The market for first time buyer mortgages is vibrant. Many elements of the first-time buyer market have changed over the years, including criteria for eligibility, however first-time buyer mortgages are still available to obtain both quickly and easily.
With so many choices on offer and decisions to make when it comes to approaching your first mortgage, it can be overwhelming. The first, most important steps are to choose a property area to buy from, and to identify the most suitable mortgage for your situation. Our advisers will help you find a mortgage that best suits your circumstances and goals.
Providing is the deposit is the next major step, and being able to put down a larger deposit can give you access to more attractive mortgage deals. The average deposit right now is £48,600 of which 40% of first time buyers get assistance from family members. The greater a deposit you are able to make the more lenders you will have to choose from and the more competitive your interest rates will become; however mortgages are available for first time buyers with a deposit as little as 5%.
Once you know how much money you can borrow you can then discuss your mortgage arrangement and repayment plan with your mortgage adviser. You can then narrow down your property search and make an offer to the vendor, confirming the price you are willing to pay. Should your offer be accepted, your financial circumstances and objectives will be assessed in detail, to determine your ability to support your loan.
Our advisers at The Mortgage Broker Ltd have a great depth of expertise across every type of mortgage, and are perfectly placed to offer the best advice and recommend the best product options for you.
