A first time buyers mortgage is for people buying their first home with the help of a mortgage. Buying your first home is one of the most important decisions you will ever make and it is one that you need to get right from the very beginning.
We will be able to advise whether you can get a mortgage based on your income, the deposit you have available, your financial commitments and credit worthiness. If a mortgage is not deemed affordable then your adviser can help with information on the various schemes available as well as options for using a guarantor or additional people on the mortgage.
Historically, lenders would use income multiples minus any financial commitments to assess affordability. Now lenders use their own affordability calculators and the difference between one lender and another can vary significantly on what they will lend you.
First time buyers are very important to the mortgage market which is why there is so much help out there to assist people. We will be able to talk to you about the fees you need to pay such as valuation fees, arrangement fees, broker fees and stamp duty. The type of rates available and whether they are fixed or variable. The types of repayment method available but most likely a repayment mortgage will be advised in most case due to market conditions.