First Time Buyer Mortgages

First Time Buyer Mortgages offer are perfect for people wanting to get on the property ladder. As the name suggests, First time buyer mortgages are for people who have not taken out a mortgage before, this can also apply to those who hare just starting to enter the housing market and are looking to purchase their first home.

First-time buyers generally have to put a deposit down of 10% the overall property value, but in some cases, a 5% deposit can be enough – this is helped with the Help to Buy Mortgages. It is important to get a mortgage in principal in place so that you are able to put an offer down on your dream property, this is how we our mortgage experts can help you with each step of the way.

Depending on which first time buyer mortgage deal you choose, depends on how much you may be able to borrow. Some lender can have a stricter borrowing requirements for certain mortgage types. Our mortgage advisors can show walk you through each type of mortgage available for first-time buyers.

When should I apply for a first-time mortgage?

When considering applying for a First Time Buyer Mortgage, it is important to consider when the best time is to apply. First-time buyers should be aware that mortgage applications take time and the earliest they can apply is three months before they are ready to buy.

It is important to note that lenders have different criteria when it comes to First Time Buyer Mortgages, so it is essential to research the different options available and speak with a qualified mortgage broker before making any decisions.

Having this knowledge in hand will make the process of applying for First Time Buyer Mortgage much smoother and simpler. So take your time to ensure you are getting the best deal possible.

Different types of first-time buyer mortgages

When it comes to choosing a first time buyer mortgage it is important to understand the different types of mortgage packages that are available for you.

Click below to learn more about the different first time buyer mortgages that are available for you.

Fixed-rate mortgages

Fixed-rate mortgages offer borrowers a set interest rate for the entire duration of the mortgage, which can be helpful in budgeting and planning for the future. However, if interest rates drop during the term of the mortgage, the borrower would be stuck paying the higher, fixed rate.

Variable-rate mortgages

Variable-rate mortgages have an interest rate that can change over time, which means that your monthly payments could go up or down. This type of mortgage may start with a lower interest rate than a fixed-rate mortgage, but there is more risk involved since the payments could increase significantly if rates rise.

Standard variable rate mortgage (SVR)

At the lender’s basic rate of interest. SVRs don’t have discounts or lower interest rates, and the lending institution may alter the rate of interest they charge.

Tracker mortgages

Tracker mortgages are another type of mortgage that is popular with first-time buyers. These mortgages have a fixed interest rate for a certain amount of time, but the interest rate will vary depending on the Bank of England Base Rate.

This type of mortgage can be helpful for first-time buyers because it offers some predictability in terms of monthly payments, but it also allows the borrower to benefit if interest rates drop during the term of the mortgage.

Discount rate mortgages

Discount rate mortgages offer a discounted interest rate for a certain period, usually two to five years. This type of mortgage can be helpful for first-time buyers because it offers a lower interest rate and monthly payments for a set period of time.

However, after the discount period ends, the interest rate will usually increase to the lender’s standard variable rate.

Capped rate mortgage

A capped rate mortgage is a type of mortgage that has a maximum interest rate that it can reach. This type of mortgage can be helpful for first-time buyers because it offers protection against interest rates rising to a certain point.

However, if interest rates do drop below the cap, the borrower would still be stuck paying the higher, capped rate.

Adjustable-rate mortgage (ARM)

First-time buyers may also want to consider an adjustable-rate mortgage (ARM). This type of mortgage has an interest rate that can change over time, which means that your monthly payments could go up or down.

However, if interest rates rise during the term of the mortgage, the borrower would be stuck paying the higher rate.

Compare First time buyer mortgages

Our mortgages advisors are on hand to help compare the best first time buyer mortgages available to get you the best rate available on the market. We have access to exclusive deals from top mortgage lenders so you are in good hand with us.

What else should I consider when getting a mortgage for my first home?

When getting a mortgage for your first home, there are many things to consider. First and foremost, it’s important to understand the different types of mortgages available and how each one works. As a first-time buyer, you may want to consider fixed-rate mortgages. Fixed-rate mortgages offer the security of knowing that your mortgage payments will remain the same throughout the life of your loan.

You should also consider how long you plan to be in the home and whether you want to pay off your mortgage early. Additionally, First Time Buyers should research different lenders’ rates and fees so that they can get the best deal possible.

Finally, First Time Buyers should speak to a qualified mortgage broker who can help them understand the different First Time Buyer Mortgages available and guide them through the process.

We have our online guide to help calculate your mortgage and can book an appointment with our mortgage advisors to get started with your first time buyer mortgage application.

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