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First Time Buyer Mortgage Advisors

Our first time buyer mortgage advisors ensure that you can focus on the excitement of purchasing your first home, confident in the knowledge that we will find and arrange the best mortgage for your situation.

Buying your first home can feel every bit as daunting as it is exciting and fun. As well as having to make key decisions about where and how you want to live, getting to grips with the different processes and complex terminology is enough to overwhelm anybody. We make finding and arranging your first mortgage straightforward and stress-free, by exploring all of Your Mortgage Options and presenting this back to you in a way that is simple to understand.

We are specialists in providing advice for first time buyers. Not only will we find and arrange the best mortgage deal for your circumstances, but our experts will guide you through the homebuying journey from start to finish.

With so many big decisions to make all at once, it is so important to get the right advice when it comes to buying your first home. Being completely independent, we offer genuine, unbiased advice to help make your property-owning dreams come to life.

First Time Buyer Mortgage Advice

If you’re like most first time buyers, you’ll need to borrow in order to be able to take that first step onto the property ladder. However as you’re new to the process, it’s natural to have a lot of questions and possibly some anxieties about finding the right mortgage, and how it all works. Even if you’ve started to look into it yourself, there are so many different mortgages and lenders to choose from, and so many different terms used that you may not have ever heard before.

It can be difficult to know where to begin, let alone searching for and arranging a mortgage that best suits your circumstances. Without the right guidance, you might end up making a costly wrong decision which could spell disaster for your future finances. This is why it is so important to get independent advice from an expert who specialises in first time buyer mortgages. From exploring all of Your Mortgage Options across the whole market to guiding you through the entire process, it’s our aim to make buying your first home a stress-free and enjoyable experience.

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Benefits Of Speaking To A First Time Buyer Mortgage Advisor

Whole of Market Access

With so many mortgages to choose from, only looking at deals from one lender means you’re unlikely to end up with the best option. Our first time buyer mortgage advisors have access to the whole of the market, including products not available from high street lenders.

We Are On Your Side

We work for you not the lender and will act solely in your best interests. You can therefore be confident that the mortgage we recommend will be the best available product to suit your circumstances as a first time buyer.

We Do The Hard Work For You

At Your Mortgage Options we leave no stone unturned when assisting you with the purchase of your first home. We guide you through the whole process end to end, including all the paperwork, solicitors and conveyancing.

We Consider Your Circumstances

We take the time to understand your individual circumstances. This helps us to find the right first time buyer mortgage that works for you and your family. We’ll assess what you can realistically afford and guide you through all Your Mortgage Options.

First Time Buyer Mortgage FAQs

While lenders usually prefer at least 10% of the property value as a deposit, many offer first time buyers the chance to access 5% deposit deals as a way to get on the property ladder. These are known as 95% mortgages. However, a lower deposit typically leads to higher interest rates and less flexibility.

If you’re able to, it can be beneficial to save up more and put at least 10% down, as this will increase your options and allow you to access a better deal. The more money you can put down for your deposit, the less you’ll need to borrow from the bank. And if you have a bigger deposit, you’ll have access to more competitive mortgage rates.

Although this all depends on your current situation. For example if you are renting you might want to buy as soon as possible, and getting together more than 5% for your deposit might not be feasible. Speak to one of our first time buyer mortgage experts today for advice based on your unique circumstances.

Lenders will calculate how much are you are allowed to borrow based on a number of factors, including (but not limited to):

  • How much deposit you can put down
  • Type of employment
  • Your salary (combined if you’re buying with a partner)
  • Your monthly outgoings
  • Your credit history and rating

Using the above information, lenders will provide you with a maximum amount that you can borrow. It’s always best to first speak with a mortgage advisor, so you know what will be affordable when looking at properties for your first home. This way you can avoid the disappointment of being rejected for a mortgage once you’ve got your heart set on your dream home.

First time buyer mortgages typically fall into one of two categories: Fixed Rate Mortgages and Tracker Rate Mortgages. The right type of mortgage for you will depend on your personal circumstances; your mortgage advisor will be able to guide you towards the best option.

Fixed Rate Mortgages

This means that your mortgage rate is fixed for a set period, often 2 or 5 years. The advantage of this is that you can accurately budget each month, since you know that your monthly payment will remain the same. Should you wish to pay off the mortgage amount early or change the terms of your mortgage, this will usually come with an early repayment charge.

Tracker Rate Mortgages

Tracker rate mortgages are generally tied into following the Bank of England base rate. This means that you can’t rely on your monthly payment staying the same, as it could increase or decrease depending on the Bank of England base rate (decided every 3 months). Some lenders have their own SVR which trackers may also follow.

The most common term for first time buyer mortgages is 25 years, but 35 year and even 40 year mortgages are also available. Longer term mortgages might come with higher arrangement fees and interest rates attached, but they can offer a degree of flexibility which is helpful for first time buyers, especially those who might have fluctuating income.

For example if your deal allows you to make overpayments (which many do), you could pay extra on your monthly repayments when your income allows you to do so. If times become a bit tighter and your income is reduced, you could then revert back to repaying the smaller amount.

Speak to one of our specialist first time buyer mortgage advisors to find out which mortgage term would be best for you and your situation.

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