First-Time Buyers

first time buyer mortgages

The current market climate will present both positives and negatives for those who want to buy their first home.

Rising interest rates are a concern for all, but maybe more so for those looking purchase their first property.

This is because the smaller the deposit is, the higher the interest rate offered will be. Yet even here there may be issues, with some lenders cutting back on their 5% deposit deals, with concerns that negative equity may rear its head in the future.

It’s understandable that some potential first-time buyers may be put off, but it’s vital that you take professional advice first, to identify what’s in front of you, as positive options may well exist.

Stay renting

Like normal residential borrowers, many landlords will have mortgages too for their rental properties, and they may pass onto their tenants their increased borrowing costs. Also, unlike buying your own home, the monthly rental payments will not be going towards possibly building your own property asset value.

Buy a property

A positive scenario is that interest rate rises may bring about a calming down, or even a reduction in house prices, which would be good for the first-time buyer.

Stamp Duty

If you’re purchasing a property (in England or N. Ireland) then even if it cost as much as £425,000, there would no longer be any stamp duty to pay. Other residential borrowers would face a comparable tax bill of £8,750, increasing to £14,000 for landlords.

Check your Credit Rating

Not being on the Electoral Register, or missing paying a monthly mobile phone bill can work against you, so do check and resolve any issues.

A credit score is designed to try to predict your future behaviour. So, those with a poor score may suffer, as can others who have no credit history at all!

Make sure you check your rating at one (or some) of the following:
– Checkmyfile – Tel: 0800 086 9360 (this brings together most rating agency results) –
– Experian – Tel: 0800 013 88 88 –
– Equifax – Tel: 0800 014 2955 –
– TransUnion – Tel: 0330 024 7574 –

As every lender has its own ‘perfect customer’ profile, a rejection from one isn’t necessarily a rejection from all.

By talking to us we’ll have a better feel for items which may score you down and where you might get a more favourable response for credit.

Benefit from our wide market knowledge

We can help you with your application, factor in any financial support from parents (or grandparents), consider any specific government help, identify areas to improve once you obtain your credit score (see box item), and then scour the market for the most suitable deals on offer.

If this route is of interest for you (or a family member), then please get in touch to find out more.

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Excellent service, highly recommended. Great communicators and very helpful for us as first-time buyers.
Always there to help with helpful and honest advice, would recommend to anyone. We are first time buyers and they really helped with simplifying all the jargon and giving us great advice.
Chris M
Great communication and customer service throughout the process.
A very helpful, trustworthy and straight,-talking service that got us the result we wanted.
First time buyer
Very informative personnel, happy to help and easy to communicate with. I would definitely recommend.
Excellent service! Couldn't ask for.more. thank you so much !!
Mr&Mrs Martin
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