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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.
With our authentically human approach to mortgage advice for first-time buyer mortgages, we ignore all the online noise and opinions – it’s all about you and your first home. 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 have plenty of experience helping our customers to plan their monthly mortgage payments, check current interest rates, and even understand gifted deposits and how they work.
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faqs
What Mortgage Term should I go for as a First Time Buyer?
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!
How Do I Get A Mortgage As A First Time Buyer?
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.
How Do I Apply For A Mortgage?
Use the contact form to get in touch with one of our advisers and our team will guide you through the whole process. They’ll let you know what documents you need to send over in order to secure your agreement in principle.
How Much Deposit Do I Need?
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.
What Documents Do I Need For My Mortgage Application?
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:
- Your last three months’ bank statements
- Your last three months’ pay slips
- Proof of bonuses/commission
- Your latest P60 tax form, showing income and tax paid
- Your last three years’ accounts or tax returns (if self-employed)
- Proof of deposit (e.g. latest 3 months’ savings account statements)
- ID documents (usually a passport or driving licence)
- Proof of address (e.g. utility bills or credit card bills)
- A gift letter; If you’re receiving help with your deposit, the lender will need a letter from the person providing the gift explaining that they won’t part own the home and that it’s not a loan
What Is The Difference Between Leasehold And Freehold?
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.
What Order Does Everything Happen When Buying A House?
As a whistle stop overview the home buying process typically goes as follows:
- Contacting a great broker like ourselves
- Affordability – working out what you can afford to borrow
- Property Searching – finding the property you want to buy
- Making your offer to the estate agent/seller
- Offer accepted and now it’s on to finding the best mortgage rate for you
- Choose your conveyancing/solicitors firm and instruct them to process the sale
- Picking the right rate and lender…the full application process begins
- Searches
- Surveys
- Agreeing a completion date within your chain
- Sending your deposit over
- Exchanging of Contracts
- Finally…you get your keys!
What if I am a first time buyer but the person I am buying with isn’t?
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.
How can UKMC's first-time buyer advice help me?
Upon joining UKMC, you’ll be assigned a dedicated mortgage advisor and case manager, so you’ll have a single point of contact for your home-buying journey instead of being passed to different members of the team every time you have a query.
Your allocated first-time buyer mortgage advisor will liaise on your behalf with your chosen lender, surveyor, solicitor to help minimise stress and save you sought-after time.
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Book a call with our friendly team
Getting started couldn’t be easier. With a quick call, some basic information, we’ll perfectly pair you with an advisor.
Receive reliable first-time buyer advice
Your dedicated mortgage advisor and case manager will take care of all your paperwork, and keep you up to date with your chosen lender, surveyor & solicitor.
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And just like that, our team will have nailed down the entire process so you can get settled into your new home!
NEED SOME EXPERT FIRST-TIME BUYER HELP IN THE UK?
Regardless of whether you’d like to find out more about first-time buyer mortgages, your affordability, or the wide range of services we can provide here at UKMC, don’t hesitate to get in touch.
You can either 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.
Alternatively, why not speak to our supportive team in-person about mortgages for first-time buyers? Located in the heart of Warrington, this family-run business also welcomes office visits!
Regardless of whether you live in the UK, if you’re looking for a down-to-earth first-time buyer mortgage advisor to minimise the hassle involved in buying your first home, contact us today.
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