Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
Buying a house for the first time can seem daunting, especially if you’re unsure what you’re letting yourself in for. After all, there’s a lot
Feeling frustrated as a first-time buyer by mortgage jargon and empty promises from big banks? From deals and deposits to schemes and surveyors, we understand that buying your first home can feel overwhelming.
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To get a mortgage as a first-time buyer with UKMC, start by booking a free 20-minute call with a member of our team to explore deposit options and benefit from available schemes. We’ll secure an Agreement in Principle (AIP) to show sellers you’re a serious buyer.
Once your offer is accepted, we’ll apply for a formal mortgage offer from your lender. You and your solicitor will conduct the necessary property survey and legal searches, exchange contracts, and we’ll help you finalise the purchase. We ignore all the online noise and opinions – it’s all about you and your first home.
Our years of invaluable experience and expertise will help you understand and navigate the entire home-buying process with ease, allowing you to focus on the most important things – like new flooring, comfy couches, and where to put the TV. Whether you’re worried about borrowing enough money or have had to reduce your deposit, we can help you overcome these issues with our expert first-time buyer mortgage advice, getting you closer to your dream of owning a home.
We specialise in making the mortgage process simple and straightforward. We’ll help you to understand and navigate through the entire home-buying process with ease, leaving you to focus on the most important things – like new flooring, comfy couches, and where to put the TV.
Our years of invaluable experience and expertise in finding the best mortgages for first-time buyers will get you closer to your dream of owning a home. Regardless of whether you’re worried that you won’t be able to borrow enough money to afford your ideal property or you’ve had to reduce the size of your deposit, we can help you to navigate these issues with our expert first-time buyer mortgage advice.
We search the whole of market, looking and comparing 1000s of mortgage rates for you. We’ll review your eligibility across hundreds of lenders and make sure to find the most suitable deal for you!
You’ll be assigned a dedicated mortgage adviser and case manager from your first call with UKMC, providing you with a single point of contact throughout your home-buying journey, ensuring you won’t be passed around to different team members for each query.
Your personal first-time buyer mortgage adviser will liaise with your chosen lender, surveyor, and solicitor on your behalf, helping to minimise stress and save you valuable time.
With our easy access portal, you’ll be able to seamlessly access and download comprehensive reports on your property with just a few clicks.
Reports include:
Broadband speed
Energy efficiency rating
Property price trends in your postcode
Breakdowns of property types, tenure, professions, and crime in your area
Flood risk
Geology report
Infrastructure projects
Radon risk
You can also access a handy home buying check list!
Life happens, and let’s face it, when you work a 9-5 job, it’s often impossible to make appointments during standard business hours. That’s why we offer late-night appointments 5 days a week. We are committed to accommodating your schedule, ensuring you receive the support you need at a time that works best for you.
When determining how much you can afford, consider your annual salary and other income as well as any pre- or post-tax deductions such as share save schemes, season tickets, or student loans. Estimate your borrowing capacity and check your credit file for any unknown late or missed payments. With this information and your deposit, we’ll know the value of properties you can potentially purchase.
Deciding on a mortgage product involves considering interest rates, your deposit, the mortgage term, and any associated fees. It's crucial to ensure you can afford the mortgage while maintaining your standard of living. While opinions on suitability vary, the mortgage must fit your current needs and personal circumstances.
To strengthen your negotiating position when purchasing a property, consider applying for an Agreement in Principle (AIP) from your chosen lender. This confirms your offer with the estate agent and indicates the amount the lender is willing to lend after a credit check and affordability assessment. Also known as a Mortgage in Principle (MIP) or Decision in Principle (DIP), an AIP is a useful tool in the home-buying process.
You can start your search online and with local estate agents at houses in the right area you would like to view. Set out a criteria does it have to be 2 or 3 bedrooms? Do you mind if there is no off-road parking? These are all things you need to consider when buying your first home, but it will make your property search a lot easier!
Once you have found your property and have had an offer accepted, you will need to appoint a solicitor to carry out the conveyancing. Your solicitor will tell you how much you can expect to pay and might ask you to pay for the property searches upfront. There are plenty of solicitors to choose from locally, or ask your adviser and they will be able to point you in the right direction.
Once the offer has been accepted and you have chosen your solicitor, we will go ahead with your chosen lender and make the formal mortgage application – submitting all supporting document too, such as your payslips and bank statements.
Once your lender has received your application and assessed the relevant documents they have requested. A survey will be booked on the property you are purchasing. The lender will assess your application alongside the valuation survey and underwrite the case to produce your formal mortgage offer.
At this stage, the mortgage has been formally approved by your chosen lender.
A copy will also be sent to your adviser and solicitor, so that they can begin the legal work associated with the property.
At UKMC we stay in contact with you and your solicitor to make sure you have a smooth transition into your first home!
Once the solicitor has completed their work and you have exchanged contracts with the vendor, you’ll set a completion date. Just like that, you’ll own your own home. You'll be able to decorate your space the way you want.
The next time you hear from us will be when it's time for your first remortgage!
This is designed to give first time buyers the opportunity to buy their home at 30-50% discount.
This scheme helps first time buyers get onto the property ladder by allowing them to only put down a 5% deposit.
This is where you buy a share of a home & pay rent on the other share. You can buy a bigger share in the property up to 100% of its value.
There are so many options when it comes to boosting your affordability book a free call with a member of our expert team and let’s make you a homeowner.
A typical mortgage term is usually around 25 years. However, lenders can offer you a mortgage much longer than this depending on your age and personal circumstances.
If you choose a longer the mortgage term, the lower your monthly repayment will be, as it will take longer to pay off. However, you’ll end up paying more interest to the lender over a longer period of time.
If you choose a shorter mortgage term, the higher the monthly repayments will be, but you will clear your mortgage quicker and pay less interest to the lender.
When choosing how long you want your mortgage to be, think carefully of your monthly budget, because you’ll be committed to paying this every single month!
This depends on your personal circumstances! But you will need to contact us by filling out a form or calling us.
You’ll need to demonstrate to lenders that you’ll be able to afford the monthly payments, and they’ll also want to see how you’ve managed debts in the past. To do this, they’ll get a copy of your credit report, so it’s worth requesting a copy yourself before applying so you can see how good your score is. We can help you understand what the lenders are looking for and help you with ways to improve it.
Most lenders will ask for 5-10% of your purchase price, so for example, if you were to buy a home for £225,000, you’d need £11,250-£22,500 deposit for that home.
However, there are products called 100% mortgages, which means you do not need a deposit as a first-time buyer. This is aimed at helping renters over the age of 21 get onto the property ladder. They generally come with no fees and are subject to affordability and credit score as well as evidence of 12 months of good track of rental history.
Lenders will want to verify the data used on your application before they can issue you a binding mortgage offer, so to make sure the home buying process is as stress-free as possible, it makes sense to get everything you need to hand prior to applying for the mortgage.
Your lender may want to see any or all of:
The freeholder of a property owns the property and the land that the house is situated on.
If you buy a freehold, you’re responsible for maintaining your property and land, so you may need to budget for these costs. By owning the house as freehold, you won’t need to worry about paying ground rent, the lease running out, or having to deal with the freeholder (landlord).
With a leasehold, you own the property (subject to the terms of the leasehold) for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder, unless you can extend the lease.
If you wish to apply for a joint mortgage and qualify for the stamp duty relief, both applicants must be first-time buyers.
To be eligible for any first-time buyer schemes, it is essential that all individuals mentioned on the mortgage are first-time buyers.
Typically, you can borrow between 4 to 4.5 times your salary for a mortgage as a first time buyer. If you’re buying with someone else like a partner, this will be based on your combined salary. However there are many first time buyer schemes and help which can boost your affordability.
You can either book a call here at your convenience or give our friendly first-time buyer mortgage broker team a call today on 01925 573328.
Request a call back at a more convenient date and time using our online contact form, or simply send us your enquiry via email to hello@ukmc.co.uk
Why not speak to our supportive team in-person. Located in the heart of Warrington, this family-run business also welcomes office visits!
Find expert guidance, and all the information you need to make informed decisions on your path to homeownership.
UK Mortgage Centre is a trading style of Refresh Mortgage Network Limited. Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. FRN – 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.
The guidance and/or advice obtained within our website is subject to the UK Regulatory Regime and is therefore primarily targeted at customers in the UK
