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Top 10 tips for getting a First Time Buyer Mortgage

As a First Time Buyer, you might have lots of questions about getting your first mortgage. To help you out, we’ve created our Top 10 Tips for getting a First Time Buyer Mortgage. We understand that placing that first foot on the property ladder can be difficult. But, Your Mortgage Expert is there to help you every step along the way with your First Time Buyer Mortgage. If after reading our guide you would like to chat, we are here to help you.

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1.  Speak to a mortgage broker

Before you step foot in an estate agents, speak to a mortgage broker. As a First Time Buyer it’s vital you understand the whole process and we will take the time to break down all the information for you. We will explain the different type of mortgages available from fixed rate to tracker. We will assess your circumstances to understand what you can afford to buy. Essentially, we will be your go to person for any questions you have about your mortgage and we will be by your side from application to completion.

2. Get your finances in order

No matter which deal you choose, all mortgage lenders will want to assess whether you can afford your mortgage. The tests will include a look at your income vs your expenditure. So, it’s important that you’re able to show you are keeping your finances in order. We often advise clients to pay off any loans, cut back where you can, keep on top of regular payments and get yourself on the electoral role as a minimum.

3. Check your credit report

If you have a good credit score, then you’ll stand a better chance of getting the mortgage deal you want. There are various companies who can give you your credit score. Sometimes the reports do contain inaccurate information, if this is the case, you can get this put right before applying for a mortgage. We can give you guidance for checking your credit score and what to do if something doesn’t look quite right.

4. Take time to save your deposit

We always advise clients not to rush into buying your first home. Take time to save your deposit as the larger your deposit, the more property you can potentially buy. You will also have access to lower rates if you have a larger deposit. This is because you will have a lower loan to value. We can explain how all this works.

5. Look at the schemes available to help you

The Help to Buy scheme has now ended. But there are other schemes available that can help you to buy a house. These include the Mortgage Guarantee Scheme, Deposit Unlock, the Shared Ownership scheme and the Forces Help to Buy Scheme. There is also Gifted Deposit and the JBSP mortgage option. We understand how these schemes work and can help see whether you would be eligible.

6. Make sure you can afford the mortgage payments

Buying a house is probably the biggest purchase you have ever made. You need to ensure you can afford the payments for the duration of your loan. Your Mortgage Broker will help you understand how much your mortgage payments will be each month and also discuss whether you should consider any insurances to protect you should the worst happen. For instance, could you continue to pay your mortgage if you lost your job.

7. Consider buying with friends and family

If you can’t afford to purchase the home you want on your own, consider buying with friends or family. You’ll need to get legal documents drawn up to ensure you know what happens if one of you decides to sell. You will also need to consider the legal implications if one of you has a larger deposit. We can help explain how a mortgage works if you’re buying with a friend or relative and talk through the implication.

8. Get help from Mum and Dad

Many people struggle to find the money to put down a cash deposit. So, it comes as no surprise that some lean on their parents to help them find the money. It’s important to be aware that there’s a set procedure to follow as this money has to be officially ‘gifted’ or “loaned”. We can explain how all this works.

9. Make sure you understand the costs associated with buying a house

There are lots of costs involved with buying a house. If you’re buying a house over a certain amount you might have to pay Stamp Duty. Added to that there’s removal costs, Conveyancing costs, Estate Agents Fees, Valuation Fees etc etc. When you meet with us, we will break down how much these costs are likely to be and it’s essential you set aside this money.

10. Get an AIP

Before you step into an estate agent, make sure you have an Agreement in Principle. Your Mortgage Broker will be able to provide this for you. This will let your Estate Agent know that you can afford to buy the house you are looking at. This will help you with negotiations and many Estate Agents will ask to see one before showing you properties.

We hope our top 10 tips for getting a First Time Buyer Mortgage have helped.  If you need any further advice, we would love to chat. Not only do we have access to the current deals on the market, some of which are not available to First Time Buyers directly. We also have extensive knowledge of all the current Government schemes designed to give you a helping hand.

Interested in Shared Ownership? We can help. Only have a small deposit? We can advise you on that as well.

By speaking to Your Mortgage Expert, you’ll get access to expert first time buyer mortgage advice. We can help you work out how much you can afford to borrow, what your repayments would be and what type of mortgage is most suitable for your personal circumstances. And, if you need it, we can break down all the jargon so you understand whether to opt for a tracker mortgage, fixed rate mortgage or something more flexible.

We aren’t like other brokers. Our small, friendly team has over 80 years of experience in the mortgage and protection industry.

With over 100 five star reviews on Google and over 90 verified reviews on VouchedFor, we would love to work hard for you.

To speak to a member of the mortgage advice team about your First Time Buyer mortgage ring Your Mortgage Expert now on 01722 322683. Or complete a contact form using the link below.

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Our handy mortgage calculator

Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.

  • “This was knight in shining armour stuff. Our conscientious mortgage broker was a delight to deal with from the off and the key to our dream home.”

    Max and Martha, First Time Buyer customers from Cardiff

  • “Being in the Armed Forces I am away a lot, meaning it can be hard to attend meetings, answer emails and especially hard to fill in forms. Adam and his team were extremely helpful and understanding of our situation and provided help wherever they could. After our initial meeting where we provided our required details, we actually did very little of the hard work, apart from signing a couple of papers.”

    Callum and Verena, First Time Buyer Armed Forces Mortgage Customer from Salisbury

  • “I expect my circumstances were fairly rare, but the help and guidance I received from you was invaluable. I feel that the personal touch you provide offers something that appeals to the soldier in me.  During my service I always liked to have a point of contact, someone who was the “go to” specialist in their field.  This provides a degree of assurance about a situation and it was refreshing to find that same degree of certainty transitioning to civilian life, particularly with something as important as a mortgage and buying our family home.”

    Andrew and Helen, Armed Forces Mortgage Customers from Salisbury

  • “Even though we were used to having a mortgage on the rental property, paying a mortgage on your own home was still a bit of a shock after years of having married quarter rental deducted from your pay at source. But, at every step along the way, we felt reassured, understood and that we really mattered to Adam. Trust is an important concept for military families and we trusted Adam.”

    Fiona and Graham, Armed Forces Mortgage Customers from Wilton

  • “As a contractor, it was difficult for me to obtain a mortgage through normal channels so it was great to find a mortgage adviser that specialised in contractor remortgages and understood the challenges. In addition, I had fairly tight timescales, so wanted someone who could make the process quick and hassle free.”

    Andrea, Contractor Mortgage Customer from Warminster

  • “I am a contractor, therefore require specialist mortgage advice. Adam has now concluded two mortgages for us (new mortgage then a contractor remortgage), and is currently arranging a buy-to-let mortgage for us. He also arranged our life insurance for us. We keep returning to him for some great reasons – he is always available, and ready to help. He provides great advice, and always ensures that he meets our requirements exactly. He is prepared to explain things in such a way that even a lummox like me can understand, and his level of service has remained consistently good over the last three years.”

    Matt, Contractor Mortgage Customer from Southampton

  • “Adam’s advice on the different types of critical illness and life insurance were really useful. He also worked with us to decide the best combination of policies that would work with our existing policies to cover our needs. When doing this he happily tweaked quotes for us until we came out with an arrangement that was both affordable and would provide us with the level of cover we thought appropriate.”

    Hannah and Steve, Protection Insurance Customers from Stamford

  • “Adam provided us with factual advice and also with options of which we were unaware. The advice on gifted equity was something we hadn’t heard about and this assisted us hugely to ensure repayments worked within our affordability. He provided us with a very personal service that made the journey from initial call, to mortgage offer and completion hassle free. We have already recommended Adam to someone and will continue to recommend his services in the future.”

    Saul and Laura, Home Mover Mortgage Customers from Salisbury

  • “Mike and I collected the keys to our flat this weekend and we couldn’t be happier. It’s been a long time coming but we got there! We just wanted to say a MASSIVE thank you for everything you have done for us so far. We’ve really appreciated all the help, advice and reassurance you’ve given us all the way through this process. It’s really nice to have a friendly voice on the other end of the phone.”

    Mike and Bethan, First Time Buyer Mortgage Customers from London

  • “Without question Adam found me a deal the estate agent’s broker couldn’t. He was very easy to contact whenever I needed him and he took time to explain the ins and outs of the Help to Buy equity loan scheme mortgage that he found me. I would rate him five out of five and will be back to use him when the time comes to remortgage or move.”

    Chris, Help to Buy Mortgage Customer from Southampton

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