Find the Right Mortgage for You

As a first-time buyer, there’s a great range of first-time buyer mortgages to suit your circumstances and your budget and to help you get on the first rung of the housing ladder.

As you’re new to the housing market, you may well be offered incentives or cashback schemes to encourage you to apply for a mortgage with them. The deposit you’ll need for a first-time buyer mortgage could be as low as 5% although, again, you’ll need to meet the relevant criteria to show you can afford your mortgage repayments.

You’ll also need to consider what type of first-time buyer mortgage will be right for you. There are several that you might be offered – your mortgage adviser will be able to talk you through the mortgage product that’s right for you, but here are the key features of each:

• A fixed-rate mortgage is a sensible option for first-time buyers because you’ll pay the same monthly payment for as long as your fixed-rate period lasts. After that you can apply for a remortgage to secure another good deal. If you overpay or leave the deal early, you’re likely to pay a penalty, but the rates are usually lower than a variable rate deal.
• Variable rate mortgage monthly repayments are linked to the bank base rate so, when rates are low, your repayments will be low too, but you’ll pay the price should rates rise. Tracker mortgages and discounted rates are also guided by the bank base rate.
• Offset mortgages offset the interest on your savings against your mortgage – talk to your mortgage adviser to check if this is the best use of your savings.
• A repayment mortgage means that every monthly payment you make will go towards paying the capital sum you’ve borrowed until you own your home outright.

When you’ve made the decision to move to a new house, remortgage, or get onto the housing ladder you’ll need a mortgage to fund your purchase. Before you have finalised anything, you’ll want to ensure you’re eligible to borrow enough funds to secure your new home.

The first step should always be to talk to a specialist mortgage adviser. They will talk you through your options, check to see if you’ll qualify for a mortgage and can afford the monthly repayments before you reach the application stage.

All mortgage applications are subject to strict lending and eligibility criteria. A number of factors will determine whether you’ll qualify for a mortgage, including:

• the size of your deposit.
• how much you want to borrow
• and your credit history.

Your credit rating, employment status, your income and expenses, existing borrowing, dependents and age will also be assessed to verify your mortgage eligibility.

Your mortgage adviser will run through your financial history, your salary and your budget. You will also be subject to identification checks and are likely to be asked for evidence of any savings and/or investments and your earnings.

To make the process go a little quicker, you could print off recent payslips, tax documents, and bank statements, etc. ready for mortgage appointment. Oh, and don’t forget to take your driving licence or passport to use as ID.

Your mortgage adviser can also carry out a ‘soft’ credit search that won’t impact your credit score, so you’ll be able to start the application process with confidence.

If you’re thinking of applying for a mortgage, talk to our team of expert mortgage advisors and we’ll arrange a convenient time to meet you and check your eligibility. Call us on 03454 500200 or click here to make an enquiry.

When you’ve made the decision to move to a new home or remortgage your existing property, getting the mortgage deal is likely to be at the top of your list of wants. By far the most effective way of securing a good mortgage rate from a trusted provider is to talk to an expert mortgage advisor. A good mortgage specialist will have access to the most competitive rates available on the market and be able to find a deal that’s the right fit for you and your circumstances.

Before you start house-hunting, you’ll need to do some groundwork to assess how much you can afford to spend on your new home – remember to include your deposit, legal fees and Stamp Duty, etc. When you have an idea of what you need to borrow, you can then work out what your mortgage payments are by using our mortgage repayment calculator.

By talking to a specialist mortgage adviser early on in the process, you’ll get all the advice you need on the mortgage product that’s right for you. Your deposit, your age and having a joint borrower may determine the rate and the term of your mortgage.

You’ll need to decide which type of mortgage you’d like, such as a fixed-rate, variable rate, first-time buyer, repayment or interest-only mortgage. There may be fees, penalties and, of course, incentives available that could also sway you towards a particular product too.

When you’ve found the right mortgage product, your mortgage adviser will get the ball rolling and, when you’ve found your dream home, the next exciting step will be to make your offer.

No matter where you are in the house moving process, talk to our team of expert mortgage advisors and we’ll guide you through it all. Call us on 03454 500200 or click here to make an enquiry.