First Time Buyers

First Time Buyers

Looking to buy your first home?

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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:

unpacking boxes

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.

Guarantor Mortgages

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.

Shared Ownership

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.

Reliance Mortgages Ltd Reliance Mortgages Ltd (FCA No.794930) is an Appointed Representative of Connect IFA Ltd which is Authorised and Regulated by the Financial Conduct Authority (FCA No. 441505). The FCA does not regulate Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies. Reliance Mortgages Registered Office: 1st Floor Holborn Gate, 330 High Holborn, London, WC1V 7QT. Company Registered in England and Wales Reg.11022139. Reliance Mortgages Ltd is registered with the Information Commissioner's Office under registration reference: ZA288283. Copyright © 2019 All Rights Reserved
  • Reliance Mortgages Limited (FCA No. 794930) is an appointed representative of Connect IFA Limited (441505) which is authorized and regulated by the Financial Conduct Authority.
  • Commission disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commission at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • There will be a fee for mortgage advice the precise amount will depend upon your circumstances, but we estimate that it will be 1% of the loan amount.
  • A fee of £199 payable at the outset when you apply for the mortgage. We don’t charge any fee for insurance services.
  • Your home may be repossessed if you do not keep up repayments on your Mortgage.