FIRST TIME BUYER MORTGAGES

FIRST TIME BUYER MORTGAGE ADVICE

Buying a home is extremely exciting but it can also be a daunting and overwhelming experience for anyone, especially if you are a first time buyer.

You need to be confident that you have the best possible advice from the start and ongoing support from fully trained professionals.Our friendly team of mortgage advisers will guide you through the entire mortgage process, taking care of everything and answering all your questions to ensure the journey is as smooth and stress-free as possible.

Your mortgage adviser will firstly find the best mortgage deal available to you then your dedicated mortgage processor will liaise with the lender, estate agent and solicitor on your behalf and is available along with your adviser throughout the application process until the day you get the keys to your first home!

FIRST TIME HOMEBUYER FAQs

What is the best type of mortgage for a first-time buyer?

The best mortgage type depends on individual financial circumstances and needs. Fixed-rate mortgages are a popular choice as they offer a stable interest rate for a set period, usually between two and five years, allowing buyers to budget. On the other hand, variable mortgages offer variable interest rates that follow the Bank of England’s base rate, meaning payments can increase or decrease over time.

Each type of mortgage has advantages and disadvantages. Speaking with a mortgage advisor can help determine the best option based on personal circumstances.

What Mortgage Options Are Available for First-Time Buyers?

First-time homebuyers have access to a range of mortgage products. Standard residential mortgages, offered by banks and building societies, are the most common. Eligibility depends on a number of factors including income, credit history, and deposits.

There are also several government schemes designed to assist first-time buyers. These include:

The First Time Buyer Scheme offers newly built properties at a discount for local first-time buyers and key workers.
The Help to Buy Mortgage Scheme encourages lenders to provide high loan-to-value mortgages by offering a government guarantee.
Shared Ownership allows buyers to purchase a portion of a property while paying rent on the remaining share, making homeownership more accessible.
Rent to Buy enables tenants to rent a property with the option to purchase a share in the future.

Each of these schemes has different eligibility criteria, so researching them carefully can help buyers determine the best fit for their needs.

How much deposit do first-time buyers need for a mortgage?

The deposit required for first-time buyers typically ranges from 5% to 10% of the property’s purchase price. A larger deposit can result in more favorable mortgage terms and lower interest rates. For example, buying a £200,000 property with a 10% deposit would require £20,000 upfront.

To find out more about what deposit you will be required to contribute to the purchase of your first property, contact our mortgage advisers today.

advice you can trust

Rated 5 out of 5

Nikki was recommended to us by a friend and we would like to say how fantastic she has been. We have been very impressed with the professional yet friendly advise. Nikki was always available to help and quickly answered any questions we had. We would highly recommend using Nikki at Mortgage1st to obtain the best mortgage deal without the stress. Communication from Nikki and Becky was always very timely, clear and detailed. Great team. Many thanks.

Megan was brilliant, we couldn't have asked her for anything more. She gave us so much help and advice and was so understanding of our situation. Anytime of day she would make time for us and answer absolutely any questions we had. Even if it wasn't the answer we wanted, 100% honesty and reliability. We could not have done this without her, and managed to get into our very first brand new home before Christmas!! Will never use anybody else. Bradley was also very helpful and reliable, he sorted out our B&C insurance, again any questions answered straight away. Brilliant service all round cannot recommend enough.

Shaun Burke at Mortgage 1st made the daunting and complicated task of buying our first home stress free. The knowledge and experience of the team is evident from the beginning and you are immediately put at ease and know you are in good hands with special mention also to the processing team. They are always available to answer questions quickly and understand how difficult the process is. They check in regularly with you throughout the process and give great advice and reassurances as moves can be a long drawn out process. I would highly recommend anyone to use these guys to take the strain and find you the best lenders out there.

Oliver Page at Mortgage1st made one of the most stressful human experiences an absolute breeze. As first home buyers we were clueless, learning on the fly, and it was tough to cut through a lot of the financial jargon to understand the loan that was right for us. Then we met Oliver. Not only did he get us a fantastic loan, but he also helped us understand the home buying process. Oliver could give classes on customer service - he's that good. He genuinely cares about the people he is helping find homes. The process from start to finish was efficient, seamless and professional. The Oliver was contactable whenever and came back to you very promptly even during Covid Pandemic. I would also like to thank Becky for processing the application with the mortgage service provider. Thank you Oliver!

After worrying we wouldn’t get a mortgage due to our complex situation, Lauren managed to find a lender for us & was such a massive support all the way until completion and I couldn’t thank her enough. Keeley was also great and helped us navigate our way through as first time buyers. Will definitely use them again when our mortgage is up. Thank you so so so much!!