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First Time Buyers Mortgage Advice

Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect.

Add to this the vast array of mortgage products available from a wide range of sources, and you are left with a high-stress, confusing decision.

First Time Buyers
Over the past few years, the property market has been moving very fast and has led to significant increases in property prices. This has made it very difficult for many people to afford to buy a home. This is a problem particularly faced by first time buyers, as although they may be able to raise a mortgage, this will often fall far short of the cost of a property.

It is, however, still possible for first time buyers to get onto the property ladder and there are actually some advantages to being a first time buyer

For more advice on how to get on the property ladder as a first time buyer complete our mortgage enquiry form today or give us a call on 0845 833 7500.

The fact that more than half of Britain’s working population cannot afford to buy a home underlines the difficulties faced by first-time buyers trying to get on the property ladder.

But there are some pluses to being a first-time buyer - interest rates are at their lowest for more than 30 years, lenders are competing strongly for your custom, and you won’t be part of a chain which will make you more appealing to home sellers.

To obtain whole of market advice from a qualified adviser (who will act for you and not the lender) simply complete the short online enquiry form and press PROCEED.Your browser does not support inline frames or is currently configured not to display inline frames.
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How Much Can I Borrow?

The amount you can borrow will be based on the size of your deposit and how much you earn.

Before you start doing the rounds of estate agents, you need to know how large a mortgage you can get - there’s no point searching for the house of your dreams if it’s out of your price range.

Our mortgage brokers will spend time with you to ensure your needs are fully understood & met. Using the information you provide they will recommend the most suitable and affordable mortgage available to you.
As an independent mortgage broker, all of our mortgage advisers are fully qualified and have many years of experience. Let us show you how easy arranging a mortgage can be!
To obtain whole of market advice from a qualified adviser (who will act for you and not the lender) simply complete the short online enquiry form and press PROCEED.

Who do lenders regard as a 'first time' buyer?

This varies from lender to lender. For many, a first time buyer is anyone who has never been the owner of a property. For others, a first time buyer is someone who has previously owned a home but has been off the property ladder for three years or more.
What matters most is the level of security a buyer can offer against a loan. Obviously, lenders like to feel safe in the knowledge that they will be repaid, and the more you can do to prove this ability, the higher the loan you are likely to be offered.

Do I need a deposit as a first time buyer?

Not always. Mortgages of 100% of the value of the property can be arranged. You might even qualify for a mortgage of up to 125% of the value of the property, or to have legal fees and stamp duty included in the sum you borrow.

How would paying a deposit help?

The ability to pay a deposit is always useful, as it reduces the overall amount of your loan and therefore reduces the interest you will pay over the loan period. A deposit can also increase the number of mortgage options open to you, and therefore help you find a more competitive deal.

Are mortgages of 100% and over a good idea?

You need to be aware that if you borrow more than the value of the property, you may find your loan hard to repay if you had to sell soon after the start of the mortgage period. The outstanding loan could be more than the value of the property. But over the long term, provided you make regular repayments and the property increases in value, you should create equity - i.e. your property will be worth enough to repay your loan and may also leave you with a profit.
If you are on a tight budget you may need a 100% mortgage - a loan for the full purchase price of the property. 100% mortgages are usually, but not exclusively, aimed at first-time buyers and they mean that you do not have to save up for a deposit.

The drawback with a 100% mortgage is that your choices are rather limited. Only a dozen or so mortgage lenders offer 100 % mortgages and the ones that do may charge a higher interest rate than they would for loans covering a lower percentage of the purchase price.