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Our First Time Buyer Mortgage is designed to make home ownership a reality. Our experts provide tailored advice and search for the right mortgage deal depending on your individual circumstances, taking into account government incentives and changing lender criteria. Let us help you get a foot on the property ladder.
Does being a first time buyer put me in a better position than someone who has been in the property market for some time?
As a first time buyer, you have the potential to benefit from an advantage over those who have previously been in the property market. Estate agents and vendors often prefer offers from first time buyers due to their lack of an existing property to sell, and their potential flexibility with move-in dates. Use this unique position to make the most of your offer and get the property you deserve.
How much deposit will I need?
The more you can save for your initial deposit, the less you’ll need to borrow towards your purchase – and the better chance you’ll have of securing more competitive mortgage rates. The minimum you will need is 5% of the price of the property you want to buy. This will leave you with a loan to value (LTV) ratio of 95% - the lowest accepted by most lenders. However, if you only have this relatively low amount to put towards your purchase, the range of mortgage deals that you qualify for will be limited. If you can save 10% or even 15% of the purchase price, this will stand you in much better stead with a wider pool of lenders. If you can save 20% or more, you will have access to some of the best rates on the market, which means you will pay considerably less in interest to your lender over the course of your mortgage term. It is sometimes possible to buy a property without a deposit. In this case, the lender will need to agree to let you borrow this amount on an unsecured loan. But the problem with this arrangement is you will essentially be signing up to two separate loans and will need to prove that you have the means to cover both repayments every month for the length of the term.
Does being a first time buyer put me in a better position than someone who has been in the property market for some time?
As a first time buyer, you have the potential to benefit from an advantage over those who have previously been in the property market. Estate agents and vendors often prefer offers from first time buyers due to their lack of an existing property to sell, and their potential flexibility with move-in dates. Use this unique position to make the most of your offer and get the property you deserve.
How much deposit will I need?
The more you can save for your initial deposit, the less you’ll need to borrow towards your purchase – and the better chance you’ll have of securing more competitive mortgage rates. The minimum you will need is 5% of the price of the property you want to buy. This will leave you with a loan to value (LTV) ratio of 95% - the lowest accepted by most lenders. However, if you only have this relatively low amount to put towards your purchase, the range of mortgage deals that you qualify for will be limited. If you can save 10% or even 15% of the purchase price, this will stand you in much better stead with a wider pool of lenders. If you can save 20% or more, you will have access to some of the best rates on the market, which means you will pay considerably less in interest to your lender over the course of your mortgage term. It is sometimes possible to buy a property without a deposit. In this case, the lender will need to agree to let you borrow this amount on an unsecured loan. But the problem with this arrangement is you will essentially be signing up to two separate loans and will need to prove that you have the means to cover both repayments every month for the length of the term.