No Obligation Free Online Mortgage Quote
Speak To A Expert Mortgage Borker Today

Published: March 1, 2021

What are First Time Buyer Mortgages?

How to get your first mortgage!

Whether your a first time buyer looking for a Shared Ownership, self-employed, Help To Buy, Right To Buy mortgage or have a history of Bad Credit or simply just want the best mortgage rates, we can help find the right mortgage for you.

With so many choices available to you, picking your first mortgage is never easy. With our friendly and personal advice, we can help you tick all the boxes. In addition, we can offer great value home insurance and market leading life insurance and critical illness protection, protecting you as you embark on the journey of buying your first home.

First Time Buyer
Buying your first home with a friend or family member?

We will offer you whole of market independent advice on the best mortgage option for you, following an in depth consultation to ensure we fully understand your mortgage needs, whether your looking for a First Time Buyer, Self-employed, Help To Buy, Right To Buy or Shared Ownership Mortgage.

Call us on 01702 619 221 and we will put you in touch with one of our locally based mortgage advisers who will guide you from the initial fact-finding questionnaire through to completion, answering any questions you have along the way.

What are First Time Buyer Mortgages?

Helping First Time Buyers
Find your perfect new family home.

First time buyer mortgages are mortgages specifically aimed at first time buyers, they normally accept a higher Loan to value, enabling you to have a smaller deposit to buy your house.

As a first time buyer you need to ensure that you are fully aware of the cost of your mortgage if interest rates change which is why our expert brokers are to hand to discuss all options and affordability with you. Call Us today on  01702 619 221 to further discuss your needs and allow us to help you navigate the complexities of first time buyer mortgages.

First Time Buyer Mortgage Options

We’ll concentrate on helping you compare mortgage rates with the following in mind:

Looking for Your First Mortgage
Looking For Your First Mortgage!
Use our handy mortgage calculator to find out how much you can borrow. Click Here
  • Fixed, tracker, discount and variable rate mortgages
  • Repayment and interest only mortgages
  • Free survey and cash back deals
  • Early repayment charges

You may also be interested in:

  • Joint mortgage
  • Guarantor mortgage
  • Monthly mortgage repayments
  • Cashback Mortgage
  • Offset Mortgage

Take the first step towards your First Time Buyers mortgage today and contact us on 01702 619221. we will cut through the jargon and help when it comes to understanding mortgages and help you through the house buying whole process.

Shared Ownership Mortgages For First Time Buyers Explained

So what is shared ownership? The shared ownership scheme allows people to buy a share in their home even if they cannot afford a mortgage on the entire value of the property.

The buyer purchases a share of the property – usually 25%50% or 75% – and the remaining balance is owned by a government-backed housing association or private investor. More often than not, the homeowner will then pay rent on this balance.

Who Can Apply For a Shared Ownership Mortgage?

Those who can apply for a mortgage under the shared ownership scheme include:

  • First-time buyers
  • People who have an existing mortgage under the shared ownership scheme and wish to move property
  • People who have previously been homeowners, but do not own a property now and cannot currently afford to buy one
  • People who earn less than £80,000 per annum (£90,000 for those living in London)

Whilst the criteria for shared ownership is considered very flexible in terms of lending high loan to values, it is still important that you are able to demonstrate that you can afford your mortgage and rental payments, as well as put down the required deposit.

Find Out More

How To Get A First Time Buyer Mortgage If Your Self Employed

It’s hard, but not impossible. If you work for yourself and are looking to buy a new home and secure a self-employed mortgage, find out how you can get the right mortgage for your circumstances.

What You Need to Get a Mortgage if your Self-employed

The key change for self-employed workers is the need to prove your income to any mortgage lender you apply to. Most will want to see at least two years’ accounts or tax returns. The more accounts you can show the better.You’ll need…

Find Out More

First Time Buyer Guides

We have compiled a First Time Buyers guide, which is full of useful information helping you to navigate the complexities of buying your first home.

Read More

Take Your First Step onto the Property Ladder with Our First-Time Buyer’s Guide

On the hunt for a new home?

Family Home
Take your first steps onto the property ladder

Stepping onto the property ladder can be a daunting experience. With so many different aspects to consider, you’re probably wondering, where do I start? Who should I turn to for advice? If this is true for you, then panic not! Here at Amber Mortgage Solutions we’ve compiled a short and simple guide listing what to expect when looking to buy a property for the first time. Enjoy!

One Small Step for Man, One Giant Leap for the First-Time Buyer…

When you’re thinking about buying a home, the first step you’ll need to take is establishing your budget.

Leap into homeownership
Helping you take the leap into home ownership

You’ll need to honestly examine how much you can afford, whether or not your current finances are in order and if cut backs need to be made. A good place to start when setting yourself a realistic budget, is to make a list of your current outgoings – car payments, phone bills, food shopping, eating out etc. This should then give you a good idea of whether or not you’re in the position to comfortably afford monthly mortgage repayments on top of your ongoing expenses.

Think you can cut down on your current spending habits?

Start now! This will not only help you to get a head start in saving for a deposit, but will also get you into the habit of budgeting responsibly.

Finally, be sure to speak with a trusted mortgage broker as soon as possible. Doing this before you begin your search for a home will help you get clear on what you can afford and means you’ll be ready to put in an offer, as soon as you find that perfect property.

Take Advantage of Government Schemes

The Government have recognised that for the majority of first-time buyers, securing a property is no longer an easy feat. As a result, there are currently several schemes on offer to help first-time buyers climb onto the property ladder. For example, if you are struggling to save for a deposit, then the Help to Buy Scheme could be beneficial to you. With this scheme you will only need a 5% deposit, then the government will provide a loan for up to 20% of the price, leaving the mortgage company to cover the remaining 75%.

The new Help to Buy ISA could also prove valuable for giving your savings a boost. For first-time buyers under the age of 40, for every £200 saved towards a house deposit, the Government will add £50. This means that you can benefit from up to a maximum bonus of £3,000 on £12,000. Not bad at all!

There is help out there – so make sure you take it. Just always be sure to do your research.

Beware Unexpected Costs

Unfortunately, many first-time buyers can fall short when faced with costs they hadn’t budgeted for. When budgeting ahead, some of the main additional costs to consider include solicitors’ fees, stamp duty fee, building and contents insurance or building maintenance charges.

Again, do your research and there’ll be no nasty surprises in store for you further down the line.

Finding a Property to Suit You

In-between the many stresses of deciding on your budget, organising your finances and securing a first time buyer mortgage, it’s important that you don’t lose sight of what you’re actually looking for in a home!

  • How many bedrooms do you need?
  • Will you require off-street parking?
  • Do you need to be close to transport links?

Decide on the non-negotiables you’re looking for in a property. Speak with estate agents and find out what’s possible on your budget.

An important piece of advice would be to start at the lower end of what you can afford. After all, a smaller home at a lower price is still one step up onto that property ladder.

Moving In Day!

So, you’ve found your dream property and the keys are in your hand. Now comes the fun part – “moving in” day!

If you’re leaving a rented property or are in a hurry, you’ll want to move in immediately and make yourself right at home. But if you’ve got time to spare, why the rush? This may be your only chance to take your time with your move – you’re now on the property ladder after all! The next time you decide to move, you’ll be part of a chain and may not have the same luxury of time.

Organize your possessions by room; walk through your new apartment or house and make notes room by room of any work you might like to do. If you’re in the position to do some decoration or DIY immediately, then why not get it out of the way?

Once you have a plan and a clear budget in place, buying your first property can be a breeze. Having the best professional advice and guidance can also help you to achieve peace of mind during what can be one of the most stressful and exciting times of your life.

For everything from securing the best mortgage deal to suit your budget to finding the right home insurance, we can help you. So why not contact a friendly member of our team today?

Call us on 01702 619221.

Latest News