Help To Buy
help@helptobuy.org.uk
0800 009 6634
1st Floor, Suite 2, 40 Charlotte Square, Edinburgh, EH2 4HQ
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First-time buyer mortgages...
Are you looking for help finding a mortgage as a first-time buyer?
If you’re trying to get yourself onto the property ladder for the first time, it can be hard knowing where to start; even if you’ve saved up a sufficient deposit to put down on your new home.
After all, mortgages are confusing at the best of times and with so many different options available, it’s always recommended that you work with a specialist broker who can help you to find the deal that’s right for you and your individual circumstances.
Help is at hand and we’re here to make sure that you can find a mortgage that works for you long-term; whether you’re buying on your own, as a couple, or with friends.
From getting you a decision in principle to helping with the application process; working with a broker who has access to the whole of the market can mean you’re able to borrow what you need with minimal stress.
We’re the first to admit that securing a mortgage can be a bit of a daunting experience, especially when you’ve never done it before.
There’s a lot to navigate, which can be overwhelming, and buying a house is probably the biggest purchase that you’ll ever make, so you want to ensure that you’re getting the very best deal.
Especially in times like we’re facing right now.
But that’s where a mortgage broker comes in.
A broker brings specialist experience in searching the market to find a lender that meets your needs and will help to advise you through the process.
And while you don’t have to use a broker when applying for a mortgage, there are some reasons why you should.
Why Use a Mortgage Broker as a First-Time Buyer?
1. Eases the Stress of Applying for a Mortgage
Applying for a mortgage can be stressful at times, especially as a first-time buyer, but a broker will help guide you through the whole process, from applying to completion.
A good broker will take care of much of the administration and dealing with the lender, which makes life a lot easier for you, and with an intimate knowledge of the market, mortgage brokers who exactly what you need to do to complete your mortgage application as quickly and smoothly as possible.
Our brokers have many years of experience in the finance industry and have a mortgage advice qualification certified by the FCA, so you can be assured that they will be able to offer you the best advice.
2. Access to a Wide Range of Mortgages
Our brokers aren’t tied to any specific lenders or products and actually have access to a wider range of mortgages than you would on your own.
That’s because some lenders are only available through brokers, or may have mortgage products that can only be accessed through a broker.
In addition to this, they’re set up to find those deals that are set up specifically for first-time buyers, and this means that you’re much more likely to find a lender that is suited to you and your situation.
3. It Speeds Up the Process
Working with a mortgage broker can really help to speed up the process of applying for a mortgage.
For example, they will know exactly what paperwork a lender will require for your application, so that you can gather all this at the beginning of the process, saving time going back and forth with the lender.
This, as well as the fact that brokers have strong relationships with lenders can end up making the turnaround on your application much shorter.
4. You’re Protected
A mortgage broker has a duty of care to ensure that you get the best deal possible and that you don’t get recommended a mortgage which you can’t afford.
But this is actually also a legal requirement. If your broker doesn’t recommend a suitable mortgage and can’t justify why they have recommended that particular mortgage to you, then you can complain and claim compensation.
5. They’ll Consider Your Wider Needs
While the primary purpose of a mortgage broker is to match you with the right mortgage deal, they’ll also take into account some of your wider mortgage needs too.
For example, they can also help you when it comes to arranging life insurance, payment protection and insurance and other things which you may not initially have thought of yourself.
If you build up a good relationship with your broker too, they’ll be on hand to help further down the line too, when it comes to renegotiating your mortgage, or perhaps if you might be better off looking for a new deal elsewhere.
Using a mortgage broker as a first-time buyer is a great way to take some of the stress out of applying for a mortgage and make sure that you get a deal that is right for you.
We can help to connect you with a huge range of lenders to help find a deal that works for you, no matter your situation.
Let Us Find Your First Mortgage...
FREQUENTLY ASKED QUESTIONS
Do you charge a broker fee?
No, our brokers do not charge a broker fee to first-time buyers. Our mortgage brokers receive a commission from lenders when your mortgage successfully completes. And whilst some brokers choose also to charge a fee, we’re totally fee-free.
What deposit % do I need to have?
As a result of the recent pandemic, the number of 95% LTV mortgage deals, especially for first-time buyers, has significantly reduced. This means that you will typically be expected to put down a deposit of at least 10% when buying at the moment.
That said, mortgage rates are currently at an all-time low which means lower monthly payments for you.
Is the Help to Buy Scheme still available for first-time buyers?
Currently, the government is in talks to prolong the Help to Buy scheme, however the existing Help to Buy scheme is expected to last until at least April 2021.
After it ends, a new scheme will run for the following two years and be restricted to first-time buyers, with regional property price caps.
Can I use funds from my Help to Buy ISA? How much do I need?
The scheme currently requires a £400 minimum government bonus, which means an applicant should have saved at least £1,600 in their Help to Buy: ISA before they can get their bonus.
On the other hand, the maximum government bonus one can receive is £3,000. To get this rate, you should have at least £12,000 in savings in your Help To Buy ISA account.
Why might my mortgage application be declined?
There are a few reasons why your mortgage application could be declined; with the most common reason being surrounding affordability or credit score.
Your broker can work with you before applying to ensure that you need the affordability criteria of the lender who you looking at taking out a mortgage with.
Can I still borrow five times my salary?
In the past, mortgage lenders calculated how much money the company could lend by multiplying the income of an applicant, with a limit of around 4 or 4.5 times their annual salary.
This is currently closer to four times your salary, however, is entirely dependent upon your personal financial situation. Your broker can help you to determine how much you could borrow.
How long does a mortgage application take?
A mortgage application will typically take something between 4 and 6 weeks, depending upon how quickly your survey is completed and other factors. Some borrowers may find that it takes less time than this.
If you are using the Help to Buy Scheme, on average, it should take about six weeks for the application to be processed and completed.
Get Help Finding A Mortgage For Your First Home
All firms are regulated by the Solicitors Regulation Authority or the Council for Licensed Help To Buy