First Time Buyer Mortgages in Bournemouth

If you have never purchased a property in the past, then you will be classed as a first time buyer.

In some cases, if you have owned a property in the past, depending on the time elapsed since your ownership you may still be classified as a first time buyer. This also varies between lenders.

If you are applying for a joint application and one party qualifies as a first time buyer, you often purchase the property under that classification.

As a mortgage broker in Bournemouth, our advisors will run through all of the costs involved with purchasing your first home. Making sure that the whole process is affordable and within your budget.

You will need to have a sufficient deposit saved and be eligible for a mortgage, meeting lenders’ criteria and affordability. You will also need to appoint a conveyancing solicitor to handle the legal aspect of the transaction.

Lastly, you will need to look at the relevant insurances surrounding homeownership, such as building and contents insurance. As well as the various life insurances to financially support you in any unforeseen circumstances.

This is quite a popular question among first time buyers. You can get a mortgage with as little as a 5% deposit, usually, you will need a good credit score to access these deals.

If you can put down more deposit such as 10%, this will usually open you up to better mortgage interest rates.

If you have adverse credit and you need to look at more specialist lenders, for these deals you may need a 15% deposit or more.

Your family or friends can also gift you all or a proportion of your deposit. In most cases, this is direct family, commonly referred to as ‘Bank of Mum & Dad’, this option has become more popular over recent years.

As a mortgage broker in Bournemouth, we can search through 1000s of mortgage products from various lenders to find you the best deal.

Your Bank will be limited to its own range of products. As such you may have been able to access a better deal elsewhere.

There are various government schemes currently available, aimed to help first time buyers onto the property ladder.

Our mortgage advisor in Bournemouth will be able to help recommend the most suitable scheme, as well as check your eligibility.

You can find more about the schemes available on our Help to Buy and shared ownership pages. You can also visit the government’s ‘Own your home’ website for up to date schemes and criteria.