Mortgages for First Time Buyers

Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgages for First Time Buyers

Buying your first home

As a first time buyer as well as finding a suitable mortgage, you’ll also need a strategy to improve your chances of being accepted by a lender.  Fortunately, Heritage Estates are here to help with the process of mortgages for first time buyers.

Buying your first home is a big step with various options and government initiatives designed to help, including Help to Buy ISA’s, Help to Buy Equity Loans, or a shared ownership mortgage.

You’ll also need to determine how much you can borrow before falling in love with a property. Traditionally this was based on a multiple of your salary, but lenders now take affordability into account based on both your income and outgoings.

The right mortgage for you

You’ll need to decide on the best type of mortgage for your circumstances. This could be a fixed-rate mortgage which will allow you to budget with certainty, since you’ll know exactly how much your monthly payments will be. Alternatively you might prefer a tracker or variable mortgage, where your payments can go both up and down depending on the Bank of England base rate.

Finally, you’ll need a suitable deposit to place down in order to secure a mortgage. Typically this would be around 20% of the property’s value, but this will vary depending on your circumstances.

Don’t leave it to chance

Applying for a mortgage and being rejected will leave a “search” on your credit file. Another lender might take a negative view of this if you then apply for another mortgage soon afterwards. We can advise on the likelihood of your mortgage application being accepted and help to reduce the number of mortgages that you might otherwise need to apply for. Why not contact us today for a no-obligation chat?

How We Work

  • Firstly, we’ll arrange a no-obligation consultation at your convenience, to discuss your requirements.
  • We’ll discuss your existing borrowing and obligations, and look at the appropriate mortgage products available for your new home from a wide range of lenders.
  • Before applying for a mortgage product, we can do calculations to show you the monthly and lifetime costs of a mortgage to check its affordability.
  • When you’re happy with a particular mortgage product, we can help you with the application and get an “agreement in principle” from the lender.
  • We’re available for you to contact should you have a question about your mortgage at a later date.

Our Commitment To You

  • Saving you money

    We’ll help to ensure you don’t waste money unnecessarily by paying a higher monthly amount than you need to for your mortgage.

  • Saving you time

    We’ll help to save your time and effort by recommending only the most appropriate solutions for your circumstances. We can also advise which lenders you are more likely to be accepted by, so that you don’t apply for mortgage products unnecessarily.

  • Guiding you through the process

    How much will a mortgage cost? Can I afford it? What deposit will I need? We’re on hand to answer any questions you might have, and help you to apply for the appropriate mortgage in a smooth and easy manner.