First Time Buyers Mortgage

First Time Buyers Concerns

It can be daunting. So many deals, so many lenders. Just how do you choose the right mortgage when you are first time buyers?

Whether you look online and do it yourself or choose to use a mortgage broker, finding a mortgage when you haven’t yet got one foot on the property ladder can seem like an impossible task. You worry that you aren’t earning enough, that you won’t get a great deal, you’ll ponder that late credit card payment back in 2019. Will it effect my chance of a good mortgage deal?

First things first. Where would you like to live? Can you afford to live there? Is there anything for sale in the area? Or are you past that point? You already know exactly where you want to buy a home and in fact you have seen the perfect house. You want it, want it, want it….now what?

Finding a Mortgage Broker

A mortgage broker is s an intermediary who brings potential home buyers and mortgage lenders together. A mortgage broker looks for the best fit in terms of the you the first time buyer’s financial situation and interest-rate requirements.

In the UK mortgage brokers must either be regulated by the FCA (Financial Conduct Authority) or be the agent of a regulated firm.

Are there any brokers near you? You don’t need to find a local broker of course. We regularly find deals for first time buyers over the phone or over the internet. But if you prefer to sit down with someone and discuss your needs then just type in ‘mortgage brokers in Gloucester’ Or whatever area applies to your search.

Calculating The Amount That You Can Borrow

Mortgage interviews are a little tougher than they used to be. Of course, income and big bills such as utilities & debt come into it but lenders are now much more thorough when it comes to checking other outgoings. Responsible lending has become a bit of a buzz phrase. They may want to know how much you spend on your weekly shop, gym membership, school fees and other outgoings.

Don’t let this put you off. Owning your own home is more cost-effective than renting in the long-term. The key is to be honest with yourself first. If you know that you can afford the repayments and still have money to spare each month then go into that interview with confidence. Using a broker can often make first time buys feel more relaxed and we find that they ask questions that they simply wouldn’t ask the lender directly.