First Mortgages for First-Time Buyers

Buying your first home and getting your first-time buyer mortgages are one of the biggest decisions you’ll make. If you’re looking to get on the property ladder then we’re here to guide first time buyers.

Can I get a first-time buyer mortgage?

Buying your first home is a big decision. Aside from getting married and starting a family, it’s probably one of the biggest life decisions you will make. Getting your foot on the property ladder can also be daunting.

A guide to mortgages

Regardless of whether you are buying on your own, with a spouse or partner, or with the help of your family, there are a lot of things to think about when it comes to getting on the property ladder.

What is a First-Time Buyer Mortgage?

Buying your first home is a big step, so many lenders offer mortgages specifically designed to help first-time buyers get on the property ladder. As with any mortgage, your lender will want to assess how much you can afford to borrow before they offer you a mortgage. Typically, the larger the deposit you have saved, the more money you will be able to borrow.

Also, putting down a bigger deposit may give you access to more competitive interest rates, which will help bring the overall cost of your mortgage down further. Find out more about how you can get a mortgage with a low deposit here.

Why do I need one?

If you’re buying your first home, have never owned a residential property before, or have only owned commercial premises with no living space attached, chances are you will need a first-time buyer mortgage to purchase the property.

As a first-time buyer, mortgage providers will lend to you only when they are satisfied you can meet their affordability criteria. This means they will check to ensure your income is reliable and that you will still be able to make repayments if, for example, interest rates increase, you lose your job, start a family or experience any other change in circumstances.

Another thing you may need to bear in mind when taking out a first-time buyer mortgage is whether you can afford the other costs associated with buying a home. For example, on top of your monthly mortgage repayments, you may also need to pay any arrangement and valuation fees, along with survey, legal and moving costs and insurance, not to mention your monthly household bills and living costs. Stamp Duty may also apply, although first-time buyers  are exempt from paying Stamp Duty on the first £300,000 of properties worth up to £500,000. 

How can I get one?

Buying your first home is a huge commitment, so making sure you get the right first-time buyer mortgage is vital. If you’ve struggled to find the mortgage you need to get on the property ladder, you’re in the right place.

My Mortgage Pro can connect you to an expert mortgage adviser who can give you the right advice to suit your circumstances, before recommending the lender and first-time buyer mortgage that’s right for you. Our parent company James Alexander Financial Services  have many years’ experience in arranging mortgages for first-time buyers. We can connect you to a mortgage broker with the right skills and expertise to scour the whole first-time buyer mortgage market to secure the best deal for you.

So, if you’re looking to get a foot on the first rung of the property ladder, get in touch today. We’ll hook you up with an authorised and regulated mortgage adviser who specialises in first-time buyer mortgages and can find the best lender and mortgage deal to meet your needs.