FIRST TIME BUYERS

Your first step onto the property ladder

Buying your first home is one of the most exciting experiences, but it can also be a bit daunting. Whether you’ve been saving for a while or you’ve just started your home-buying journey, I’m here to make things simple and easy to understand. I’ll guide you through the entire process, from understanding your budget to getting those keys in your hand.

Let’s make your first home purchase as smooth as possible, so you can feel confident every step of the way.

What is a First Time-Buyer?

You are considered a first-time buyer if you have never owned a property before or for a period of time usually 3 years. Whether you’re buying on your own or with someone else it’s a thrilling step into the property market. I’ll help you find a mortgage that suits your unique situation, making the process as straightforward and stress-free as possible.

Types of First-Time Buyer Mortgages

There are several mortgage options for first-time buyers, and I’ll help you navigate through them

If you need some financial help from a family member, joint mortgages can make it easier to buy. You’ll share the ownership of the property with someone, making the mortgage more affordable.

If you’re a key worker or earn below a certain threshold, shared ownership schemes could be the perfect solution. These allow you to buy part of a property while renting the rest, with a minimal deposit.

If you’re struggling to get the full mortgage on your own, a family member or friend can help you secure a higher mortgage amount.

How Do I Calculate My First-Time Buyer Mortgage?

To calculate how much you can borrow, you’ll need to consider three main factors:

Your Deposit

Lenders typically ask for a deposit, though first-time buyers may qualify for as little as 0%. The more you can save, while a gifted deposit can really boost your deposit securing the better mortgage rates.

Loan-to-value Ratio (LTV)

This is the amount you’re borrowing compared to the value of the property. A higher deposit means a lower LTV, which often translates into better interest rates.

Credit File

This is the starting point of any mortgage application. Lenders consider your credit file as part of the process & this will dictate the interest rates available to you & the minimum deposit you will need to put down on your home.

Most lenders will lend around 4.5 times your annual income, but the exact amount depends on your financial situation.

Fixed vs. Variable Rates

Fixed Rate Mortgages

These offer security with a set monthly payment. Your payments stay the same for a fixed period, typically between 2 and 10 years.

Variable Rate Mortgages

These can change depending on market conditions. It’s important to be comfortable with potential fluctuations.

Additional Support

I’ll be there to help you understand every part of your mortgage process, from finding the right deal to answering any questions along the way. The aim is to make your first home purchase an exciting, smooth and memorable experience.

Your home may be repossessed if you do not keep up repayments on your mortgage.