First time buyer mortgages
If you're a first time buyer looking to get on the property ladder, you need reassurance that a mortgage will be available to you.
Whilst 100% mortgages are generally no longer available without additional security such as a charge on a parent's property, the Government backed Help to Buy scheme has made 95% mortgages more accessible to those with a limited deposit.
Engaging with a mortgage broker early not only gives you the security of knowing that has a mortgage been agreed in principle, it also arms you with your maximum borrowing capacity. This gives you the upper hand when negotiating with an estate agent.
Remember, the estate agent is working on behalf of the seller to get the best price they can for the property and it's not always the best idea to let them know your full financial situation. This might end up in you paying a higher price for the house than if you were able to negotiate more impartially - or even losing it completely to someone the agent deems to be in a better situation than yourself.
It is important therefore that you speak to an experienced mortgage broker at the earliest opportunity - don't leave it until you find a house.
We can offer you a free initial consultation to find out how much you can borrow and approach a lender for you to get a mortgage agreement in principle. Again this is at no cost and does not bind you to a particular lender if a better deal is available when you do actually need to make your full mortgage application.
How we can help first time buyers
Securing a mortgage, especially if you're a first time buyer can be a bamboozling experience. Our expertise enables us to:
- Look at your income and any existing commitments you have and determine a monthly budget and arrive at a mortgage figure that should be affordable to you
- Get you a Mortgage Certificate to verify your borrowing capacity to an estate agent
- Complete a full financial review and explain the different mortgage schemes, types of valuations and all the costs involved in getting a mortgage
- Arrive at what we would recommend to be the best option for you and provide you with full illustrations
- Complete a mortgage application with you to submit to the chosen lender and do all the work needed to get your Mortgage Offer produced
- Recommend a solicitor to you if required
- Advise you on what insurances you should consider
- Liaise with the lender, estate agent, solicitor etc. to move you as swiftly as possible to completion of the purchase.
What if I would like to buy the property I am renting?
Whether you are renting through the local authority or through a private landlord you might well be able to buy at a discount.
We can advise you on your options and how to negotiate a discount.