First Time Buyers Mortgage

Are You a First-Timer?

If you are looking for a first time buyers mortgage deal and you find yourself wondering how much money you will need to purchase your first home then this might just be the information you have been looking for.

Here, we’ll take you through the process of buying your first home. So everything that you need to know, such as ‘How much deposit will I need’ and ‘What do I need to prove my earnings?’

Deposits For First Time Buyers

Finding a deposit is enough to put a lot of first time buyers off. You might assume that you’ll never be able to afford your home.

As a rule of thumb, it’s best to save around 5% and up to 20% of the estimated of any new home you might be interested in. So set you budget and work around that. Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market. It will open up your prospects.

Monthly Mortgage Repayments

It’s one thing to have a deposit, but it’s another thing to have the funds each month to comfortably pay your loan. Make sure that you really can afford that particular house. It’s advisable to stick to a comfortable budget. If you push yourself you may run into trouble later on. If you had something big to pay out for that couldn’t be put off, could you do it?

We can’t consider every single thing that might impact our lives into the future. For instance, we hope our job is safe but we can’t guarantee it. This is something that is somewhat out of our control. But the amount that we have coming out each month is pretty much set in black and white. If you know that you are pushing the boundaries of what you can afford then you might want to compromise on the properties that you are looking at as a first time buyer.

Do You Know About The Help to Buy Scheme for First Time Buyers?

Help to Buy is a government scheme that can help first time home buyers get a property with just a 5% deposit. This is such a valuable scheme and well worth thinking about.

What Type of Mortgage?

There are so many mortgage types out there and choosing the right one can be a little tricky. This is where a mortgage broker comes in. There are so many variables and things to consider when you are hunting for a first time buyers mortgage that getting professional mortgage advice will ensure that you get the very best mortgage deal for you and your circumstances.

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It’s our first time to use The Mortgage Brain and they did not disappoint! What a brilliant team. They will guide you all throughout the process, which is very helpful to us as first-time buyers. They are quick and responsive to emails, transparent, and very efficient. Amazing customer service. Special thanks to Liam, Kaitlin and Chloe for making all things smooth for us.

The company and the staff are among the very few people I have dealt with whom I won't hesitate to recommend to family and friends. Darren and Laura are always ready to answer any questions and when they are not sure, always try to find it for you. They made my house buying journey so smooth and effortless and for that am grateful. I will recommend them at heart beat.

Really helpful throughout the process of buying our first home. We had no problems and all went smoothly. We also arranged some insurances through them but felt that this part has been less smooth for some of these and we are still waiting for some of these to be sorted. However, when contacting them about this we have always had fairly prompt replies.

Excellent service all round. Sarah listened to my requirement and matched it up perfectly to the proposal she sent across. The price was competitive and beat my existing provider, but still had all the existing benefits and more. She kept me informed at every step of the process and the end to end process from enquiry was speedy and efficient. I can't recommend them enough!