First Time Buyer Mortgages

Fee Free First Time Buyer Mortgage Advice

First Time Buyer Mortgages and the house buying process can be confusing. Our aim is to clear away the jargon and give you straight forward professional mortgage advice. We are happy to assume you know nothing about the process (why would you?) and explain everything from the ground up. Ask About Mortgages care about first time buyers, we have arranged hundreds of first time buyer mortgages and are genuinely excited about helping you purchase your very first home.

We’ll help ensure your investment is a sound one, that your mortgage repayments are manageable and that you’re left with enough money at the end of the month to have a life and a home.

Join us online for a first time buyer mortgage advice appointment.

A mortgage in principle may make you more attractive to estate agents.

A mortgage in principle is exactly that – we consult with lenders on your behalf giving them your top level financial information and based on this they may give you a mortgage in principle.  For an estate agent this indicates that you have had your financial situation verified and that you are a serious and qualified buyer. You can find out more about Mortgages in Principle here (BTW they are also referred to as Agreements in Principles (AIP’s and Decision’s in Principle DIP’s).

At the point of making an offer on a property, estate agents will want you to have you financial situation verified by an Financial Conduct Authority registered mortgage adviser (so let’s get you ahead of the game).

Fee Free Financial Verification by a Financial Conduct Authority Registered Adviser

Our fee free mortgage advice includes a Financial Verification which won’t affect your credit rating so contact us about how we can help you.

How much deposit will I need?

Currently the amount of deposit that you will need is at least 5% but generally the larger your deposit the greater choice of lenders that you will have and lower the interest rate that you can borrow at.  A lower interest rate on the money that you borrow means lower monthly repayments. The amount that you repay every month can vary hugely dependent on what rate you borrow at.

How much can I borrow to buy a home?

How much you can borrow is no longer solely dependent on how much you earn but on how much each individual lender believes you can afford, when taking into account both your lifestyle and expenditure.

Every single lender that we work with (banks, building societies and specialist lenders) will only lend you what they believe you can afford to pay back every month by way of mortgage repayments. Different lenders will assess ‘affordability’ differently – our advisors will help you to work-out what each lender would lend you by accounting for your monthly outgoings against your monthly income. We’ll need evidence of what you earn, so wage slips and any other regular income documents, we’ll then go through your outgoings with you, loans and credit card payments, bills etc. Once we’ve gone through all of this we can work with the lenders to see how much each of them would be prepared to lend you.

As a First Time Buyer Will I have to pay Stamp Duty ?

For first time buyers buying a property under £625,000 there’s no stamp duty to pay on the first £425,000. Between £425,0001 and £625,000 the stamp duty land tax is 5%.

What do I do next?

Please make an appointment and we’ll go through everything with you – we’ll work out what you can borrow and what your monthly repayments will be based on the deposit that you have. We’ll give you our very best advice and help you to decide whether to go ahead with the deposit that you have or wait and save more.

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