Are you looking to buy your first dream home?

For first-time buyers, getting onto the property ladder can seem like a long and complicated process. We know months and years of hard work to save deposit for your first dream home and that’s why we’re here to talk you through the key considerations for when it comes to buying your dream home. When you apply for a mortgage the lender will assess your affordability by looking at your annual salary and any other income you receive, as well as your outgoings, including credit card and loan debts, household bills, childcare, and general living costs. If you have never owned a property before, then you will qualify as a first-time buyer. Although the process may seem unfamiliar, there are few benefits of being a first-time buyer: Like, Less of a chain, Stamp duty relief, Help-to-buy schemes and other types of affordable housing. When you’re ready to start viewing properties, it’s a good idea to get a mortgage agreement in principle from one or more lenders on our large panel. This will give you a good idea of how much you can borrow. Estate agents may also want to see this to ensure you’re serious about buying.

Types of mortgage:

How much you’ll pay in monthly mortgage repayments will depend on the size of the loans and what type of mortgage you get. The different types of mortgages include: Fixed-rate mortgages, Tracker mortgages, Discounted variable-rate mortgages and Offset mortgages. Our Professionally qualified advisers will explain you the different rate options available for you and they will try hard to get best rate for you. 

Stamp duty:

Stamp duty land tax (SDLT) is a tax you’ll have to pay when purchasing a property or land above a certain value. First time buyers in England and Northern Ireland can take advantage of stamp duty relief on the first £300,000 of property value – provided the property they are buying is worth £500,000 or less. They will then pay 5% on property value between £300,001 and £500,000.

Other costs:

When you buy a property you might also need to pay various fees and charges upfront. Extra costs are likely to include: Property searches, Property surveys, Mortgage arrangement fees, Conveyancing services, Stamp duty, Home insurance and Broker Fee.

What other schemes are available:

There are other helps available for the First Time Buyers including: Help to Buy: Equity Loan, Lifetime ISA, Joint mortgages, Shared ownership and Guarantor mortgages. Our experienced Mortgage advisers will discuss all these options to help you choose best available option.

Bad Credit:

The lender will also check your credit history to see whether you’re a reliable borrower and will then use this and its affordability assessment to decide how much you can borrow. Poor credit ratings can be a huge barrier when trying to get a mortgage. Our experienced advisers can assist you in finding the right mortgage even after a CCJ, Default, Missed Payment, declined a mortgage, DMP, IVA Or Bankruptcy.

LARGE PANEL OF LENDERS:

We have access to over 150 of the markets largest lenders which means there’s more choice for you and there’s usually a lender perfect for your situation. As we are part of the one of the largest mortgage clubs in the UK, it gives us access to exclusive deals and rates with some lenders. 

We’ll show you how to get a mortgage from start to finish, including what you need to tell us and the steps you’ll need to take. We’re here to offer guidance on the range of mortgages we offer for first-time buyers like you. See if you can borrow the amount you need for your dream home.

Have a more specific question you need answered? Ask our mortgage experts by clicking the button below.