First Time Buyer Mortgage

First Time Buyer Mortgage at MAIN

As a first time buyer, purchasing your first home and arranging the right mortgage can be a daunting prospect with so many unanswered questions. At Mortgage and Insurance Needs | MAIN | Wirral, we can answer all of those questions and take you through every step of the process. We pride ourselves on making the mortgage process as easy and stress free as possible, especially for a first time buyer.

Fixed rate mortgages, cashback deals, higher lending charges, arrangement fees, conditional insurances, early repayment charges, organising a valuation – with so many things to consider it’s easy to become confused. But by ditching the jargon and explaining the benefits of each mortgage in clear, straightforward terms, we can help you find the product that’s perfect for you.

As well as taking all the guess work out of mortgages, we aim to save you time and money when looking at the different options available. You may have found that your local high street bank tends to have a 3-6 week waiting time to arrange an initial meeting. Typically, we expect to offer you a same day meeting.

You may have been saving for a deposit for a few months and you’re now wondering about what options you have, how much you can borrow and what you need to do next. That’s the perfect time to get in touch!

How we work with a first time buyer?

Our first step is to invite you in for a free consultation to take the time to find out as much as we can about your circumstances and making sure that we truly understand your needs. Then we use our knowledge, wealth of experience and established relationships with multiple lenders to source the right mortgage for you, including ones with exclusive rates that are only available to us.

Your broker will hold your hand throughout the whole mortgage process and can even put together a schedule of expenditure. That way you can clearly see how much the process is costing and budget accordingly.

The team at MAIN are completely impartial and work solely with your best interests at heart, offering you mortgage advice individually tailored to meet your specific needs.

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The average age of a first time buyer in the UK is 30, according to UK Finance Data 2018.

MAIN Wirral Facts - Average loan to value for a first time buyer is 82% compared to 74% for home movers.

First Time Buyer - Quick Questions

How much deposit do you need?

Before looking at properties, you need to save for a deposit, but how much do you need to save?

Generally, we would expect you to save between 5% and 20% of the cost of the home you would like. For example, if you want to buy a home costing £100,000, you’ll need to save at least £5,000 (5%).

The more you can save, the more access we have to a wider range of cheaper mortgages available on the market. However, even if you haven't quite saved the full deposit, don't hesitate to get in touch to find out more about your options.

When do you need to apply for a mortgage?

Before you start considering specific properties, it's a good idea to get an offer in principle from a lender or a number of lenders, if possible. This will give you an indication of the amount you can borrow and also provide indication to estate agents that you are serious and ready to buy.

The average offer will last between 30-90 days giving you plenty of time to find the perfect home. Don't worry if you don't find a property within that time, you can always re-apply.

First Time Buyer Mortgage