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Your Local Independent Specialist Insurance, Mortgage and Commercial Finance Advisors

First Time Buyer Mortgages

With the recent changes to stamp duty, this could be a great time to buy, find out how much try our online Stamp Duty Calculator?

There are a number of options that first time buyers can consider. Bank of Mum and Dad. Parents can help in several ways, most pointedly by acting as guarantors for the mortgage or paying part or all of the deposit, reducing the cost of the mortgage over all (possibly even interest-free!). They can also help with the little things such as lending furniture and other essential items.  

You can also get assistance through the government backed Help to Buy scheme with a 5% deposit. There are currently two Help to Buy schemes – 'Equity Loan' and 'Mortgage Guarantee'.  Both require a 5% deposit and are available to first time buyers and existing homeowners. If you apply for the help to buy scheme the government will lend you up to 20% of the property value through an equity loan which can be repaid at any time during the loan term or on the sale of your home. In England and Wales, you won’t be charged any loan fees for the first 5 years of owning your home. You’ll only need to secure up to a 75% mortgage from a mortgage lender, but we will arrange that for you.

Affordable Housing Schemes vary but you may be eligible for some of the following schemes if you area a first time buyer who can’t afford to buy a property (check to see if you qualify), a council tenant or Housing Association tenant, those who are on the housing register, waiting for a council or Housing Association home to rent or a key worker (e.g. social worker or police officer).  

After all that the next big question is how much can I borrow? Lenders decide how much you can borrow according to how much you earn and will be assessed through an affordability calculation. This will take into account your outgoings and debts as well when working out how much you can borrow. Make sure you do your sums to find out your total outgoings and your disposable income. Whether you are a first-time buyer, remortgaging or self-employed. If you need to talk to someone simply request a call back. Remember this is just a guide and it’s always best to talk this through with one of our qualified Mortgage advisors.

What type of property can you buy? New Builds most house builders in the UK offer generous incentives to first time buyers so it is definitely worth checking what new builds are available in your area. New Builds also tends to mean that you have little maintenance to worry about and the property usually comes with most appliances and fittings included.

For more specific help and to talk through you options, call our team of expert advisers today

Whether Selling, buying take a look our compete guide to buying your home, There are so many things to think about but we will try to make the buying and selling process will be a far less stressful experience.