Independent Mortgage Brokers
First Time Buyer...
Buying a house is the largest financial commitment most people ever make therefore it is important to get it right. There are thousands of different mortgage schemes to chose from which makes this a very competitive market place and the right mortgage for you may not be the same as the right one for someone else. It is very important that you receive the right advice as a mistake could be very costly.
Someone who is buying a house for the first time will often receive special deals from a lender. These may include a free survey or a small cash-back on completion to cover some of the costs. Sometimes the lowest rate isn't always the best overall deal though and sometimes you can end up repaying any 'freebies' back in hidden costs or in the rate of interest.
Many first time buyers will struggle to save up for a deposit but there are lenders who provide 100% loans still at competitive rates, they may also add some of the fees such as solicitors and survey costs. Just complete an enquiry form to see if you would be eligible.
With house prices increasing so rapidly in the present climate many purchasers struggle to borrow enough money to get on the ladder because of their income. Lenders are starting to recognise this problem and are trying to develop new approaches to how much they will lend. Some will look at affordability rather than income multiples while others will stretch their income multiples if you are fixing your payments or if they can see that your income is likely to increase significantly over the next few years because of your chosen career path. An important point to consider is that you can still afford the monthly payment within your own budget.
Please complete the budget planner to calculate the realistic monthly budget for your mortgage and associated costs.
Some lenders will take parents as guarantors for the loan in other words the guarantor will pay the monthly payments if you can't, therefore guaranteeing that payments will be met. This does mean that they will ask for proof of your parent's income & expenditure.
It is important that you understand the different types of rates available as well as different repayment methods if you are buying for the first time so please ensure that you read through types of rates and types of repayment so that you can make some informed decisions. Please contact us if you have any questions.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For mortgage advice you can choose how we are paid, pay a fee of usually £500, or we can accept commission from the lender.
The FSA does not regulate legal advice and some forms of mortgage.
The overall cost for comparison is 9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
