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 Started
An 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.Apply Now
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.
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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.
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The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Fantastic service from Tom Bowes
Excellent service, great communication & highly professional
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
Informative, friendly, helpful and efficient service.
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
Good advice and a professional hand both made the process seem effortless. Full marks for a service and result!!
Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
Excellent communication from start to finish. Highly recommend.
Very friendly and provided all the information I needed.
Very pleased with Allen’s professionalism , he was able to answer all my questions to my satisfaction
Excellent experience all around, used for two mortgages and will use again