First-Time Buyers Mortgage

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Buying your first home can be daunting.

We aim to help you understand not just your mortgage options but also the process from searching for your ideal property to picking up the keys.

We love speaking to people right at the start of their property search to ensure they have all the information they need regarding the financials including mortgage costs and purchase fees.

We speak with you at the beginning of your journey to discuss the financials and give you a better idea of the type of property you can afford to buy when you start looking for your first home.

First time buyer mortgages

Saving for a desposit.

When you are a first-time buyer, you will need to have a deposit. This is the amount of money you have saved up to put towards your first home and it will then help determine how much you will need to borrow as a mortgage.

Simply put, the more money you have saved up as a deposit, the less money you will need to borrow from the bank. If you have a bigger deposit, we will also be able to access more competitive mortgage rates for you.

We always advise our first-time buyer clients to also have more funds set aside for fees such as property searches, surveys, mortgage arrangement fees, solicitor’s fees, stamp duty, home insurance and removal costs.
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Checking affordability.

When you first apply for a mortgage, a number of checks will take place to investigate your affordability including your incomings and outgoings. The mortgage lender will also check your credit history to see whether you are a reliable borrower. You can check your credit history online here.

We would advise our clients to get a mortgage agreement in principle from a lender before you start viewing properties. This will provide you with an idea of how much you can borrow and it will give estate agents the evidence that you are serious about buying a property.

If you have managed to save a deposit of at least 5%, you might be able to use the government’s Help-to-Buy scheme. More information about Help-To-Buy can be found here.

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If you would like to talk to us to find out your options and how much you can afford, please get in touch today.

*Please note: Your home maybe repossessed if you do not keep up repayment on your mortgage.

Our step-by-step guide to home buying is available for you to download for free

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