Buying your first home is an exciting prospect. However, it is often a difficult process. Therefore, it is often necessary to seek expert advice to secure your first mortgage. Overall, these of the main things you should consider when applying for a mortgage as a first time buyer. 

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How much deposit do I need?

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Frequently, first time buyers are rejected from lenders based upon their deposit size. This typically needs to be a minimum of 5% compared to the mortgage value, however lenders can have a much stricter set of guidelines.  

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Importantly, this does depend on the specific lender and mortgage product, as some are more lenient than others. Therefore, to prevent your deposit size holding you back from your first mortgage, it is necessary to consult professional advice as we will locate the most suitable lender and mortgage product for you. ​

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Family assisted mortgages

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Family are often unaware of how much assistance they can be to the purchase. Their income and assets can be added into the equation to allow your mortgage to be agreed on either better terms or for an increased amount. Family do not need gift the money, they can simply use equity sitting in a property or money sitting a savings account as collateral without losing control of it. 

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How much will my mortgage repayments be?

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This will depend upon your mortgage type, amount borrowed, rate of interest, term and added fees. To put it simply, there are a number of inputs that will influence your monthly repayment amount, and it is important to consider all of these when deciding on the affordability of a mortgage. 

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Therefore, finding the best mortgage product may prove difficult as monthly repayments can vary massively across lenders. 

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What mortgage type is best for me? 

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There are numerous types of mortgages available for first time buyers. We will work with you to find the best fit for you, given your specific circumstances.

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These include:

• Fixed.

• Tracker.

• Variable.

• Discount Variable.