first time buyer mortgages

How to get on the ladder

Your home may be repossessed if you do not keep up repayments on your mortgage

Our Range Of First Time Buyer Mortgage Deals Could Help You Get The Keys To Your New Home.

Getting onto the property ladder can be a big step.

First time buyer help

Getting ready to take your first step on the property ladder? We offer a completely free first time buyer intro call. We will spend 30 minutes explaining the whole process, step by step. Find out what to look for in a property, the types of mortgages we have for you, how to apply and much more. We can even get you a Decision in Principle so that you can prove to the Estate Agents that you’er ready to proceed.

How do I know what my credit score is?

You can access your credit score and your credit report by registering with one of your credit reference agencies. Experian or Equifax are the most common credit reference agencies that Mortgage Lenders use, so by accessing their reports, Mortgage Brokers can offer a good indication as to what the lender will decide.

If you don’t think your score is where it needs to be, there are a few things you can do to help increase it. One of the first things is to ensure you’re registered on the electoral roll at your current address. Build up a credit history, as having little or no credit does actually make it harder for the lenders to assess your profile because they can’t see that you’ve borrowed and repaid money in a reliable way.

Do I Qualify As a first time buyer?

If you don’t currently own a home, then yes, you could qualify as a first-time-buyer (FTB). Whether you qualify for a ‘first-time-buyer mortgage’ is a different scenario and this all depends on your income, expenditure, the size of your deposit and credit file which has been covered above. Some lenders will classify you as a FTB even if you have previously owned a house although this is lender specific.

How Long does the buying process take

The typical first time buyer mortgage process takes on average 3 – 12 weeks. This time frame is wide because there are many factors at play here. The mortgage for example, could be approved in 24 hours. The mortgage offer could be produced within 2 – 6 weeks. The actual process can then add more days or weeks to this process depending on:

1. Whether or not the solicitor is ‘on the ball’, OR if they encounter any problems/issues along the way which would need to be resolved and/or

2. The seller and the rest of the chain would need to have their ‘ducks lined up in a row’ in regard to their mortgages being sorted and their completion and moving in dates all being agreed upon. If one of these factors breaks down, or someone in the chain pulls out, the process can really drag on.

What are the fees?

What other fees should i need to consider? Here’s a list. Please bear in mind they are’nt always applicable.

How much Deposit do i Need?

In most cases, you will need a down-payment as a first-time-buyer. the higher the deposit, generally speaking a better deal or rate will be available from the mortgage lender.

Can a family member help?

Yes, the whole deposit or even just part of it, can be provided by a close family member. When a family member does provide a deposit, the lender will want them to provide it to you as a ‘Gift’ and not a ‘Loan’ which is due to be paid back at some point in the future.

Agreement in Principle explained

An Agreement in Principle is the very first step of the mortgage process. It’s where the lender will indicate how much you can potentially borrow. The lender will search your credit file and assess the property value, your deposit amount, your income details, and whether you’re employed or Self-Employed. This helps them to make a decision on whether they will lend the funds or not.

Book in for our free 30 minute agreement in principle call

Once you've completed your Agreement in Principle with us, we'll guide you through your online application. If you decide that you'd like some help, you can ask to speak to one of our mortgage and protection advisers at any point.

Chat to us

During our call we will spend time explaining the whole process, step by step. We will provide an agreement in principle, discuss the types of mortgages we have for you, how to apply and much more.

Start viewing properties

Once you've got your decision in principle you're good to go. Once you've found a property and had an offer accepted we will then arrange a further meeting to discuss your mortgage options in more detail.