First Time Buyer Mortgages

The largest financial commitment you will probably ever make, is when taking out a mortgage on your first home, which is known in the mortgage industry as being a first time buyer.

Thousands of mortgage schemes have been designed especially to appeal to first time buyers, although it can be very confusing trying to battle your way through the thousands of first time buyer mortgage products. That's where we come in.

You will probably hear lots of very complicated jargon such as fixed rates, cashback and trackers. At UK Best Mortgages, your dedicated mortgage advisor is fully qualified and can explain all of the jargon used when arranging a mortgage - in plain English. Your mortgage advisor will take you through the entire process from completing your mortgage application, through to completion.

No need to pay mortgage brokers fees!

Unlike some brokers, we earn our income from the companies we deal with rather than our customers. So we don't need to charge you any extra hidden fees.

Within our UK mortgage advisors access, we can look at all the mortgage lenders in the UK, which includes high street banks and building societies as well as more specialised mortgage lenders, allowing us to find the ideal first time buyer mortgage to suit your circumstances.

First Time Buyers Tips

Moving your home can be very complicated, particularly if you are a first time buyer. I will pay off to do some research and follow our tips that should make the move just than little bit easier.

1. Discover how much you are able to borrow before looking for a new home to mortgage.

The majority of lenders will give mortgage approvals in principle, dependant on a satisfactory valuation. But with us, we can usually give decisions within 24 hours by filling in our mortgage enquiry form. By using our maximum borrowing calculator, you will have an idea of how much you can borrow.

By finding out how much you can borrow, you can be more realistic about the type of house you can afford to mortgage. Having a mortgage already arranged will save time when you find the home you want to buy and will show the sellers that you are a serious buyer and can complete the deal quickly.

If you require a quote showing all costs that a new mortgage entails, then please fill out our mortgage enquiry form, and an advisor will get back to you within 24 hours with a mortgage illustration made for you.

2. Find out all of the costs involved

How much you can afford is not the same as how much you are able to borrow for a mortgage. It is essential to understand that there are other costs when arranging a mortgage and buying your home. When you receive a mortgage illustration from our mortgage advisors, you will find it will cover main costs including insurances, solicitors fees, stamp duty and valuation fees.

3. Be sure to make the best of your saving for mortgage deposit and other costs

Generally when getting a mortgage about 5% of the value of the property is the deposit. There are 100% mortgage deals available, but you may pay extra for them. The bigger a deposit you can put down on a home, means you can get an even better deal for your money. If you pay less than 10% of the value of the home, then you might need to pay Mortgage Indemnity Guarantee. Our advice is to save regularly and take advantage of the best interest rates, making sure you are using your ISA allowance. Borrowing money for your parents could be a cost efficient option if they are in the financial situation to be able to do so. If they are not, then perhaps you should consider a personal loan.

4. Choosing the right mortgage for you

There are multitudes of different types of mortgage on the market. These can be confusing if you do not know a lot about them. All of our mortgage advisors are qualified with CeMAP (Certificate of Mortgage Advice & Practice) and are able to give advice on the pros and cons of all the different mortgage types available and explain jargon used.

There are lenders that offer First Time Buyer deals or specialise in First Time Buyers. Some of these deals can offer some great deals for your money and sometimes include legal fees and free valuations.

Remember to be realistic when working out how much you can afford to pay in the repayments of your mortgage. Remember to add to this price any insurance that you will have to pay.

5. Find out about the local area of the home you want to buy

Once you have decided on the type of property you are looking for, you will then find it much easier to narrow down the search, making it easier for you to find your house. Think about what else is important to you when choosing the location, such as being close to a school, or workplace, being close to shopping facilities, and things more to do with the home itself such as how many bedrooms you want, or how may bathrooms you want.

Once this has been worked out, the you can register with local estate agents, look through local papers and on the internet to try to find the best property for your money. Remember that the most fashionable areas will be more expensive but you may find a new area that will be likely to become fashionable in the future by doing a bit of research, making your house a more valuable investment as well as being a pleasant place to live.

6. Make sure you check out the property thoroughly

Before making an offer on a property, make sure you know exactly what you are about to invest in. By getting a full survey or a home buyers report, you can find out more than basic valuation will tell. Although this may cost a bit extra on the beginning, it might save you money in the long term.

Look around the property at least twice before putting an offer in, and try to do it at different times of the day. Bring a friend, partner or family with you asking that they be as honest about the property as possible, as they might see things that you may have missed. Scrutinise the entire house, and check things such as door handles. Ask as many questions as you need to, don't hold back.

7. Finding and arranging a solicitor

The term conveyancing is given to the process of legally buying property and can be accomplished through a qualified solicitor. Their job is to obtain local authority searches, exchange contracts, check the title of the property, liaise with the seller's own solicitor and agree on a date the process will be completed.

IF you are looking for a solicitor of your own, it is suggested that you ask how often they will contact you, and by what means. In order to make your mortgage as easy as possible, we can arrange a solicitor who will deal with your home purchase. Ask your mortgage advisor for details.

Let us find the best first time buyers mortgage for you

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.