First Time Buyer Mortgages

The Basics: First Time Buyer Mortgages

Buying your first home is one of life's key milestones. Yet, it can be a complex process, especially when it comes to working out how much you can borrow and securing a first-time buyer mortgage.

At We Do Mortgages, we have helped hundreds of first time buyers get on the property ladder by using our expertise to secure the best rates tailored to their goals.

If you are a first time buyer wondering how much you could borrow, now is a great time to reach out to the We Do Mortgages team to discuss your options.

A few elements separate first time buyer mortgages from other products. They typically feature unique advantages designed to ease the transition into homeownership.

Lower deposits are often the cornerstone of first time buyer mortgages. This feature is particularly appealing as it reduces the upfront financial burden on the purchaser, making the dream of owning a home more accessible. Additionally, many lenders and government schemes offer incentives aimed directly at first time purchasers, which can help buyers achieve their homeownership goals.

Navigating the maze of available options requires a keen understanding of the mortgage landscape. The variety of mortgages on offer can differ widely in terms of interest rates, repayment terms, and borrowing criteria. It is wise to reach out to a trusted advisor like We Do Mortgages to ensure you make an informed choice that aligns with your long-term financial aspirations.

At We Do Mortgages, we also help potential homeowners with their applications and paperwork, enabling first time buyers to approach the borrowing process confidently.

How to Secure a First Time Buyer Mortgage

The first step is contacting We Do Mortgages so our friendly advisors can determine your criteria.

The initial phase involves a thorough assessment of your financial health, including an analysis of your income, available deposits, debts, and credit score, to ascertain how much you can comfortably afford to borrow without overstretching your finances.

Following this, we explore the vast mortgage landscape. This stage is key to unlocking the various types of first-time buyer mortgages available and identifying the one that aligns with your financial circumstances and homeownership goals. Once we have established the available options, we will meticulously compare lenders and mortgage rates. This is no small feat, as it requires carefully evaluating the terms, interest rates, and fees associated with each mortgage offer.

Once you have pinpointed the mortgage product that best suits your needs, the application process begins. This involves gathering and submitting the necessary documentation to your chosen lender, who will then evaluate your application to determine your eligibility. This is an important step that requires patience and attention to detail, ensuring all information provided is accurate and comprehensive.

By entrusting We Do Mortgages with the process, you can focus on the excitement of moving closer to homeownership, supported by a foundation of informed decision-making and expert guidance.

Why Secure Your First Mortgage with a Mortgage Advisor?

A mortgage adviser's role extends beyond a one-off consultation; we advocate in discussions with lenders, ensuring that your needs and preferences are at the forefront of negotiations. Our many years of experience give us an objective view of the finer points of mortgage deals, illuminating potential benefits or drawbacks that may not be immediately apparent. This balanced approach helps first time buyers move forward with the confidence that they are making a well-informed decision.

At We Do Mortgages, our experts are passionate about what they do. This means they keep their finger on the pulse of the ever-evolving mortgage landscape, including changes in regulations, interest rates, and available schemes that could benefit first-time buyers. This knowledge is instrumental in pinpointing opportunities that could enhance your borrowing terms or uncovering avenues for support that you might not have discovered independently.

Do I need a mortgage in principle before house hunting?

Are you wondering what comes first: the house hunt or the mortgage? We get it—it is a bit of a ‘chicken or the egg’ situation!

Obtaining a mortgage in principle is a pivotal step for many first time buyers embarking on the house hunting journey. This preliminary agreement from a lender estimates how much they might be willing to lend you based on an initial review of your financial situation.

Whilst not a mandatory step, securing a mortgage in principle has distinct advantages. It provides a clearer budget framework, guiding your property search within a realistic financial budget.

The property market can be competitive, so those who secure a mortgage in principle in advance can position you as a more serious contender in the eyes of sellers, potentially giving you an edge in the bidding process.

However, it is crucial to bear in mind that this is not a guaranteed offer of a mortgage, and you will still need to go through a full application process to secure a mortgage offer based on the property you decide to purchase. Engaging with this step can streamline your journey towards homeownership, marking a strategic move in navigating the complexities of the property market.

If you are a first time buyer looking for a mortgage, contact We Do Mortgages today to see how much you can borrow.