First Time Buyer Mortgages
We will ease the stress of finding your first mortgage so you can concentrate on securing your dream home.
Buying your first home is such an exciting time but getting to that magical moment when you step over the threshold of your dream home can seem a lifetime away when you start out. So much information! So many unfamiliar processes! So much money!! But don’t worry.
How we can help
At Downton Mortgages & Financial Services, we understand this might be the biggest financial commitment you have ever made and that everything is new. This is where working with a mortgage broker is so helpful – we’ll take the time to listen to your questions (yes, all of them!), understand your concerns, and guide you through all your options.
More than just mortgage advice
We are also here to help support you with other aspects of buying a house such as securing the right home insurances. We are used to speaking with solicitors and surveyors in order to get you completed on your property as quickly as possible.
It’s our job to take the fear out of your first purchase so you can focus on the adventure ahead and the important things – like what colour you want to paint the living room walls!
“Clara made the process easy and understandable” (Oct ’23)
Frequently asked questions
Can I get a mortgage if I have bad credit or no credit history?
If you have a low credit score it could mean that you have no credit history or bad credit.
This could be for a number of reasons such as never having had credit before, or perhaps you have missed payments on a loan in the past.
Don’t worry! Having bad credit doesn’t mean that it will be impossible to get a mortgage, it can just change some of the decisions we make together or it might make the process more challenging. Some lenders specialise in offering mortgages to those with poor credit, but depending on the situation they can be more expensive. The first thing we will discuss when we chat is exactly what your credit history is and from there we can discuss a range of options for you to consider.
Can I get a mortgage with no deposit?
While it’s not impossible, having even a small deposit is often required to get on the property ladder. Depending on the scale of the mortgage though there are options that remove the need for a big upfront payment.
100% mortgages are far less common than they used to be, but using a mortgage broker will make sure you have access to as many options as possible, some of which might not be available to you directly.
Low deposit mortgages can be riskier, so we will make sure everything is explained to you before you make any decisions. Our aim is to get you the right mortgage for your circumstances and that includes reducing your risks and maybe considering alternative options.
Can first time buyers get a buy-to-let mortgage?
Yes. It’s less common but is possible in the right circumstances. Lenders tend to view buy-to-let mortgages for first time buyers as a bit more of a risk. So, if you have never owned a property before then you might find your situation scrutinised in more detail during your application. This is just the lender ensuring that they are comfortable lending to you.
You would also need to put down a bigger deposit than might be required for a residential property.
A mortgage broker can be invaluable in this sort of scenario because we will find and explain all your options, discuss any risks and also guide you through what is potentially a more complicated application process.
Are there any government schemes for first time buyers in the UK?
A lot of schemes tend to be linked to new developments, so it’s worth checking what’s available in your area. However, if you’re over 18, earn £80,000 or less per year and you’re a first time buyer then the First Homes Scheme may be of interest to you. This scheme allows you to buy a home for 30-50% less than its market value.
Even if you’re not a first time buyer then Shared Ownership schemes may be a consideration. They give you the option to buy part of the home initially with the potential to buy more shares later.
Home buying schemes can make a huge difference to what people can achieve when it comes to getting on the property ladder. It is always helpful to speak to a mortgage broker though so that you’re aware of everything you need to consider. There may also be other first time buyer mortgages that suit you and your circumstances better.
What do I need to consider when buying my first home?
Buying your first home can be very overwhelming. You can rely on us to help you understand the buying process along with all your mortgage options. While the mortgage might be the more daunting part of the process, there are other costs that you need to consider such as stamp duty, home insurance, the cost of moving, legal costs and paying for surveys. We can help you consider all of this in when we talk through affordability. You can also take a look at our “5 Essential Questions for First Time Buyers” blog.
You may have many more questions about first time buyer mortgages that aren’t covered here. If you want to speak to a friendly and knowledgeable mortgage broker in more detail, then get in touch to arrange a no obligation call to discuss your individual circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
“We got our mortgage and ultimately our dream house under difficult times. The communication and professionalism made it less stressful”
Get in touch
We’re here to help with any questions you might have about our services. Send us an email, pick up the phone or fill out our contact form. We look forward to hearing from you.
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