First-time Buyer Mortgages
Helping you find the best mortgage for your circumstances
The Right Mortgage for You
Purchasing your first home is an exciting milestone, but it can also be a complex process, especially when it comes to securing a suitable mortgage. Here are some top tips and advice to empower you to make informed decisions and have more confidence.
We are here to assist you with your First-Time Buyer Mortgage requirements.
Benefits of First-Time Buyer Mortgage
Assess Your Financial Readiness:
a. Budgeting: Evaluate your income, expenses, and potential homeownership costs.
b. Credit Score: Understand the significance of a good credit score and how to improve it.
c. Affordability: Determine your affordability by considering factors like income multiples, loan-to-value ratios, and affordability calculators.
Understand the Types of Mortgages for First-Time Buyers:
a. Fixed-Rate Mortgages: The interest rate remains constant for a specific period.
b. Variable-Rate & Tracker Mortgages: These are tied to the Bank of England’s base rate, which fluctuates based on economic conditions.
c. Learn about government-backed initiatives like Shared Ownership which is designed to assist first-time buyers in the UK.
Save for a Mortgage Deposit:
a. Establishing a Savings Plan: Develop a savings strategy considering the average deposit requirements and property prices.
b. Lifetime ISA: Discover tax-efficient savings options
Prepare for the Mortgage Application Process:
a. Mortgage Agreement in Principle: Obtain an Agreement in Principle (AIP) before house hunting to demonstrate your borrowing capacity to sellers and estate agents.
b. Documentation: Prepare the necessary documents, such as payslips, bank statements, and proof of identity, to complete your mortgage application.
Understand Mortgage Fees and Costs:
a. Mortgage Fees: Familiarise yourself with common fees like arrangement fees, valuation fees, and legal fees associated with mortgages in the UK.
b. Stamp Duty Land Tax (SDLT): Learn about the SDLT thresholds and exemptions
Understand Mortgage Repayment Options:
a. Repayment Types: Compare repayment options such as capital and interest (repayment)
b. Mortgage Terms: Understand the implications of short-term versus long-term mortgage lengths and their impact on monthly payments, interest rates, and overall costs.
Seek Professional Advice:
a. Mortgage Brokers: Engage with a mortgage broker to gain access to a wider range of mortgage products and expertise in navigating the UK mortgage landscape.
b. Mortgage Financial Advisors: Consult a mortgage advisor to receive comprehensive advice on your financial situation, mortgage options, and long-term financial planning.
Our lenders
Why Choose Us?
Capital Assure is an appointed representative of PRIMIS Mortgage Network. As a mortgage broker, we work for you and not the lender.
- Free qualified advice with the UK’s most comprehensive panel of UK mortgage lenders
- Bad credit, self-employed, visa status, government help schemes, bridging and specialist finance.
- If you are looking for a loan, equity release or any kind of protection plans, then we have a referral network designed to assist you with the best possible advice
- Just need advice? We are advisors so there is no obligation to use our services, you can just give us a call for a chat without any hard sell.
