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First Time Buyers.

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First Time Buyer Mortgages.

First Time Buyer mortgages are for those individuals who have never owned a property in the past or in the eyes of some lenders, those that have not owned a property in the previous 3 years.

Is a First Time Buyer mortgage right for you?

First Time Buyer mortgages are for those individuals who have never owned a property in the past or in the eyes of some lenders, those that have not owned a property in the previous 3 years.

Typically the minimum deposit required by a First Time Buyer is 5% of the property value. This being said, First Time Buyers will improve their chances of obtaining a mortgage and are likely to secure a better deal with a 10% deposit.

The Government and Local Authorities have in place a range of Affordable Housing schemes including the likes of Shared Ownership and the Help to Buy shared equity scheme that are designed to assist first time buyers to get on the property ladder.

Try our research tools

Try our mortgage calculators which are designed to give you a general idea of your borrowing potential and mortgage repayments.

Research Tools

We are here to help you make the right decision.

Important First Time Buyer points to consider.

Remember a mortgage is a long term commitment and there are many different products available, so it is important you fully understand your position and you make the right decision that meets yours needs.

How much can I borrow?

The first step for any First Time Buyer should be to obtain a mortgage Decision in Principle (DIP). This will not only provisionally provide you with the peace of mind of knowing that you have a mortgage in place, it will also provide you with a realistic maximum amount you are able to borrow on a mortgage.

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How much deposit will I need?

When obtaining a mortgage, your deposit plays a major role in the deals available to you. This is known as the ‘loan to value’ (LTV). Typically the more deposit you have, the better the mortgage deals will be.

Have you considered any extra costs?

There are many different costs involved with buying a property including mortgage and conveyancing fees to name a few.  It is essential you are aware of all the costs upfront to ensure the property purchase can go ahead.

Viewing properties

It is always worth taking someone with you on viewings who may have had experience in buying a property in the past. This may help you to ask the right questions and spot any potential property defects.

Household budget

It is important we do not only account for your new mortgage and insurance payments to assess the costs will remain affordable, we will go through a detailed budget planner to ensure expenses like council tax, utility bills and other monthly costs are accounted for.

Council Tax

Ask the seller or selling agent what council tax band the new property is in and what the current annual charge is.

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