FIRST TIME BUYER
Taking your first steps towards home ownership can be overwhelming. There’s a lot to think about and even more to do – visit estate agents, look for the right properties, view the properties, save up for a deposit – and that’s before you even get the mortgage.
If this is your first time buying a home (and you haven’t owned or inherited a property before) then you’re a first time buyer and we’re here to help you get onto the property ladder with the right mortgage.
FIRST-TIME BUYER FAQS
What deposit do I need for a first-time buyer mortgage?
Your deposit will vary depending on if you use a first-time buyer scheme. At a minimum, you’ll need at least 5% of the property value. However, the more you can put down for your deposit, the better rates of interest you’ll get as you’re considered a lower risk.
The majority of lenders will accept a deposit as a gift from family members and some will even allow a family member to be a guarantor if they have their own property.
How much can I afford to a pay for my first home?
This will depend on a variety of factors, such as:
- The amount of deposit you have
- How much you’d like to borrow
- Your outgoings and credit commitments
- Whether you need to make home improvements
You should seek help and advice off a trained mortgage advisor, who will be able to advise you on your affordability and how much you can borrow for a first-time buyer mortgage.
A&A Independent Financial Services Ltd (FCA number 950425) registered Office: 2 Acorn Grove, Kingswood, Tadworth, Surrey, KT20 6QT
The actual APRC you are eligible for depends on individual circumstances. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the amount you repay.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
The Financial Ombudsman Service (FOS) is an agency for arbitrating of unresolved complaints between regulated firms and their clients. Further details of the FOS can be found on its website: www.financial-ombudsman.org.uk