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First Time Buyer Mortgage Advice in Eastbourne

Discover your borrowing potential and everything you need to know about getting a mortgage as a first time buyer in Eastbourne.

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Getting First Time Buyer Mortgage Advice in Eastbourne

Are you ready to start your homebuying journey as a first time buyer in Eastbourne? Speaking with a mortgage broker in Eastbourne can help make the process stress-free and simple – exactly what you need during the mortgage process!

It’s our job to support and guide you through the entire process, making sure that your first time buying a property in Eastbourne goes smoothly.

Getting first time buyer mortgage advice in Eastbourne has never been easier. We allow every customer to speak with a mortgage advisor in Eastbourne for free. You can take advantage of this by booking a free mortgage appointment or arranging a callback online.

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How much can I borrow as a first time buyer in Eastbourne?

If you have good credit, it’s usually possible to secure a mortgage with a deposit as low as 5%. This is a minimum however, you can put down more if it is within your budget. Putting down a higher deposit such as 10%, you are potentially opening yourself up to more favourable rates of interest.

If you have bad credit in Eastbourne, you may need to provide a higher deposit. In some cases, this could range from 15% to 20%.

If you are first time buyer in Eastbourne, start by working out how much you can borrow. Our mortgage advisors in Eastbourne can get an accurate figure for you which can help you work out what properties are within your price range.

Free Mortgage Appointment for First Time Buyers in Eastbourne

During your free mortgage appointment, your mortgage advisor in Eastbourne can work out your borrowing capacity, assess your mortgage affordability, and explain how the process is going to work from start to finish.

Taking advantage of our free mortgage appointment can give you a clear look at where you currently are in the process and what the next steps are. Speaking with a mortgage advisor in Eastbourne also gives you a chance to speak with a professional who can provide an honest answer to all of your questions.

Scheduling your free mortgage appointment is simple. Follow the link below, and pick a date and time that suits your schedule.

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Common First Time Buyer FAQs in Eastbourne

How much deposit do you need for a first time buyer mortgage in Eastbourne?

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A frequent inquiry we receive from first time buyers in Eastbourne relates to the minimum deposit required for a mortgage.

Typically, you will be required to provide a minimum deposit of 5% of the property’s buying price. This could be sourced from your personal savings, a gift deposit from your family or a mix of both.

As a mortgage broker in Eastbourne, we usually recommend a deposit of 10% of the buying price. Having a 10% deposit could potentially open you up to a broader range of mortgage options with more competitive interest rates.

If you have a poor credit score in Eastbourne, it might be required for you to provide a higher deposit. In such cases, a deposit amounting to roughly 10-15% of the purchase price may be expected.

What are the costs of buying my first home in Eastbourne?

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For those taking their initial steps onto the property ladder in Eastbourne, the financial obligation isn’t simply restricted to the mortgage. Additional expenditures to bear in mind incorporate legal charges like solicitor and real estate agent fees. Costs associated with these services can fluctuate considerably based on the specific legal practitioner or real estate agency you opt for.

When buying your first home in Eastbourne, you will need to account for a handful of costs, not just the mortgage.

One cost that you need to consider is property surveys. You have three property survey options at your disposal: Basic Mortgage Valuation, Homebuyer’s Report and Full Structural Survey (in order or least to most expensive).

Some first time buyer mortgages in Eastbourne will require an arrangement fee. This, however, isn’t a universal requirement for every mortgage product.

Opting for a mortgage broker’s services in Eastbourne involves an additional cost, reflective of the extensive procedures undertaken to secure your mortgage deal. It’s important to note that brokers can offer an expansive selection of products and possess the capability to search numerous lenders—a benefit that banks and building societies can’t match.

Generally, as a first time buyer in Eastbourne, you do not have to pay stamp duty. Nonetheless, it’s always worth checking whether this applies to you at the time of your purchase.

Is it better to get a mortgage from a bank or a mortgage broker in Eastbourne?

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In Eastbourne, our team of proficient mortgage brokers have guided thousands of first time buyers through their mortgage process. We have an extensive selection of exclusive and specialist mortgage deals and are committed to aligning your needs with the most appropriate product.

The traditional way of depending on your local bank manager to evaluate your finances and suggest the best deal is now outdated. The modern approach is all about securing the most cost-friendly mortgage, which is why a consistently growing number of individuals opt for a mortgage broker in Eastbourne.

By choosing to take our mortgage advice in Eastbourne, a smooth and trouble-free service awaits you. Moreover, due to our broad network of lenders, we can find a mortgage tailored to your unique requirements.

Are there any schemes to help first time buyers in Eastbourne get onto the property ladder?

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Are you a first time buyer in Eastbourne in search of your first property? Does saving for your first mortgage deposit pose a challenge?

There may be ways to speed up your savings for a deposit using one of the mortgage schemes implemented by the government.

A variety of schemes such as Shared Ownership, Right to Buy, Lifetime ISA, Mortgage Guarantee Scheme, and First Homes are available. Though not all of these schemes may be applicable to every potential homeowner, the majority have been specifically designed to assist first time buyers.

For those first-time homebuyers in Eastbourne looking for more information concerning these government-backed schemes, our expert team is merely a phone call away. Feel free to reach out to us for any queries or guidance you may need.

I need an agreement in principle, how can I get one?

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As a mortgage broker in Eastbourne, we would highly recommend securing an Agreement in Principle (AIP) at the earliest opportunity.

An AIP is a document issued by your lender which outlines the total mortgage amount you can borrow. Not only that but this document boosts your credibility when you make an offer on a property in Eastbourne, paving the way toward obtaining your first home.

Our mortgage advisors in Eastbourne can arrange your AIP within 24 hours of your free mortgage consultation. And, if it happens to expire, you can get back in touch and we can renew it for you right away!

Reasons to Choose Us in Eastbourne

Mortgage advice in Eastbourne, 7 days a week

As your mortgage broker in Eastbourne, we pride ourselves on delivering a tailored service that suits your demanding schedule. You can count on us anytime you need us.

Free mortgage appointment in Eastbourne

Our mortgage advisors in Eastbourne know the ins and outs of the local market, allowing us to deliver invaluable insights along your mortgage journey.

Dedicated case managers

You will work alongside a dedicated case manager who will help you prepare your mortgage application, making sure that it looks the best that it can in front of the mortgage lender.

We're on your side, we work for you!

Our knowledgeable mortgage advisors in Eastbourne are equipped to guide you through the complete journey of securing a mortgage tailored to your unique preferences.

Protecting you and your family

As your mortgage broker in Eastbourne, we can also suggest suitable insurance products, ensuring you can stay in your home even if you face a severe illness or are unable to stay in your job.

We search 1000s of mortgages in Eastbourne

We take into account your individual circumstances and financial situation as a first time buyer in Eastbourne, to make sure the mortgage we find is tailored to you.

20+ experience in the mortgage industry

Our team is equipped to guide you through the intricate world of mortgages, lending terms, interest percentages, and all other elements that can influence your mortgage in Eastbourne.

By your side through your entire mortgage journey

Our adept team of mortgage advisors in Eastbourne will guide you through your entire process. They will answer any questions that you have along the way.

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First Time Buyer Mortgage Scenarios in Eastbourne

I want to make an offer on a property in Eastbourne, what do I do now?

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Step One:

Before diving into property offers in Eastbourne, securing an agreement in principle (AIP) is key. This vital document showcases how much a lender is willing to lend you based on your financial standing.

The AIP not only demonstrates your seriousness as a buyer but also reassures sellers and estate agents of your financial capability in purchasing the property.

Step Two:

Even if you’ve already scoped out the property, a thorough inspection is crucial to uncover any hidden issues that could impact your decision.

Consult with your trusted mortgage advisor in Eastbourne to arrange the appropriate property survey before proceeding with an offer.

Step Three:

Balancing your budget, the property’s market value, and any potential repair costs highlighted during the inspection, it’s time to determine your offer price.

While starting slightly below the asking price can allow room for negotiation, it’s essential to remain competitive to secure the property without losing out to other buyers. Your mortgage advisor in Eastbourne can provide valuable assistance in this process.

Step Four:

With your offer ready, submit all necessary details, including your offer price, AIP information, and any conditions tied to your offer, such as survey results.

As the sales process unfolds, the next step is securing a mortgage for the property you’ve successfully bid on. Our expertise as a mortgage broker in Eastbourne comes into play here, ensuring you navigate this phase with ease.

What types of first time buyer mortgages in Eastbourne can I get?

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Are you a first time buyer in Eastbourne looking to explore mortgage options? Here at UK Moneyman, we understand the importance of finding the right financial product tailored to your specific needs.

Fixed Rate Mortgages in Eastbourne

Opting for a fixed rate mortgage in Eastbourne offers you stability and certainty in managing your monthly repayments.

During the fixed period, which typically lasts between two to five years, the interest rate remains constant, shielding you from market rate fluctuations.

If you prefer consistent monthly payments and wish to mitigate the risk of escalating interest rates, a fixed rate mortgage is a suitable choice for you.

Variable Mortgages in Eastbourne

On the other hand, variable rate mortgages in Eastbourne come with fluctuating interest rates that can adjust over time in alignment with the Bank of England base rate or the lender’s standard variable rate (SVR).

Options like tracker and discount rate mortgages present varying structures, each with its advantages and risks.

While tracker mortgages can offer lower initial rates, they expose you to potential increases if the base rate rises.

Similarly, discounted rate mortgages provide initial cost benefits but may lead to higher payments if the lender’s SVR changes.

Shared Ownership Mortgages in Eastbourne

For those seeking assistance due to deposit constraints, a Shared Ownership mortgage in Eastbourne could offer a viable solution.

These mortgages allow you to purchase a share of the property, typically between 25% and 75%, while paying rent on the remaining share owned by a housing association.

Through the process of “staircasing,” you have the opportunity to acquire additional shares until you become the full owner of the property.

Many Different Types of Mortgages in Eastbourne

Given the diverse range of mortgage options available to first time buyers in Eastbourne, seeking expert mortgage advice in Eastbourne is crucial in identifying the most suitable product for your unique circumstances.

Our team can guide you through different mortgage types based on your financial profile, whether through government schemes or conventional methods.

Schedule a free mortgage appointment with us to explore the variety of solutions tailored to meet your homeownership goals. Let’s find the perfect mortgage solution for you in Eastbourne.

How do I start my mortgage process in Eastbourne?

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If you’re a first time buyer in Eastbourne embarking on the journey of securing a mortgage, it’s essential to gauge your borrowing capacity. Understanding this figure will guide you in your search for a suitable property within your budget.

Our mortgage calculators are at your disposal for a preliminary estimate of your borrowing limit. Alternatively, feel free to get in touch with our team for a more precise calculation.

By scheduling an appointment or requesting a callback from our mortgage advisors in Eastbourne, you can swiftly obtain the information you need. Our experts specialise in assisting first-time buyers in Eastbourne just like you, equipped with the knowledge and skills to streamline the mortgage application process for a smoother experience.

I have been declined by my bank, can I get a mortgage in Eastbourne?

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If your bank has turned down your application for a first time buyer mortgage in Eastbourne, there’s no need to worry! Rejections can happen due to the stringent criteria of certain mortgage products.

However, don’t lose hope as we have successfully assisted numerous clients in securing a mortgage after they have been declined by their refusal.

Being a mortgage broker in Eastbourne, we meticulously analyse a wide range of mortgage products to identify one that aligns with your unique financial and personal situation. Rest assured, we won’t recommend a mortgage that you are likely to be rejected for.

Our goal is to offer you tailored mortgage guidance in Eastbourne that caters specifically to your individual needs and circumstances. Trust us to navigate the complexities of the mortgage market and find a solution that works best for you.

We Search 1000s of First Time Buyer Mortgages in Eastbourne

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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