For First Time Buyers there are a specific range of products on the market directly aimed at those taking their first steps on the property ladder.
First time buyer mortgages are products specifically for those looking to buy their first home, being designed to make it easier to take your first steps on the housing ladder. Therefore helping those who may otherwise be put off buying a home as the result of a number of factors – most notably the need to save a large deposit.
The are many lenders that offer the kind of mortgages specifically for first time buyers. Some schemes – including the government’s Help to Buy scheme – can allow you to obtain a mortgage with as little as a 5% deposit – whilst most standard mortgages will require at least 10% or even more. The government scheme can boost your savings towards a deposit by 25%.
How to apply for a mortgage as a First Time Buyer
In order to qualify for a First Time Buyer mortgage the main criteria is that you should not have previously owned a home. If you should be a position of applying for a joint mortgage – with a partner for example – if one of you has previously owned a property, whereas the other has not, then you may still be able to apply. Check with your mortgage adviser, who will be able to clarify this for you.
As opposed to more traditional methods such as multiplying an applicants salary (or salaries), the majority of mortgage lenders now make their decisions based on an applicants affordability, meaning they will focus on both your income and your regular expenditure. It is always worth remembering that the more income versus the less expenditure will put you in a more favourable position.
Buying your first home can be one of the most daunting, yet exciting, times of your life. To navigate through the uncharted waters of buying a first home – we have a team of First Time Buyer specialists on hand to assist.
To speak to a member of our First Time Buyer team call us on 01249 474952 or complete the form below and we will be in touch.