First Time Buyer Mortgages in Oxford

If you have never purchased a home before, you will be a first time buyer in Oxford. With some mortgage lenders this also extends to those who have previously owned a property but perhaps haven’t been in the market for a while.

If you are not classed as a first time buyer, but you happen to be living with a partner who qualifies as such, you are often able to jointly purchase a property under that classification.

In order for you to purchase your first home, you will first need to have saved a sufficient deposit and qualify for a mortgage. Doing so will allow you to finance the rest of your purchase. You will also need to hire a conveyancing solicitor to carry out the legal proceedings that come with buying a home.

As a mortgage broker in Oxford, we are here to help you every step of your mortgage journey. We’ll be there from checking your eligibility and finding the best deal, right through until you get the keys to your new home.

We tend to get this question more than most. The answer is typically 5% will be the minimum required, which can be from your savings, a gift, or a combination of the two.

It is important to note, however, that putting down a deposit larger, let’s say somewhere around 10-20% of the purchase price, will widen your mortgage options and open you up to better deals.

As a mortgage broker in Oxford, our advisors can search through 1000s of deals to find the best mortgage deal for your circumstances. Conversely to this, a bank will be limited to their own products.

The bank was once a more popular choice, as the local manager knew your finances inside and out and would bear this in mind when offering mortgage products. This tends not to be the case anymore, and is all about finding the cheapest deal.

By getting mortgage advice in Oxford, whilst it may incur a fee, can often be a much quicker process, with a lot less stress and with much more choice. Here at UK Moneyman, we have a large panel of mortgage lenders, allowing us to tailor your mortgage to your personal situation.

There have been a lot of different government schemes introduced as a means of helping more first time buyers in Oxford to find their footing on the property ladder.

The most popular options that we see first time buyers in Oxford making use of, have been the Help to Buy Equity Loan Scheme (providing a boost to your deposit) & the Right to Buy Scheme (allowing you to purchase your rental property).