Getting a first time buyer mortgage

When it comes to first time buyer mortgages, it can seem like there’s a major mountain to climb. First there are the hundreds of options to consider when it comes to property loans on the market. And once you have found the mortgage that’s right for you there is the small matter of applying and filing all the necessary paperwork before waiting for a response. But although there are plenty of hoops to jump through, it doesn’t have to be a worrying, stressful process. Here are some questions you should ask yourself to make your first time buyer mortgage application is hassle-free.

Do you know what you can afford to borrow as a first time buyer?

Any mortgage you take out will be based on your financial circumstances and ability to repay the loan. This includes your income and expenses as well as the amount you have in cash to put down as a deposit. Usually, banks and other mortgage lenders will calculate what you can afford based on a multiple of your total income. For example, if you earn £25,000 per year they will offer a multiple of this and check it fits with their affordability model. However, it’s important to remember this is not definite and each bank will have different lending criteria. It’s a good idea to speak to a reputable and qualified mortgage broker before making any decisions. They will be able to assess your individual financial circumstances and then present you with a range of suitable options. In the mean time, if you’d like a guideline value of the mortgage amount you could borrow, complete our mortgage calculator here.

Can you afford to take out a mortgage?

Although first time buyer mortgages are often calculated based on your income and outgoings, there are still other costs to consider when purchasing a property. Many mortgage lenders will charge a product fee for taking out a loan. In addition, you may have service charges, legal fees, maintenance and removal costs to consider. It’s a good idea to list all the potential fees you will incur either in the short term or long term when buying your first home to ensure it is affordable for you. We are able to assist you with this.

What type of mortgage do you need?

There are a few different options to choose from when you’re considering first time buyer mortgages. These include fixed Vs variable rates, interest-only or capital repayment mortgages and then the length of the term of your mortgage. A mortgage broker can explain the implications of all of these and help you assess which one would be the best option for you. If you’d like to read more about the different types of mortgages available to you, click here.

For more information or to speak to one of the expert mortgage advisers at Private Wealth Mortgages, contact us on 01403 270006. You can also find out more about the mortgage application process here.


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