First Time Buyer
How Much Can I Borrow?
This is typically the very first question you will ask as a first time buyer. You know you want to own your own home, but at the moment you haven't got a clue as to how much you can borrow? You may have gone on to some lenders websites and input details in their calculators..... however you've noticed that each one spits out a completely different figure!... You simply need to know how much you can borrow, so you know what type of properties you can buy and you can start to go house hunting.
The world of mortgages is a confusing place and each lender is different from another, which really does not help! Fill in our Borrowing Calculator, we may be able to tell you straight away how much you can borrow, or we may need to just get a couple extra bits of information, in which case we'll let you know so we can give you an accurate figure of how much you can borrow.
No more guess work, you can go house hunting with 100% confidence.
What Size Deposit Do I Need?
The higher percentage deposit you have the lower the mortgage rate will be. Currently the minimum amount of deposit is 5%. However there are some government schemes available that help you with the deposit. To find out more get in contact.
How Much Will The Mortgage Cost?
The cost of a mortgage will depend on a number of factors. What percentage deposit you are putting down? How long is the mortgage term? 25 years, 35 years? What type of rate have you chosen? Fixed, Tracker? How long is that rate for? 2 years, 5 years? Which mortgage lender will offer you the full amount you want to borrow?
It is important that any mortgage you choose is not only affordable now, but also in the future. It is therefore important to ensure that you understand what your options are and how they fit in with your situation.
Use our Mortgage Cost Calculator to understand what the costs would be. We will also liaise with you to help you understand the various different features and options and also to ensure that the calculations truly reflect the mortgage that fits your situation.
Can I Put An Offer Down On The House?
So you've found the property you love and want to put an offer down... Can you?.. What's the next step? Many estate agents require a 'Decision in Principle' also called an 'Agreement in Principle' before they will accept your offer on the house. A DIP, or AIP is where you have approached a specific mortgage lender and they have done and initial check on your income, debts, etc. and also done a credit score on you and agreed that in principle they will lend you the money for the property.
Who do you approach? This is where you need to have your situation assessed to ensure that the DIP/AIP is being made to the right mortgage lender. You want the lowest cost mortgage in the market, but at the same time you want to ensure that you fit that lenders criteria.
You could approach several different lenders without any luck. You need to understand that each mortgage lender will assess your situation differently and each will be willing to lend a different amount.
If you are not careful you will have waisted a great deal of time and also could lower your credit rating by having too many credit scores done so closely to one another. This in turn could affect your ability to get the mortgage.
Take advantage of a Free Mortgage Consultation. We will assess your situation, show you what the lowest cost mortgages are for your specific circumstances and take you through a Decision In Principle so that you can provide one to the estate agent.
Fill in your name, email and telephone number in the Request A Free First Time Buyer Consultation and we will be in contact shortly.
Looking For The Right Deal As A First Time Buyer?
With hundreds of mortgage deals on offer, finding the right mortgage as a first time buyer can be confusing. As a first time buyer there are many mortgage deals available to save you money, reduce costs and provide cash back. We can help to navigate you to the mortgage that suits you best at the lowest possible cost across the whole of the mortgage market. Being that one stop shop to not only save you time, but money as well.
Which Type of Mortgage is Best For A First Time Buyer?
There are many different types of mortgage: Fixed, capped, variable, tracker and as a first time buyer you will have many questions as to which is best for you and why? It is likely that you will have a lower percentage deposit Common is 5% or 10%, mortgage companies will have deals purposely designed for buyers with a lower deposit. We will help you understand the difference between the various offers and guide and advise you to find the right mortgage.
Specialist Advice For First Time buyers
Getting on the property ladder can be hard and there are various schemes available to help first time buyers. Schemes such as shared ownership and help to buy. We provide specialist advice on these schemes.
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YOUR HOME / PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
We charge a fee of £299 which falls due on offer of the mortgage recommended. We may also receive a commission from the lender for placing that business. We do not issue refunds.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. Premier Financial Planning Ltd is Authorised and Regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate taxation advice, estate planning and some forms of mortgages. The FCA regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 111 6768.
If you wish to register a complaint, please write to Ladymead House, Pound Lane, Bishops Lydeard, Taunton, TA4 3AY, or telephone 01823 430684
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4 567.