Mortgages for First Time Buyers
Getting a mortgage for the first time is a big deal. With the array of options available to you, the process can be overwhelming.
With property prices at their current levels, you may have only managed to save for a small deposit. This means your mortgage options may be restricted depending on your situation.
That’s where City Mortgage Solutions can help. Our Experienced Mortgage Brokers will take you through the mortgage application process from start to finish, offering expert advice on the right kind of first time buyer deal to suit your situation.
Whether that’s a Fixed Rate, Capped Rate, Discounted or Tracker Mortgage, your adviser will take the time to understand your situation and walk you through the best options.
Use our mortgage calculator tool to find out how much you may be able to borrow from a lender
Help is available with mortgages for first-time buyers
For those that are finding it difficult to get on to the property ladder, there is help available with mortgages for first time buyers.
Shared ownership schemes will offer prospective homeowners with an opportunity to buy a share in a property through a housing association at a level that is affordable. You’ll be able to take out a mortgage on the share of that property and pay a rent on the part you don’t own. With a shared ownership scheme, you’ll have an opportunity to buy additional shares in your home as your financial situation changes and you can afford to take on a larger mortgage.
There is also the Help to Buy equity scheme which is a government led initiative to help affordable home ownership. There are a number of criteria that must be met in order to ensure eligibility, including the property being a new build and you will need a 5% deposit. In exchange, the government will lend you up to 20% of the value of the home, or up to 40% if the property is in London. You’ll need a mortgage of up to 75% of the value of the property, or 55% if the property is in London.
It is important to know which builders are registered for the Help to Buy scheme. This scheme is only available through eligible builders. Your broker will be able to provide you with any help you need in identifying a qualifying builder.
If you’re not sure whether or not you’re eligible for either of these schemes, contact us and we’ll talk you through all the available options.
Whatever your requirements, City Mortgage Solutions team of experienced mortgage brokers are available to provide expert mortgage advice, find the best mortgages for first time buyers and make your mortgage process as straightforward as possible for you. Get in touch to find out how we can help.