First Time Buyer

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First Time Buyer


So you’re thinking about buying your first home and you are probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get on of the property ladder?


The first step you should do is to contact us and we will advise you on the mortgage options available to you.


However we have outlined below some information on mortgages for first time buyers that we hope you’ll find useful.



How much can you borrow?


The amount of mortgage you can get depends on your income.


Income multiples do vary. As a rough guide, a typical multiple is four times your income. However this figure could be higher or lower depending upon your individual circumstances and lenders’ have different criteria. Some lenders do not use income multiples at all and will lend based on affordability.


Once you add to this the amount that you can afford to pay as a deposit, sometimes if you are buying a new home the builder may offer you a deposit, then you have the amount you can pay for your first property.



Any other costs?


It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.


For example, you will have to pay stamp duty, which is 1% of the purchase price for properties between £175,001 and £250,000, then 3% up to £500,000 and 4% on properties over £500,000, for properties up to £175,000 you do not have to pay stamp duty.


Plus you will have to pay for the survey and the valuation of the property, and solicitor’s fees.



What can we offer you?


As we have access to thousands of mortgages, including many excellent deals with a huge range of lenders, we can offer you a wide range of first time buyer mortgages with some special features:


Cashback mortgages available
Help with costs including arrangement fees
Builder deposit / family gifted deposits
Shared Ownership scheme
Key Worker Schemes
Clients with adverse credit considered

Whatever your mortgage requirements, we’re certain we can find the mortgage for you.

The overall cost of comparison is 8.7% APR.

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