As a first time buyer, purchasing your first home and arranging the right mortgage can be a daunting prospect, with so many unanswered questions. That’s why we’re here for you.
First Time Buyer Mortgages
Thinking about buying your first home? Getting onto the property ladder can be a big step. Our expert advice and exclusive access to a range of first time buyer mortgage deals could help you get the keys to your new home.
First Time Buyer Mortgages
Updated: 8th December 2021
For a first-time buyer, you may not even realise the number of options you have available to you. The reintroduction of 95% mortgages allows you to purchase your first home with a 5% deposit instead of the typical 20%.
So, if you have a deposit saved, want to explore your options, or find out your next steps, book in for a FREE consultation with one of our expert advisors today. We specialise in helping first time buyers like you step foot on the property ladder, and we want to help you climb higher in the years to come.
First Time Buyer Specialists
At Mortgage and Insurance Needs, 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, this time may have increased due to Covid-19. Typically, we expect to offer you a same day appointment. Whether that be a telephone call, Zoom call or a face-to-face appointment.
We have access to over 70 lenders and 27,000 different mortgage options. Because of our established relationships with lenders, we also have access to exclusive rates and offers. Our aim is to get you the very best deal available.
If you have been saving for a deposit for a few months and now you’re 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!
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 mortgages. 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. 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.
Book Your FREE Appointment
You may not know which is the right type of mortgage, right lender or the right product for you. We do. Simply book your FREE appointment and we can find the perfect option for you.
95% Mortgages are Back!!!
Due to the impact of Covid-19 and the inability to carry out physical property valuations, lenders took the decision to control demand by removing certain products from the market. This included all of 95% mortgages (5% deposit mortgages) and most of 90% products (10% deposit mortgages).
A number of lenders returned to the 90% market at the beginning of January 2021 and the Government announced 95% products will be available from April 2021.
As of 17th March 2021, Accord Mortgages were the first lender to launch a 95% LTV mortgage since the start of the pandemic. More lenders are due to join Accord in offering a 5% deposit mortgage from the beginning of April 2021.
Whether you have a 5% or 10% deposit saved, now is the perfect time to assess your options and find out which route is best for you. Book an Appointment, Get a Quote or request a full Agreement in Principle.
How we work with a first time buyer?
Our first step is to arrange an initial consultation to take the time to find out as much as we can about your circumstances, ensuring that we truly understand your needs. Then we use our knowledge, wealth of experience and established relationships to source the right mortgage for you.
Your broker will be there throughout the whole mortgage process and will 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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.