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About First Time Buyer mortgages
Looking to buy your first home? Getting onto the property ladder can be a big step, let us help you get the keys to your new home. We can help with many different aspects of buying a home from setting a budget, picking a lender, understanding the products on offer, valuations and surveys, solicitors and insurance.
Our mortgage advisers can:
Work out how much you can afford to borrow
Recommend which mortgage best fits your needs/circumstances and what it’ll cost
Talk you through the protection options available for your home.
We can also talk you through the specialist products available to help first time buyers get onto the property ladder. There are a number of initiatives from the Government and the industry that can help you buy your first home including:
Help to Buy
There are 2 types of Help to Buy schemes. One is called Help to Buy and is available only on new build properties from participating new home builders, the other is the Help to Buy Guarantee scheme which can be used for any property. Both schemes offer a way for you to get on the ladder with a lower than standard deposit. There are a number of eligibility conditions you need to satisfy to obtain one of these mortgages. Our experienced mortgage advisers will be happy to talk through your circumstances and advise you if you qualify. Contact an adviser.
If you have enough deposit, but are struggling to meet the lenders affordability requirements due to your income, then a Guarantor mortgage may help. With this type of mortgage a parent will typically stand as a guarantor, which means that if you are unable to meet the mortgage payments yourself, the lender will expect your parent/s to step in and help. This can allow the lender comfort to lend more than may have otherwise, by taking into account your parents income.
With this type of mortgage, it can be more affordable both on the deposit and the monthly payments as you initially only purchase a share of the property. It is only available for certain properties and you will have to pay ‘rent’ for the portion of the property you do not buy initially. When you are financially able, you can purchase the remaining share of the property.
Low deposit mortgages
Some lenders now offer mortgages with just a 5% deposit. You will still need to be able to afford the monthly payments, and these may be slightly higher as the interest rates for these products can be slightly higher than average.