As a first time buyer in Southampton, you should expect to put down a minimum of a 5% deposit. Although this can vary depending on your credit score, affordability, etc.
When you are buying your first home, you are avoiding being caught in a property chain (where a buyer is waiting for the seller to move out too).
This can sometimes speed up your moving in process as you can use it as a bargaining tool whilst negotiating with the seller.
For first time buyer mortgage advice in Southampton, feel free to ‘get started’ and book your free appointment online today.
Get StartedAn Agreement in Principle shows the seller that you are in a position to advance As an expert mortgage broker in Southampton, we have been able to help and support 1000’s of first time buyers in getting the keys to their dream home. Book your free mortgage appointment online today to see how a mortgage advisor in Southampton can help you with your home-owning dreams.
If you have never owned a home previously, you count as a first time buyer. Typically, the demographic for these types of mortgages are younger applicants. On the other hand, it is very normal for older applicants to still count as first time buyers.
If you are a current homeowner that lives with their partner who qualifies as a first time buyer, you may be able to apply for a joint purchase under the first time buyer classification,
Unusually, some lenders may put you into the first time buyer category if you haven’t been in the market for a long time.
When purchasing your first home or any property in the future, you will need some sort of deposit. The deposit total that you will need is entirely dependent on the price of the property. For example, £210,000 property with 5% deposit = £10,500 deposit.
We’ll measure your affordability and eligibility in order to try and find you the perfect mortgage deal. We will also help you select a conveyancing solicitor to carry out the legal proceedings that come with buying a home.
If you are a first time buyer in Southampton with good credit, you would expect to be asked for a minimum of a 5% deposit. If you have bad credit, you may be asked to provide 10%-15%.
If you are fortunate enough to receive a gifted deposit from your family members or friends, you could put that towards your deposit. A gifted deposit is simply a lump sum of cash gifted to the buyer to use towards a deposit. This is strictly a gift and not a loan that will need paying back.
If you have good credit, putting down a higher deposit than suggested could open you up to more favourable interest rates. Your own deposit combined with a gifted deposit could stretch your deposit over the 10% mark.
As a mortgage broker in Southampton, we are not limited to our own in-house products like banks and building societies. Our team are able to search the market to try and find the best deal for you. Our large panel of lenders hold many high street and specialist deals that you may be able to access.
Our mortgage advisors in Southampton are knowledgable and experienced in working with first time buyers in Southampton, they will be more than happy to help you through your journey too.
We love first time buyers! Our service only benefits new and returning customers and helps them through their home buying process.
The government have many different schemes in place to help first time buyers get their foot on the property ladder. As a mortgage broker in Southampton, we have found that the most popular schemes are the Help to Buy Equity Loan and Shared Ownership.
Our team can see whether you qualify for any of these schemes and whether they are the best option for you to take. Like the traditional mortgage process, we will measure your affordability, look at your income and ask for evidential documents to support your application.
There are more schemes to discover by visiting the OwnYourHome website.
We work to fit your schedule. Book your first time buyer mortgage appointment at a date and time that best suits your personal and working life.
No upfront fees, no-nonsense; give our team in Southampton a call today.
From start to finish, your case manager and mortgage advisor will be on hand to answer questions that you have along the way.
We love the fact that we are able to help so many applicants achieve their home buying dreams. Take a look at our reviews to find out how others have valued their experience with us.
So that you and your family are covered, your mortgage advisor in Southampton will make sure that you have the correct insurance and protection in place.
As your first time buyer mortgage broker in Southampton, we will try and find you the perfect product that matches your personal and financial situation.
It's rare to find a situation that we haven't come across. Don't hesitate to get in touch, our mortgage team in Southampton are here to help!
We may encounter some hurdles along the way, but we love a good challenge! We will try our best to get you through the mortgage process, no matter what situation you are in as a first time buyer in Southampton.
Our Customers Love Us
2000+ 5-Star Reviews
Derek
They were great when handling our mortgage application even though it was a bit different to the normal one. Highly recommended
3 days ago
Michelle
The team at UK Moneyman have been excellent, really informative, providing sound advice with no judgement and supporting the best possible way forward for myself. I would definitely use the team again, they’ve made the whole process simple and...
2 weeks ago
Lawrence
Great company to work with, very helpful and excellent communication. Chris and Jo did a great job with our application. I highly recommend.
2 weeks ago
Gemma
Excellent speedy service and always available to work around the best times for us, including calls at weekends
1 month ago
Gillian
Having dealt with Leo previously I knew I would be getting a brilliant service and a good deal.
1 month ago
Karen
Very helpful.Quick response to any questions or concerns. Selected the right product to meet our requirements.
1 month ago
Stephen
We went to the Moneyman to start with regarding a new mortgage only which went really smoothly and everything was explained in simple terms at our request Malcom made it feel at ease . Once i had the confidence with them we asked them to help with...
1 month ago
We value your privacy
This website uses cookies. If you continue to use the site, we will assume that you agree with our use of cookies.