First Time Buying
National Broker
First Time Buyer Mortgages
We understand the process of buying your first home can be daunting. Dealing with estate agents and solicitors, as well as arranging the mortgage itself, can be stressful. Journey Mortgages is here to take the stress away and guide you through the process.
As a buyer, you may have done your research and investigated affordability; you may have even pinpointed which area you want to live in. Buying your first home is an exciting prospect – but it also throws up a gauntlet of paperwork, percentages, and rates. Not all the necessary paperwork and jargon is easy to understand, let alone fully grasp.
But how do you work out which mortgage is right for you? Really right for you? Is it a repayment mortgage, fixed-rate, interest-only? What is a capital repayment? What is an early repayment charge?
As a first-time buyer, there are many loan options available – from help to buy schemes to guarantor mortgages. We are here to help you understand each option, and which options are suited for your needs.
This is where Journey Mortgages can help – not only are we independent mortgage brokers, but we are also mortgage advisors. What makes us different is that we are real people like you, who have taken out mortgages before, balanced bills, and juggled kids. We understand that every penny counts when taking out a first-time home buying mortgage, and the less you pay in interest means the more you have on hand to enjoy the finer things in life … or simply to repay your first-time buyer mortgage earlier.
We are here to assist you with advice to get your first-time home-buying mortgage in the UK. We can even look at a rate that you have been currently offered to see if we can provide something more affordable, or in line with your financial goals.
Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk
FAQ
In order to achieve the best interest rates available, the higher the deposit the better it is. There are lenders offering 95% and 90% mortgages, so if you meet their criteria, then potentially you will require 5 or 10% as a deposit.
Being a first-time buyer does not put you at any disadvantage with regard to obtaining a mortgage. You are treated the same as any other customer, it’s just the products and schemes that are available, will be different for you. Every case is assessed on its own merits, and we are here to help and guide you along your journey.
The short answer is No. The long, well there are lenders that will consider lending if a parent were to be guarantor to your mortgage, or by depositing funds into a fixed account to constitute a deposit, meaning that you personally may not have to put a penny down towards the mortgage. There are many options available or First Time Buyers, with Journey Mortgages being whole of market mortgage brokers, we have access to a wide array of lenders that can help depending on your needs.
Yes lenders may offer any LTV to first time buyers. Having a bigger deposit will mean that your interest rates may be better than having a lower deposit. Whether you are putting 10% or 50%, our panel of lenders should be able to assist.
You will qualify as a first-time buyer if you, and your partner (if this is a joint application) have never bought/owned a property before. If only one of you or your partner have owned a property before, then you will both not be classed as first time buyers.
The best lenders for first time buyers very much depends on the merits of each induvial case. There is no “one size fits all” approach to mortgages, it is all assessed individually. Using Journey Mortgages will ensure we find the best suited lender for your needs.