The Mortgage Way

First-time Buyer

Are you buying your first house?
Would you like the best mortgage deal available?
Unsure how best to proceed?

Being a first-time buyer can feel overwhelming. Maybe you have family and friends giving you very different advice. You may be unsure how the mortgage process works or what level of deposit you need.

We are here to explain everything and to find you the best mortgage deal out there from the whole financial market (not just the high street banks).

Our service to you is free of charge*.

Get in touch!

What is a mortgage?

A mortgage is a long-term loan to one or more person. The mortgage is secured against the house you buy. This means that if you didn’t repay the mortgage, the loan provider would repossess the house.

A mortgage is likely to be the largest loan you will take out in your lifetime. And over the longest period of time.

We help you, as a first-time buyer, understand the mortgage process and all the options available and will ‘hold your hand’ throughout the process.

Get in touch!

What is a mortgage?

A mortgage is a long-term loan to one or more person. The mortgage is secured against the house you buy. This means that if you didn’t repay the mortgage, the loan provider would repossess the house.

A mortgage is likely to be the largest loan you will take out in your lifetime. And over the longest period of time.

We help you, as a first-time buyer, understand the mortgage process and all the options available and will ‘hold your hand’ throughout the process.

Get in touch!

Can I get a mortgage?

If you have a regular source of income such as being in employment or being self-employed then you should qualify for a mortgage.

How much you can borrow will depend on the level of your income and that is why
we always recommend you enquire about a mortgage before you start viewing properties.

The other major factor on your ability to gain a mortgage is your credit file and any
regular outgoings. Please don’t worry though if you have a less than perfect credit rating. There are lenders out there who will still consider you.

Get in touch!

With zero advisor fees* to worry about,
reach out to our expert team…
we’re here to help you

How much can I borrow?

How much a lender is willing to give you will depend on your income, outgoings, and credit history. The term used for this is ‘affordability’.

You may have been told that you can borrow 3 or 4 times your income. This is how mortgages used to be calculated. Now lenders look at the overall picture of what they believe you can afford.

To ensure you are looking at properties within your price range, we always advise you to make your mortgage enquiry with us before you start your search.

Do I need a deposit?

The simple answer to this is yes, all mortgage lenders will require you to put down a deposit.

The minimum deposit can be as low as 5%* of the property’s purchase price but many lenders prefer a first-time buyer to have a 10% or higher deposit.

The higher your deposit, the better deals and interest rates you will qualify for.

*If you don’t have this amount saved there may be options like bank of mum and dad..

Are there different types of mortgages?

There are a number of different mortgages for first-time buyers. We will explain to you all the options, in a straightforward jargon-free way.

There are also some first-time buyer schemes which we will explain the benefits and disadvantages of to you in full if required.

What other costs do we need to consider as a first-time buyer?

We do not charge you for arranging your mortgage*. However, you will need to pay your solicitors fees for the purchase of the property. (If you don’t already have a solicitor in mind, we can point you in the right direction.

You may incur a stamp duty fee depending on the cost of your house and your solicitor will be able to inform you of this at the time.

Mortgage lenders usually require you to have a property valuation, and possibly a condition survey, carried out before they will agree to the loan amount. This is to ensure that the price of the property is fair. Often a property valuation is free of charge – we can discuss your options with you.

You will need to insure your property (buildings and contents) and may consider mortgage and income protection (life insurance, and critical illness) to cover at least the amount of the mortgage. Please note: Your mortgage lender will require buildings insurance as a minimum – contents insurance may be at your discretion, however, we would always recommend you take out an appropriate policy.

Should you need a removal company, to redecorate or refurbish, or to purchase any furniture or other contents for your new home these will need to be budgeted for.

Get in touch!

What other costs do we need to consider as a first-time buyer?

We do not charge you for arranging your mortgage*. However, you will need to pay your solicitors fees for the purchase of the property. (If you don’t already have a solicitor in mind, we can point you in the right direction.

You may incur a stamp duty fee depending on the cost of your house and your solicitor will be able to inform you of this at the time.

Mortgage lenders usually require you to have a property valuation, and possibly a condition survey, carried out before they will agree to the loan amount. This is to ensure that the price of the property is fair. Often a property valuation is free of charge – we can discuss your options with you.

You will need to insure your property (buildings and contents) and may consider mortgage and income protection (life insurance, and critical illness) to cover at least the amount of the mortgage. Please note: Your mortgage lender will require buildings insurance as a minimum – contents insurance may be at your discretion, however, we would always recommend you take out an appropriate policy.

Should you need a removal company, to redecorate or refurbish, or to purchase any furniture or other contents for your new home these will need to be budgeted for.

Get in touch!

Why choose The Mortgage Way
to arrange your first-time
buyer mortgage?

We will spend time getting to know you and your circumstances.
We explain everything to you in clear terms so that you
understand your options and the mortgage application process.
This enables you to make an informed decision.

There is no charge to you for our advisor services*.

We work flexible hours and so appointments can be made outside your working hours.

No question is silly when you are a first-time buyer. We will be by your side every step of the
way,from your initial enquiry right through to you picking up the keys to your new home.

We can arrange your protection and insurances for you at the same time as the mortgage,
so you won’t have to shop around or deal with multiple companies. We can arrange your
home insurance, income protection, life insurance, and critical illness cover. (Home
insurance will be required by your mortgage provider.)

Our clients tend to stay with us throughout their lifetime. If they buy a new house, they
come back to us for their new mortgage. When their children want to buy their first home,
they come to us too because they know that we will look after them and get them the best
deal possible.

If you would like a chat about your first-time buyer mortgage, either call us
on 01422 659067 or complete the form below and we’ll call you back.

Get in touch!

Why choose The Mortgage Way
to arrange your first-time
buyer mortgage?

We will spend time getting to know you and your circumstances.
We explain everything to you in clear terms so that you
understand your options and the mortgage application process.
This enables you to make an informed decision.

There is no charge to you for our advisor services*.

We work flexible hours and so appointments can be made outside your working hours.

No question is silly when you are a first-time buyer. We will be by your side every step of the
way,from your initial enquiry right through to you picking up the keys to your new home.

We can arrange your protection and insurances for you at the same time as the mortgage,
so you won’t have to shop around or deal with multiple companies. We can arrange your
home insurance, income protection, life insurance, and critical illness cover. (Home
insurance will be required by your mortgage provider.)

Our clients tend to stay with us throughout their lifetime. If they buy a new house, they
come back to us for their new mortgage. When their children want to buy their first home,
they come to us too because they know that we will look after them and get them the best
deal possible.

If you would like a chat about your first-time buyer mortgage, either call us
on 0333 3660190 or complete the form below and we’ll call you back.

Get in touch!

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