First Time Buyer Mortgages in Canterbury

If this is your first time buying a home, you will be considered a first time buyer in Canterbury. Depending on the mortgage lender you speak to, this can extend to some customers, who perhaps have owned homes in the past, but haven’t been in the market for a number of years.

On the chance you don’t fall into the criteria for a first time buyer, but are jointly applying with someone else who does, your case overall may be considered a first time buyer case.

In order for a first time buyer in Canterbury to purchase their very first home, they will need to have saved up a sufficient enough deposit and also qualify for a mortgage. Doing this will mean you are in a much better place for financing the rest of your home purchase. You will also need to hire the services of a conveyancing solicitor, so that the legal side of buying a home can be arranged.

As an expert fast & friendly mortgage broker in Canterbury, we are here to help customers through every single step of their home buying journey. We’ll be there from the point where we review your eligibility and find you the best deal, right through until you get the keys to your brand new dream home.

This is a question that we find crops up the most frequently. Generally speaking, there will need to be a minimum of at least 5%, which can be achieved either through your own savings, from a gifted deposit (bank of mum & dad) or a combination of both methods.

You must remember though, that putting down a deposit that is much larger, let’s say somewhere within the realm of 10-20% of the property purchase price, will give you far more mortgage options and much better deals, than you would otherwise have with a lower deposit.

As a mortgage broker in Canterbury, our advisors have the ability to search through 1000s of unique and specialist mortgage deals, matching you up against various mortgage criteria, in order to find the most suitable mortgage deal for what you are looking to achieve.

The bank used to be a popular route into home owning, as the local bank manager knew your finances inside and out, which they would bear in mind when they would review their products to offer you one. Conversely to the previous point though, they can only offer from their own products, and in a world where it’s all about finding the cheapest deal, most people prefer a mortgage broker.

By seeking mortgage advice in Canterbury, whilst a fee may be present, you’ll often have a stress-less, much quicker service and with a lot more choice. Here at UK Moneyman, we work with a large panel of mortgage lenders, allowing us to tailor your mortgage to your individual needs.

The government has introduced lots of different schemes as a way of helping first time buyers in Canterbury to purchase their first home, when perhaps they were previously struggling, with that often being down to factors such as saving up for the initial deposit.

The most popular options that we come across when dealing with first time buyers in Canterbury are the Right to Buy Scheme (allowing you to purchase your rental property from your local council or housing association) and the Shared Ownership Scheme (letting you purchase a percentage of a property then paying the remaining share off via rent each month).