First-Time Buyer Mortgages

Providing Expert Mortgage Advice for First Time Buyer Looking for a Mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.

First-Time Buyer Mortgages

Planning to get a mortgage for the first time can be an incredibly overwhelming task. First-time buyers can face a number of issues with regards to getting a mortgage from a bank. After all, there is a great deal of paper work involved and calculating which mortgage is the most suitable can be downright confusing.

It is therefore important that, as a first-time buyer, you know some factors which will allow you to get a mortgage in the first place.

What is a Mortgage?

Although you may already know this, it is however, essential, that you have a clear idea of what a mortgage is.

A mortgage in very simple terms is an amount of money that you borrow to buy a property and that is secured on that property. There are various types of mortgage deals that let you pay different amounts of interest on the amount you have borrowed.

Are you eligible to get a Mortgage?

The next thing that you need to consider before going out to borrow money, is whether you are eligible to get a mortgage.

This depends on a number of factors and is subject to you fulfilling the specific criteria requirements of the specific lender that you go to. This is because different banks may have a different set of criteria that you need to fulfil in order to get a mortgage. In the current world of mortgages a major focus is how different lenders assess the affordability of the mortgage based on your circumstances.

Please feel free to contact us for a FREE initial appointment.

How much can you borrow?

The amount of money that you can borrow depends on a number of factors. Primarily, a lender will usually look at your all of your income, credit commitments and lifestyle to see whether you can afford to pay the mortgage.

Secondly, the amount you can lend is effected by the amount of deposit that you are willing to pay upfront. The higher the amount of deposit, the more the amount you can borrow. This is linked to the LTV of a mortgage.

LTV, or Loan-to-Value, is a ratio that calculates how much loan you will need to borrow relative to the value of the house. For instance, if the value of the property you intend to buy costs £100,000 and you have £10,000 to pay upfront as deposit, you are looking at an LTV of 90%.

That is, you will need a mortgage that lends you 90% of the total value of the property you intend to buy.

The good part about a mortgage is that there are different deals which suite different people depending on their circumstances, we can advise you on this. As such, you can choose a deal which best suits your circumstances.
Some of the different types of mortgage deals include: –
–    Fixed rate mortgage: As the name implies, the mortgage charges a fixed interest rate for the entire term of the mortgage.
–    Discounted Mortgage: In a discounted mortgage deal, you will get a fixed discount on a variable rate. For instance, if the variable rate is 3% and the discount is 1% on the variable rate, the overall interest rate comes down to 2%. However, this will change according to the rate.
–    Tracker mortgage deals: Here you will get the base rate added to a fixed premium rate charged by the lender. For instance, the base rate, as decided by the Bank of England, may be 1% plus the premium of 3%. Hence, your payable rate will be 4%. This can vary depending upon the variations in the base rate.

What type of mortgage deals are available?

How The Mortgage and Financial Advice Place can help?

Getting a mortgage for the first time can certainly be daunting. As you probably do not know which options are available and even if you do, finding out which ones you meet the criteria for is hard work.

Furthermore, the payments not only involve monthly interest and a deposit, but also additional charges taken as fees for various services that the lender offers. This further complicates matters.

Our professionals are highly qualified and experienced in searching for the most suitable mortgage deal for you. They have extensive experience in helping clients who have been first-timers in the mortgage market.

As such, our experts go through all your financials and offer objective advice as to which mortgage deal will be the best for you. They also take care of all the administrative procedures, thus providing you with a hassle-free service.

We work with the following Mortgage Lenders

Contact Us Today

Mortgage Advisor
Thomas C Hughes Bsc CeMAP

Tel: 07779 082 890
tchughes@mortgageadviceplace.com

Principal Protection Adviser
Gavin Morgan

Tel: 07973 341 963
gavin@tmafap.co.uk

The Mortgage and Finanical Advice Place Ltd Registered in England and Wales, under No. 08465507.
Registered office address: 116 High Street, Bangor, Gwynedd, LL57 1NS

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