First Time Buyer Mortgage Advice - Guide for first time buyers

What is a First Time Buyer Mortgage?

First Time Buyer mortgages are for people that have never bought a property and are looking to purchase their first home. Despite what the media keeps telling you, these mortgages aren’t that difficult to find and it is something our experienced Brokers at JF Financial Associates are keen to assist you with.

To aid you on your journey, here are some useful tips when preparing to buy your first home:

  • Keep your last 3 month’s payslips and P60 or your last 3 year’s accounts if you are self employed.
  • Keep your last 3 month’s bank statements showing salary credit.
  • Get full details of any and all debt you have i.e. loans, credit cards, store cards, higher purchase schemes.
  • Ensure you are on the Electoral Role - this is extremely important.

Having these things to hand will speed up the process of getting your dream home, as they are normally required by most lenders.

There are also different options for acquiring your first property, depending on your financial situation:

  • Make sure you have a Deposit - Ideally, most lenders will want you to have at least a 5% deposit of the purchase price of your new property. The higher the deposit, the more options you will have and the better the deal on offer will be.
  • Gifted Deposit – This is traditionally a deposit provided by a family member, where the giver does not want this money back at any stage.
  • Family Guarantee – Similar to a gifted deposit, however the family member does require the money back at some stage and a ‘security’ will be held on the property until all funds have been fully repaid to the giver.
  • Guarantors – These are ideal if you don’t earn enough for you preferred mortgage, someone can assist you by becoming your guarantor. They will then become liable for some of the mortgage if you are unable to make your payments. They will also need to prove they can afford both their own mortgage (if their property is not owned outright), as well as your new one.

Why use a Broker for First Time Buyer Mortgages?

Many factors apply when getting your First Time Buyer mortgage, from sourcing deposits, getting the correct supporting documentation, to which lender will offer you the best rates that won’t break the bank. You also need to give serious consideration to protecting the property and your new mortgage liability.

Our highly skilled Mortgage brokers at JF Financial Associates are here to advise and support you every step of the way. They will explain each phase from the initial costs involved and deposits required and how much you can lend, to getting a mortgage agreement in principle through to getting a full mortgage offer. They will even assist you with getting a basic budget planner in place, so you will be better informed on your monthly incomings and outgoings once you move into your new dream home.

They won’t stop searching their extensive list of mortgage providers, until you are happy! So what is stopping you, give us a call on 0845 508 8588 and you’ll soon be one step closer to owning your first ever home!

JF Financial Associates will never sell you something you don’t want! We simply offer impartial First Time Buyer Mortgage advice in Norwich and nationwide