Do I count as a first time buyer?
Anyone who has never owned a home will be a first time buyer, but with some lenders this also extends to those who have previously owned a property but have been out of the market for a while. If you are not classed as a first time buyer, but you are living with a partner who qualifies as one, you are often able to jointly buy under that classification.
What do I need to buy my first home?
To buy your first home, you will first need to have saved a suitable deposit and be eligible to take out a mortgage to finance the rest of your purchase. You will also need to appoint a conveyancing solicitor to carry out the legal proceedings that come with purchasing a property. As a mortgage broker, we are here to help you every step of the way. From checking your eligibility and obtaining you a suitable mortgage right through to you getting the keys to your new home.
How much deposit do you need for a first time buyer mortgage?
This is one of the questions we get asked the most and the answer is 5% is the minimum required but this can be from your savings, a gift, or a combination of the two. It is worth noting however, that putting down a deposit larger at say, 10% of the purchase price, will widen your mortgage options and open up better deals.
Is it better to get a mortgage from a bank or broker?
As a mortgage broker we are able to search 1000s of deals to find you the most suitable mortgage for your circumstances whereas a bank will be limited to their own products. The bank used to be a popular choice, as the local manager knew your finances inside and out and would take this into consideration when offering mortgage products. Nowadays, this is not relevant and it’s simply a case of finding the cheapest available deal. Using the services of a mortgage broker, whilst it may incur a fee, can often get the process completed a lot quicker, with a lot less stress and you have a lot more choice. Here at UK Moneyman, we have access to a large panel of lenders, so we can tailor your mortgage to your personal circumstances.
Are there any schemes to help first time buyers get onto the property ladder?
There have been various government schemes introduced that serve the purpose of helping more first time buyers get onto the property ladder. The most popular of these options have been the Help to Buy Equity Loan Scheme & the Right to Buy Scheme.