First Time Buyer

First Time Buyer explained

If you are purchasing your only or main residence, and you have never owned a property before, either jointly, independently or under a shared-ownership scheme then you are likely a first-time buyer.

You will need to save a deposit of 5% to 20% of the value of the property you are looking to purchase before you can apply for a mortgage. 

You should also be aware of other costs involved in buying a property, such as Stamp Duty, legal fees, and insurance.
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First Time Buyer mortgages

A huge benefit for first-time buyers is that lenders often have mortgage products with special incentives that are not available across the wider range of mortgages. These incentives can include low rates and cashback.

First time buyer mortgages are available from a number of lenders across the marketplace and may be fixed-term, variable rate, or tracker mortgages. Lenders often allow buyers to spread the cost of the mortgage fee in the monthly mortgage payment.

Process

We believe in a simple step-by-step approach to help you find the right mortgage for your needs.  

Over the course of our appointments, we will find out about you and your current situation as well as what you are looking for in a mortgage. This will help us assess your circumstances and we can decide the best way to proceed. 

We will search for suitable products for you, through a range of mortgage deals across the marketplace and then present the most suitable offer for your needs in an easy to understand document.

• We will learn about you and your needs
• Discuss your mortgage and protection requirements and affordability
• Provide recommendations tailored to your situation
• Explain the mortgage and reasons behind our recommendation in full
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Fees

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Contact an Expert

Our team of experts are here to answer any questions you may have without all the jargon. Get in touch now to see how we can help you reach your mortgage goals.