First Time Buyer Mortgage
If you're looking to buy a home, you'll most likely need to apply for a mortgage. It's a loan which is secured against the value of the property.
Good news for first time buyers!
Good news. First time buyers can be helped by family members to purchase their home. They are able to borrow up to 100% of purchase price of a property, with family members providing 20% of purchase price in security either in the form of a cash deposit paid into a separate account or the lender takes a 20% equity charge on their residential property Or a combination of both. All legal charges are removed once the loan to value of the property falls below 75%.
With most first time buyers struggling to save for a deposit this is one way for family members to help them. For more details please contact us.
Securing a mortgage for your first home can be a lengthly process and confusing, with so many decisions to make.
We can help First Time Buyers with a low deposit!
We have a number of lenders offering deals requiring just a 5% deposit.
With just a 5% deposit we have lenders offering the following deals.
The above rates also apply to those looking to remortgage and capital raise for home improvements.
Government backed schemes
Over recent years the government has backed a number of schemes. In April 2021 there is a new scheme available called an "Equity Loan Scheme".
You can get a low-interest loan towards your deposit. This is called an equity loan. A new Help to Buy - Equity Loan scheme is open to first-time buyers, it will only be available for two-years from 1 April 2021 and will end on 31 March 2023.We can explain the details of any schemes and whether you can benefit from them.
Check your finances
The size of your mortgage will be effected by your deposit – this is the amount you will be contributing to the house purchase. Usually, the larger the deposit, the better mortgage deal you will be able to get which will help to reduce your monthly repayments.
Approval in Principal
Getting a lending decision (also called the 'Approval in Principle' or 'AIP'). We can apply for an Approval in Principle from a suitable lender. This will confirm that the lender is willing to consider a mortgage application from you and up to what amount.
Having an Approval in Principle can help you get ahead of the competition when making an offer on a property as it demonstrates your mortgage application will be considered by a lender up to stated amount.
Check out a mortgage deal
When you're buying your first home you will have specific needs when it comes to finding a mortgage that suits you best. We have access to a comprehensive range of mortgage products from across the market that we can talk you through from fixed rate, variable rates, capped to offset.
You may be able to get financial help through a government home ownership scheme if you can't afford to buy a home. We can discuss this with you when you're ready.
Complete your application
Once you're ready to proceed, you will need to complete a full mortgage application. This is where you fill out details of your property and the type of mortgage you want to proceed with.
Your property may be repossessed if you do not keep up repayments on your mortgage.