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First Time Buyer

Are you ready to be a home owner?

If you are a first time buyer, we can help you begin your journey to becoming a home owner. Simply click the button below to discuss the best mortgage and protection options for you.

WHAT IS A FIRST TIME BUYER MORTGAGE?

A first time buyer mortgage is like any other mortgage, it’s a loan attached to a property.

The loan can’t be for the full amount of the property value. The maximum amount a loan can be is 95%, so the minimum deposit you can put down is 5%.

There is no maximum amount you can put down as a deposit, but some lenders have a minimum loan size. In most cases, the higher your deposit, the better interest rate you will have on your loan.

WHO IS IT FOR?

A ‘first time buyer’ is someone who has not owned a property before, or has not owned a property for around 3 years. (The exact number of years varies between lenders.)

A first time buyer does not have to pay stamp duty land tax. If you have paid this before then you will not qualify as a first-time buyer.

Interest rates are generally the same as other buyers and home movers, but you may receive a cash-back offer or free valuation which can help towards your initial moving costs.

INITIAL APPOINTMENT

When applying for a mortgage, the initial appointment is referred to as a ‘fact find’. This enables the advisor to work out what options are available to you.

We’ll ask about your income, expenditure and lifestyle, as well as any other information that could impact your financial situation.

The advice we give is based on the information you provide. It’s essential that you’re open and honest about your current situation.

At this stage we’ll also discuss your solicitor options.

Remember you require the following documents for this appointment

  • 3 months payslips if employed/ 2 years SA302’s and tax year overviews if self-employed/ 2 years full accounts if a limited company
  • 3 months’ bank statements for all current accounts you hold
  • Photo Verification
  • Proof of address
  • Proof of deposit

Would you like to discus first time buyer mortgages?

If you’d like to discuss your best mortgage options, or if you have any questions about the whole home buying process, please get in touch.