First time buyers mortgages made simple

We’ll take the worry out of buying a property and help you navigate first time buyer mortgages, with expert knowledge and the guidance you need to make the right choice.

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How much can I borrow?

Found a property? About to start your search? Change of circumstances? Use our mortgage calculator as a guide to help you plan your property purchase or next move.

Our system automatically presents you with an estimated figure of the amount you could borrow from a lender. However, this is just a guide and any mortgage will be subject to affordability and credit checks. We recommend you also speak to us to get a more precise figure. Our expert mortgage advisors based in Horsham have the experience to guide you through the mortgage application process, asking the appropriate questions that we know are important to lenders.

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Disclaimer

Our mortgage calculators give you an idea of what you could borrow based on the information you provide. This information is only a guide and we advise you to seek advice from a qualified mortgage broker such as Private Wealth Mortgages before making any decisions.

Getting a precise loan amount will depend on a range of factors, including: your income, monthly outgoings, the amount of deposit you have, your age, personal employment situation and credit score.

Buying a home for the first time should be exciting, but in reality it can be time-consuming and overwhelming. The hunt for the right property, raising funds for your deposit and choosing one of many first time buyer mortgages on the market are just a few of the challenges you face.

At Private Wealth Mortgages we know this is probably new to you, which is why we do more than simply present you with a list of lenders. We make a promise to help you navigate every stage of the mortgage process, offering exceptional customer service, knowledge and expertise you can trust. Our mortgage advisers are all fully qualified and together they have decades of experience advising customers on the most appropriate loan for their property purchase.

Our work begins with getting to know more about you and an assessment of what you can afford. We also take into account your personal circumstances, such as possible career progression and your plans for the future, as well as any other factors that could influence your ability to repay a mortgage. We will then be in the best position to suggest the right mortgages for you.

As well as recommending the mortgage products that fit you, your lifestyle and goals, we guide you through the application process. That includes step-by-step advice on gathering facts and figures required by banks or lenders, and completing your application forms. We can even support you by providing or recommending additional services including conveyancers, accountants and insurance policies. You’ll find more information about those services, here.

One of our first time buyer mortgage experts will be on-hand to help you right through to completion, until you get the keys, no matter how minor your problem or query might seem. Our objective is to provide the service, knowledge and advice that ensures the entire process of buying your first home is less stressful and more enjoyable.

Call us on 01403 270006 with any questions or to discuss your first-time property purchase with one of our experts today. Alternatively, click here to find out how we can help you with your first time mortgage.

Comments from our Clients

Salli and the team were amazing helping us sort out everything, I can’t thank them enough! They explained everything in detail so we fully understood, as everything was new to us.

–Jojo & Ben, first time buyers, Uckfield

First time buyer mortgages FAQs

I’d like to buy a property for the first time, what should I do first?

If you’d like to invest in a home, whether it’s for you and your family or to rent out to other people, the first thing to do is find out how much you can afford. This will be based on the amount of money you have saved to put down as a deposit on your property as well as your ability to borrow money, which is known as your mortgage.

The next important task is to choose the property or area in which you want to live. Research into the local property market is essential so that you can get an idea of the type of property you want and can afford. Prices of property will vary depending on where you want to live. It’s sensible to look at a few different areas and property types so that you can get an idea of what you need.

How does a first buyer mortgage work?

A mortgage is a loan from a bank, building society or other financial institution that allows you to purchase a property. It is calculated based on your income and ability to repay the loan, often taking your outgoings and expenses or any debt you have into consideration. In addition to the amount you need to borrow to purchase a home, a bank or lender will add interest onto the value, and the total is paid off over the term of the mortgage with regular (often monthly) payments.

How do I find out if I am eligible for a mortgage as a first time buyer?

Whether or not you will be approved for a first time buyer mortgage will depend on a few factors. As a general rule, a mortgage will be offered based on a multiple of your annual income. However, every mortgage lender has a different set of criteria for providing or issuing mortgages.

Another factor in addition to your income is expenditure – your financial commitments or how much you spend on a monthly basis. When looking at affordability of a mortgage, banks will look at both income and outgoings. They will also carry out a credit check, which will provide them information on your history as a borrower and any debt you may have on credit cards, store cards or loans outstanding.

Although you can’t be 100% certain you are eligible for a mortgage until your application is approved, one of the best ways to find out is to speak to an experienced mortgage broker. They will be able to look at your financial situation, including your income and any other financial commitments you may have, and tell you what you can expect to borrow from a mortgage lender.

How much can I borrow as a first time buyer?

The amount you can borrow will depend on a number of different factors and every case is different. However, banks and other lenders usually base this figure on your income. You can use our mortgage calculators to get an idea of how much you could borrow by inputting basic information such as your salary. Click here to use the calculator now.

What’s the difference between an interest-only mortgage and repayment?

Every mortgage will be made up of the loan amount plus the interest added to the money you borrow. This is the charge that the mortgage company places on your mortgage in return for the loan. In some cases, you will have a choice of an interest-only mortgage or a repayment mortgage. With interest-only, your payments will pay off just the interest, which means you won’t be paying down the capital loan amount. With a repayment mortgage, your repayments are calculated to pay both the interest and your base loan amount. If you have questions about which of these two mortgages is right for you, we recommend speaking to an experienced and qualified mortgage broker who can explain the options to you. 

What are the best first time buyer mortgages?

There is no ‘one size fits all’ when it comes to mortgages. Although banks and other lenders will usually have a range of ‘products’ they can offer you, these will always depend on your own personal circumstances and application. To speak to one of the mortgage brokers at Private Wealth Mortgages about the options available to you, give us a call on 01403 270 006.

What is a deposit and do I need one as a first time buyer?

Almost all first time buyer mortgages will require a deposit. This is the money you invest in the property personally, from your savings or perhaps money that’s been given to you by parents or a relative in order to buy the home. The remaining value of the property will be covered by your mortgage. In the past there have been 100% mortgages, meaning no cash deposit is required, but these are now rare, so it’s important you have some money set aside for the deposit as well as other costs associated with buying a property.

Do I need a solicitor for a property purchase?

Buying a property is probably the most significant investment you will make in your life. Therefore it is essential that you instruct a professional who is qualified to handle the exchange of contracts and formalities that come with a property transaction. You can choose a conveyancer or solicitor for this process, who will have the knowledge you need to proceed with your purchase.

Mortgage Calculators

How much will it cost?

A guide to the monthly repayments on your mortgage, subject to affordability checks

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How much stamp duty will I pay?

A guide to the amount of money you will pay in property tax on your purchase

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Next Steps

Find out more about your options and the home buying process.

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Call our expert mortgage advisers

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Private Wealth Mortgages Ltd is authorised and regulated by the Financial Conduct Authority. FCA Number: 445980

Private Wealth Mortgages Ltd, Hillreed House, 54 Queen St, Horsham, West Sussex, RH13 5AD

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