First Time Buyer Mortgages
You’re so excited to get your foot on the housing ladder, but buying your first home can be scary too. How do you know how much you can borrow? How do you know you are getting the right deal?
Your home may be repossessed if you do not keep up repayments on your Mortgage
Are you finding it hard to know where to even start finding a mortgage? Well you’ve made a great start by reading this! By speaking to a trusted adviser about your first time buyer mortgage you’ll be reassured that everything is being done to make sure you are getting a great mortgage package. Plus, we’ll be taking away most of the stress too!
We’ll offer clear, personalised advice, to help you understand what work’s best for you. No two mortgage applications are the same; we’ll work with you to find the right package and get you into your new home as soon as possible.
There are so many mortgage options available to first time buyers, it’s more important than ever to seek advice and find the right option for you.
Your options...
How it works...
The most traditional way of purchasing your first home. You’ll own 100% of the property and are usually required to put down a minimum of a 5% deposit.
• Have completed the prerequisite length of service
• Have more than six months left to serve at the time of application
• Meet the right medical requirements.
1. You'll tell us your goals & aspirations
2. You'll gather your documents and let us know your requirements
3. You'll receive our recommendations based on the information we have gathered from you
4. You'll let us know if you wish to proceed with an application to a lender
Common FAQS
The amount you can borrow is calculated on a multiplication of your income. However it becomes more complex when each lender reviews what you have going out (your outgoings) compared with how much comes in (your income).
Over the last few years it has been possible to get a mortgage with only 5% deposit, however this depends on the market conditions.
For first-time homebuyers, there's a special stamp duty relief available. If the property you are buying is your first home and costs up to £425,000, you won't have to pay any stamp duty. For properties priced between £425,001 and £625,000, you will pay a 5% stamp duty rate on the amount above £425,000. This relief is only available if all the purchasers are first-time buyers. If the property price exceeds £625,000, first-time buyers must follow the standard stamp duty rates applicable to those who have previously owned a home.
Correct as of May 2024
Don't give up. We have access to specialist lenders and will aim to find one that works for you.
A fee of £350 is payable on Mortgage application. This is a non refundable fee.
Are you looking for a different question? Check out our FAQ page here.