First Time Buyer Mortgages in Southampton

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.