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First Time Buyers

We get it. Buying a house for the first time can be a daunting, even downright terrifying, experience. It is likely that you have never made such a big financial commitment in your life, and advice from colleagues, parents and friends is contradictory and confusing. What you need is to speak to a mortgage expert and to do so without breaking the bank.

Mortgage Advice for First Time Buyers

Book My Mortgage offers first time buyers the opportunity to speak to experienced mortgage advisors at a time which suits them best. Our advisors are available 7 days a week to help anyone looking to make the transition from tenant to homeowner.

We know that most first time buyers find that getting a mortgage application approved is incredibly difficult. Many first time buyers only have a small deposit to put down and don’t really understand the mortgage application process or any of the less obvious costs involved.

This why our mortgage advisors take great care with our first time buyers, not only making sure that they are aware of the best mortgage deals available to them, but also ensuring that they understand the lending criteria and how to meet them.

Mortgage FAQs

What Exactly is a Mortgage?

A mortgage is essentially a loan, created specifically for funding a property purchase. Like with any loan, you will need to pay a deposit and a monthly fee, usually with interest added.

How Much Will I Pay?

How much you will need to pay each month depends on the value of the property and how much you were able to put down for the deposit. Anything that indicates risk to a lender, such as a low credit score, could also affect the deal.

For How Long Will I Be Paying Off My Mortgage?

Most people pay off a mortgage for between 10 to 25 years. Generally, you will end up paying more to your lender if the time period over which you pay back the amount owed is longer.

First Steps to Securing a Mortgage

Collect a Substantial Deposit

The deposit can influence many aspects of a mortgage deal so it is important to secure as much as possible for this initial payment.

Find Out How Much You Can Borrow

Usually, you can borrow up to 4 times your salary. Your outgoing payments also influence this.

Get a ‘Mortgage in Principle’

Contact our advisors to help you secure a preliminary mortgage offer from a lender, or ‘mortgage in principle.’

Secure Your Dream Home

Your mortgage offer will show estate agents you are ready to buy.

Mortgages Available to First Time Home Buyers

Fixed-rate Mortgages

With this type of deal, the interest rate on your mortgage will stay the same throughout the period of the deal, typically one to five years.

Capped-rate Mortgages

With this deal the rate might fluctuate, but there will be a certain percentage it cannot go above.

Tracker Mortgages

This type of deal matches the interest rates of the Bank of England while also adding an agreed percentage.

Help for First Time Home Buyers

There are also schemes which help first time buyers afford a property purchase by lowering the value of the loan, the rates as well as the deposit required.

Shared Ownership Mortgage

This scheme enables you to partner with a housing association to purchase a share in a residential property. The part you don’t own you ‘rent out’ by paying the housing association. You can also purchase additional shares in the property as you build up the funds, ensuring that you eventually own the entire property.

Help to Buy Mortgage

With this scheme you can borrow up to 40% of the property’s value and only need a deposit worth 5% to secure the loan. The mortgage is interest free for 5 years. After 5 years, a fee of 1.75% the value of the property will be charged. For each following year, this fee will rise according to the inflation rate plus an additional 1%.

Ready to Buy Your First Home?

Email contact@bookmymortgage.co.uk, call us on 02084322755 or complete our contact form and we will put you on track to securing your first mortgage. Our consultants are available 7 days a week, so feel free to contact us at any time.