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First Time
Buyer
Providing bespoke services for all first time buyers.
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First time buyer guide.
Buying your first home will be one of the biggest and most exciting things you do, however it can seem like a daunting task. What type of mortgage deal should you go for? How much can you borrow? Why not use our free online affordability calculator?
FIRST TIME BUYER
Specialists
Our advisers are specialists in helping first time buyers onto the property ladder and we’re here to help you every step of the way when it comes to securing your mortgage.
With record low interest rates the deals currently available are as competitive as ever, providing you with a great opportunity to buy your first home.
FIRST TIME BUYER
Interest Rates
Lenders offer better interest rates when you put down larger deposits as you are seen as a safer borrower.
It is important that you don’t just look at the interest rate on offer and, taking into account product fees, exit fees, whilst not forgetting the excellent cashbacks available from certain lenders.
All of this will have an impact on the amount you will ultimately pay for your mortgage.
FIRST TIME BUYER
Affordability
Lenders will look closely at your income as well as your monthly expenditure and commitments, when making their decision.
You can influence this affordability calculation by doing everything possible to reduce your monthly outgoings as well as considering how many years you take the mortgage over.
Whilst a longer term for your mortgage will reduce your monthly payments it may also mean that you pay more over the term of your mortgage.
The first steps we can help you with is getting ‘an agreement/decision in principal’.
This is an important part of the home buying process, as it will put you in a stronger position when viewing properties and making an offer as it shows the estate agent and seller that you are serious and ready to proceed. The decision in principal will also make it clear to everyone involved what houses you can afford.
There are a number of other costs you need to consider, such as Stamp Duty Land Tax, click the link to use our stamp duty calculator, although you may be exempt from this.
Legal fees can be a significant further cost that first time buyers need to factor in,
It is important not to be completely price driven when choosing a conveyancer as they will be handling potentially the biggest transaction of your life, so you need to be confident in their ability. Speak to My Mortgage Finder to get quote from our carefully selected panel of conveyancers.
Ready to take the first steps into purchasing your first home?
Right to Buy scheme
The Right to Buy scheme helps eligible council and housing association tenants in England to buy their home with a discount of up to £110,500 (£82,800 outside London).
Shared Ownership
If you are unable to afford the home you really want, there is a government funded scheme called Help to Buy: Shared Ownership.