Get on the property ladder with a first-time buyer mortgage.
Buying your first home is an exciting milestone, but it can be a daunting process. We are here to guide you through the entire process of securing a first-time buyer mortgage, from finding the right deal, to getting the keys for your new home.
Whether you have a 5% or 20% deposit we can help you find the right mortgage. As a first time buyer it can be daunting to know who to turn to. Our advisor will take into account your personal circumstances and search the market to find the right mortgage product.
We can answer any questions you may have and we will take care of the whole process from start to finish. If you have bad credit we have lenders who have specific eligibility criteria which may suit your circumstances.
Types of First Time Buyer Mortgages
Fixed-Rate Mortgages
A fixed-rate mortgage ensures that your interest rate remains constant throughout a set period – typically 2, 3, 5, or even 10 years. This stability allows you to plan your finances without worrying about fluctuations in monthly payments. However, fixed-rate deals can sometimes be slightly higher than variable rates, and early repayment charges may apply if you decide to switch deals before the term ends.
Variable-Rate Mortgages
Variable-rate mortgages have interest rates that can change over time, influenced by the Bank of England’s base rate or the lender’s own standard variable rate (SVR). Types of variable-rate mortgages include:
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Tracker Mortgages: These follow the Bank of England’s base rate, plus a set percentage. If the base rate rises or falls, so will your mortgage rate.
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Discount Mortgages: These offer a discount off the lender’s SVR for a certain period, typically 2 to 5 years. The actual rate you pay can still change, but it starts lower than the SVR.
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Capped Rate Mortgages: These have a variable rate but with an upper limit (cap) on how high the rate can go, providing some protection against significant increases.
Mortgage Advice for First Time Buyers
For those looking for a first time buyer mortgage, we advise them to focus on the following:
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Assessing your finances and cutting expenses where you can
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Saving for as large a deposit as possible
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Checking your credit score and making payments on time
What information will we require from you ?
We will ask you for your credit report so we can assess your credit history. Don’t worry if you don’t have very much history, as lenders are aware that most people buying their first home will not have a long financial history.
We will also talk to you about the following:
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What you do for work and how long you have been in your role
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How much deposit do you have, and whether this is savings or cash a loved one has gifted you
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Your address history over the past three years
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If you have any outstanding debt
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Whether you have children
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If you are hoping to purchase a flat or a house
What additional costs might I need to pay ?
There are a number of costs that you might need to factor into your budget. These include:
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Solicitors Costs
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Stamp Duty
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Valuation Fees
We will provide a full breakdown of any extra costs, so you know exactly what you are being charged. When it comes to what you pay us, we price our services based on your credit history.
Our initial advice is always free, we will let you know what fee is going to be payable once we assess your credit file. Remember, we cannot find you a mortgage, you won’t have to pay us a penny!
What if I am a first time buyer with bad credit?
It is still possible to get a mortgage as a first time buyer with bad credit, but you might need a larger deposit. When we assess your credit report, we will be able to tell you if you have any bad credit recorded against you and talk you through our findings. This is a great opportunity for you to check that everything looks correct and amend any discrepancies.
Remember we have access to over 180 lenders and we are here to help.