First Time Buyer Mortgages

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First Time Buyer Mortgages

Who qualifies for a first-time buyer mortgage?

You’ll be classed  as a first-time buyer if you or anyone you are buying a property with is purchasing your first residential property. If you’ve owned a house or flat before – in the UK or abroad – it’s unlikely that you will be eligible for any of the schemes designed by the government to help first-time buyers on to the property ladder.

How much deposit do I need to buy a house in the UK?

In almost all cases, you will need a deposit of at least 5% of the property price. That said, the average for a first time buyer in the UK is around 15%. The bigger the deposit, the lower your monthly repayments will be. The loan is considered a lesser risk with a higher deposit amount.

It’s true, it can be a little confusing. With so many lenders out there, all offering something similar, where do you go when you want the best advice about you and your circumstances?

Mortgage rates are forever changing meaning that the right deal for you might not be the one with the cheapest rate. You’ll need to factor in things such as upfront fees, early repayment charges, and minimum and maximum terms. It’s really very important to consider all factors when settling on a mortgage deal.

Ultimately, you’ll need to show that you have the income to comfortably cover your monthly repayments.

As a mortgage broker, we can help you find and secure the most suitable mortgage for you and your particular circumstances.

Please Note: A mortgage application is not a guarantee of an offer.

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