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First Time Buyers

Buying your home is likely to be the biggest investment you’ll make. It’s an exciting, rewarding and slightly daunting time. But don’t worry, we can help you get there.

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Investing in Your Future

Buying a home is more than just about owning your own bricks and mortar. It’s about putting money into a mortgage rather than rent, and being in control of the place you live in.

In recent years, the prospect of getting on the property ladder seemed liked a distant dream for many. Stagnant wages and a dearth of affordable housing gave rise to a generation of renters, but now things really are starting to change. The truth is that getting onto the property ladder doesn’t have to be difficult and, given the recent rise in the number of affordable mortgages designed specifically for first-time buyers, it is now well within the reach of a growing number of prospective homeowners.

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See How Much You Can Borrow

Use our repayments calculator to see how much you could borrow against your next home.

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What are Mortgages for First Time Buyers?

Typically, first-time buyers will have a relatively small deposit to put towards their mortgage. The average first-time buyer deposit is around 15 percent, but there are mortgages and government-backed initiatives, such as the Help to Buy scheme, which will allow you to get a mortgage with as little as a 5 percent deposit.

As a first-time buyer, the range of options available can be daunting, so we’ll guide you through the process to help you make an informed decision.

Getting on the Ladder

At The Mortgage Centres, we have been helping first time buyers take their first steps onto the property ladder since our doors first opened. We know what it’s like to work out your budgets and your price bracket, search through locations and listings for the home that fits your ideas, and go through the process of making offers. And getting them accepted!

Try Our Mortgage Repayments Calculator

See How Much You Can Borrow

Use our repayments mortgage calculator to see how much you could borrow against your first home.

Estimate Your Payments

We’ve Got the Answers

As a first-time buyer, you will have many questions about the house buying process. Almost as important as getting the correct answers is making sure you ask the right questions in the first place, or it could end up costing you more than is necessary. Fortunately, with our experience, we know in advance all the questions you should be asking, and more.

With our access to exclusive first time buyer mortgage products that are sourced from the whole of the market we will find the best mortgage to suit your needs.

Don’t Get Out of Your Depth

One of the most important aspects of home-buying is to check your finances and budgets right at the start. What level of monthly payments will you be able to maintain? And if you’re combining budgets with a partner, what will you be able to afford if one of you stops earning for whatever reason? Don’t get too stressed about it – with good planning, we can make sure you’re in a good position.

Get Honest, Transparent Advice

Our mortgage advisers have been helping homebuyers for the last 20 years, and are fully qualified to help you get the best mortgage. We can:

  • Check monthly budget, affordability and purchase price.
  • Get an agreement in principle with the best lender to give you peace of mind and put you in a strong position for when you make an offer.
  • Choose the most appropriate product and lender.
  • Process your mortgage application.
  • Help choose the right survey for your property.
  • Help choose a solicitor for the legal work and deal with them throughout the process.
  • Help you choose the correct insurances to protect your mortgage and home.

Let’s Get Started

Get in touch with your local branch and speak to one of our experienced advisers. They will be more than happy to go over all the above and more. Getting your first mortgage doesn’t have to be complicated. Let us do the hard work for you.

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Helpful Quick Guides

  • What different mortgage types are available?
  • The mortgage application process
  • Repayment of the mortgage

One of the most difficult decisions for first-time buyers is deciding which type of mortgage to go for. When choosing a mortgage, it’s important not to just focus on the interest rate and the fees you’ll be charged, but also the repayment structure. There are two different mortgage categories:

  • Fixed rate – The interest you’re charged on the mortgage remains the same for between two and five years, depending on your particular deal.
  • Variable rate – The interest you pay can go up and down depending on different factors.

Fixed rate mortgages, which you’ll commonly see advertised as ‘two-year fixed’ or ‘five-year fixed’, give you the peace of mind that your monthly payments will stay the same for that period of time. However, the rate does tend to be slightly higher than a variable rate mortgage.

Once the fixed rate period nears an end, you’ll have to find a new mortgage deal or risk being moved onto the lender’s standard variable rate, which will very likely be much higher. There can also be charges if you leave a fixed deal early.

Variable rate mortgages can change at any time, so it’s best if you have some savings available to help you make the repayments if the rates were to rise. There are a number of different variable rate mortgages available. These include:

  • Tracker mortgages – Your mortgage repayments go up and down in line with the Bank of England base rate. If interest rates rise by 1 percent, so will the cost of your mortgage.
  • Discount mortgages – This type of mortgage provides a discount off the lender’s standard variable rate for a limited period of time, typically two or three years. Standard variable rates change from lender to lender, so you should always shop around.

When you apply for a first-time buyer’s mortgage, the lender will want to assess whether they think you will be able to make the repayments if interest rates were to rise or your circumstances change.

To do this, you will need to prove your income by producing payslips and bank statements, and provide details of your outgoings, such as household bills, credit card payments, personal loans and other living costs. The lender will use this information to make a decision about how much money you can borrow given the size of your deposit.

The lender will also run a credit search with a credit reference agency to take a closer look at your financial history and see how much of a risk the mortgage might be.

When it comes to the repayment of the mortgage, there are three options available to you. You can repay just the interest; the interest and some of the capital; or opt for a combination of the two.

  • Repayment mortgages – This is the most widely available mortgage repayment option. You make monthly payments for an agreed period of time until you’ve paid back the capital (the initial loan sum) and the interest that accumulates each month.
  • Interest-only mortgages – You only pay the interest due on the amount you have borrowed. So, although you pay less than on a repayment mortgage, the capital amount will not reduce in size. Lenders will expect you to have a strategy in place to repay the balance at the end of the mortgage. This is mainly available to those with larger deposits (typically 25 to 50 percent) and higher income levels (between £50,000 to £100,000 per annum).
  • A combination of the two – Some lenders also offer a part-repayment and part-interest-only plan. This means some of the loan’s capital will be repaid during the mortgage, along with the interest, but there will also be some capital to repay at the end of the term.
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