First Time Buyer Mortgages in Norwich

A first time buyer in Norwich is an individual who has never purchased a home before. Depending on the mortgage lender, this also applies to those who have previously owned a property but haven’t been in the market for a long time.

For those who are not classed as a first time buyer, but are living with a partner who can qualify as one, do have the option to jointly purchase a property under that classification.

To purchase your first home, you will need to start by having a sufficient deposit and qualify for a mortgage. This gives you the chance to finance the rest of your purchase. As well as this, you will need to hire a conveyancing solicitor to sort out the legal proceedings that are involved when buying a home.

Our team are here to provide support throughout the mortgage journey. As an expert mortgage broker in Norwich, we will be with you from the every start of checking eligibility and find you the best product all the way to obtaining the keys to your new home.

This is a question our team commonly get asked. The deposit you generally need is a minimum of 5% which can be from your savings, a gift or a combination of the two.

A point that is good to know is, that putting down a larger deposit like 10-20% of the purchase price will open you up to more mortgage options as well as provide you with better deals.

As a mortgage broker in Norwich, we can find you the most suitable mortgage product for your circumstances by searching through 1000’s of mortgage deals. This is what differentiates us to a bank as they will be limited to their own products.

There was a time when the bank was a more popular choice, this was because the local manager understood your finances thoroughly and would take this into account when offering mortgage deals. Now, it is all about finding the cheapest deal.

Despite this option possibly involving a fee, getting mortgage advice in Norwich, can usually be a quicker process and be a lot less stressful with more choices. Our team have access to a large panel of mortgage lenders, with some offering specialist products to cover a range of personal circumstances.

The government have introduced a range of schemes that are designed to help first time buyers in Norwich get onto the property ladder.

The options that are seen to be the most popular is the Help to Buy Equity Loan Scheme which provides a boost to your deposit & the Right to Buy Scheme (gives you the option to purchase your rental property).