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Mortgages for first time buyers
As a first time buyer, it is important to ensure that you receive the best advice on finding and securing the most competitive mortgage deal available to you. Your mortgage will probably be the most important financial decision you ever make. The wrong decision could cost you thousands of pounds over the life of your loan.
There are currently around 2,000 different first time buyer mortgage deals available, provided by over 40 UK lenders. It is of great importance to obtain independent advice from a fully qualified independent mortgage advisor, who works for you and not the lender.
What deposit will I need?
Because of the 'credit crunch' which began with the collapse of Northern Rock, there are now NO lenders in the UK offering mortgages up to 125% of the property value and we are also unable to arrange 100% mortgages.
This means that you MUST now have a deposit of at least 5% of the property purchase price for us (or anyone else for that matter) to arrange a mortgage for you.
How much can I borrow?
Even though property is still a gamble, most people will make money on their home. However, it can be dangerous to borrow too much. No matter how attractive owning rather than renting a property is, buyers should beware of becoming financially overstretched.
If you are unable to prove your income we have self cert mortgage deals available that allow you to borrow up to 90% of the purchase price of the property without having to provide accounts or payslips etc.
If you are able to provide payslips or certified accounts, we can offer mortgages up to 5 times your annual income. Use this calculator to find out how much you can borrow in total. What if I have a bad credit history?
It used to be the case that if you didn't have a perfect credit history you couldn't get a mortgage from a high street lender. But now the lending market has become so diverse that there are products to fit every credit profile.
Today's borrowers can choose from a large number of special products that are aimed specifically at those people with some form of bad credit. These mortgages do not differ vastly from other mainstream mortgages, take a look at some of the information we have prepared regarding mortgages for bad credit. There are, of course, certain key differences between adverse credit mortgages and the usual products available.
The best advice for you
If you have just started looking for your first home, you may have discovered that your estate agent claims to be a mortgage broker. Bear in mind that an estate agent has an interest in getting the mortgage arranged as quickly as possible, so that the deal can go ahead. This may not mean you are advised to take the best product, and many estate agents are also likely to recommend the products that give them the highest commission.
You may like to read our tips for first time buyers along with our property buying guide to help you understand the home buying process for England & Wales.
How can I get a free mortgage quote?
To get your free mortgage quotes, you just need to enter some basic information into our simple online quote form and your dedicated adviser will search the entire marketplace to find you the best mortgage deals available.
Or, if you prefer, you can call a fully trained adviser on 0800 169 4984. It will only take a few minutes of your time today but could save you thousands of pounds in interest payments, and will eliminate any worries you may have about getting the best deal possible.
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