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?
“Julia was very supportive throughout the process including explaining everything in detail which really helped me as a first time buyer. I’m now a proud homeowner.”