial Conduct Authority reference 573718 at www.fca.org.uk.

The Financial Ombudsman Service is an agency for arbitrating on unresolved complaints between regulated firms and their clients. More detail can be found on their website: www.financial-ombudsman.org.uk

Call: 01628 507477