FIRST TIME BUYER
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We specialise in First Time Buyers, producing informative videos and online consultations. We are here to help.
YOUR FIRST MORTGAGE
There are many different factors that influence what your mortgage might look like. Firstly, you have your deposit, this needs to be a minimum of 5% and could be as much as 15% depending on the Market at the time of the purchase.
The deposit will be based on the purchase price of the property that you are looking to buy. Request a call Back
HOW MUCH CAN YOU BORROW
Well, that's calculated based on your gross annual income. As a general rule, lenders will offer between 4 and 5 times the gross annual income of all applicants, so if you earn £20,000 a year, you could borrow between £80,000 and £100,000.
This obviously isn't an exact science, but it's a pretty good guide, just bear in mind that your affordability will also be affected by credit commitments and outgoings.
When it comes to getting the best deal as a first time buyer, going to a mortgage adviser is essential, it's our job to make sure you understand the types of mortgages available to you and also to get you the right mortgage.
TYPES OF MORTGAGE
There are many type of mortgage and these are best discussed with your mortgage broker to make sure that you have the correct mortgage for you.
The main type of Mortgage is a repayment mortgage and the main type of repayment mortgage is a fixed rate mortgage.
FIRST TIME BUYER SCHEMES
There are a number of different schemes currently in place to assist first time buyers in their goal of getting on to the property ladder.
These range from savings boost schemes like the Help to Buy ISA and the Lifetime ISA, to schemes that actually help you out when you're purchasing the property like the Help to Buy Equity Loan Scheme.
To find out exactly what schemes you might be eligible for, the government has a very useful website called https://www.ownyourhome.gov.uk/schemes-all/ that can help you out.
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