First Time Buyer Mortgages

We all know that moving house is one of the most stressful things you can do in your life, but our clients find it one of the most exciting. Being a first time buyer offers many freedoms and opportunities – a place to call your own; no property chain to contend with; escape from your parents, or flatmates who are slowly driving you mad. You deserve a home that you enjoy waking up in, that you can decorate how you wish and makes you feel like it was worth all of the suffering. If you’ve found a house you love but are in need of a first time buyer mortgage to afford it, then we recommend getting in touch with one of our specialist mortgage advisers today.

From our initial meeting and provision of first time mortgage recommendations through to the mortgage application, Mortgage in Principle, continuous contact with solicitors and estate agents, and the exchange of contracts, we’re by your side throughout. Our mortgage advisers are fully qualified and comitted to providing affordable and suitable mortgages. The specialists at Avail Mortgage Brokers are friendly, supportive and dedicated to client care. It’s no wonder that we receive glowing testimonials from our customers, and have a high client retention rate too. To us, a good first time home buyer mortgage broker provides a range of mortgage options, but a great one treats their clients fairly – with honest mortgage advice, a flexible approach, and ultimately, provides invaluable help for first-time buyers to purchase their new home.

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    With technology at the forefront of our operations – including our first time buyer mortgages calculator and client portal – we lead the way in mortgage provision. To learn about our first time buyer mortgages options, please do not hesitate to get in touch with us today. We provide help for clients across the UK. However, we primarily focus in areas such as Leeds, Huddersfield, Bradford, York and Harrogate, so we know that we can help you too. Your new home is only a phone call away.


    How To Get First Time Buyer Mortgages

    At Avail Mortgages, we know that getting first-time buyer mortgages can seem like an overwhelming and complex process, with potential pitfalls along the way. For many people, they can make the mistake of trying to borrow as much as they can and really stretch themselves, leaving themselves vulnerable to interest rate increases and mortgage payment increases, as well as life’s general uncertainties. What about tax implications? How much is stamp duty for first time buyers?* What will I be charged in valuation fees? Our approach ensures that everything is accounted for so that there are no nasty surprises along the way.

    Avail Mortgage Brokers

    Assessment By A Mortgage Lender

    To get approved for a first time buyer mortgage, you’ll be assessed by a mortgage lender, assessed against our eligibility criteria and you’ll have to prove that you can meet mortgage repayments. For mortgage approval, you’ll need:

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    A Deposit

    How much deposit for first-time buyers is required? Your mortgage deposit is a lump sum payment that you put towards the purchase of your new home – usually 5-10% of the house’s value. The larger your mortgage deposit, the better mortgage deals and interest rates that you’ll be able to find. This is because your loan-to-value ratio (the size of your mortgage versus the value of your house, expressed as a percentage) will be improved and you’ll be seen as lower-risk to lenders.

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    Key Financial Information

    Are you who you say you are? To prove it, you’ll need to provide your mortgage lender with certain financial information and financial documents to show that you can meet mortgage repayments. Mortgage lenders typically ask first time buyers for three years’ worth of payslips, recent bank statements (to review your income and outgoings) and your credit history. You’ll also need to provide proof of identity and details of the house you’re looking to buy.

    With our client portal, we can help you accumulate this mortgage finance information in one place, to ensure you end up in the right place too.


    First Time Buyer Mortgages Options

    Good news! As a first time buyer, you have a variety of mortgages to choose from. The mortgage we’ll advise will depend upon a number of factors: your credit score, the amount that you’re borrowing; how you’d like to pay the mortgage interest; and your perspective on risk.

    To choose from a range of first time buyer mortgages, we’d firstly recommend deciding on how you’d like to pay back the interest on your mortgage, which can be done in numerous ways:

    Mortgage options for first time buyers

    Repayment Mortgage

    The most popular and widely used mortgage repayment option, repayment mortgages comprise making monthly repayments for an agreed period of time (i.e. the term), until you’ve paid back both the capital and the mortgage interest. A benefit of monthly mortgage repayments is that your first time buyer mortgage balance will reduce every month, and so long as you keep up with repayments, will be repaid at the end of the mortgage term (usually 25 years).

    Interest only mortgages for first time buyers

    Interest Only Mortgages

    With interest-only mortgages, you only pay the interest due on the amount you borrowed each month. Though your monthly repayments will be lower than with a repayment mortgage, you’ll still owe the amount you originally borrowed when you reach the end of your first time buyer interest-only mortgage term. This requires a high level of financial responsibility and lenders may ask for evidence as proof of your commitment to make the mortgage payment.


    Offset Mortgages

    An offset mortgage is where you have savings and a mortgage with the same lender, and your savings are used to reduce (offset) the amount of mortgage interest you’ll be charged. In other words, you only pay the interest on the difference between how much money you’re borrowing and how much money you currently have.

    Because your savings are working to pay off your mortgage instead of gaining interest, you won’t be taxed with an offset mortgage. You could also overpay each month, which means you pay the offset mortgage off sooner. With our first time buyer mortgage calculator, we determine how much you could save, providing additional help.

    Wondering if there are any hybrid mortgages about? Combined mortgages are another great option, and function on a part-repayment and part-interest-only basis. This option means that at the end of the mortgage term only some of the mortgage capital will be owed and will need to be repaid, rather than the full amount. We can discuss lender variations with you in more detail.

    When you’ve selected how you’d like to repay your mortgage, you’ll then need to decide on the type of mortgage. Mortgage types for first time buyers include: fixed rate mortgages; variable rate mortgages; discount mortgages; tracker mortgages; capped rate mortgages.

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    Variable Rate Mortgages

    The interest you pay varies from month to month.

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    Discount Mortgages

    A discount off the lender’s standard variable rate (SVR) and only applies for a certain amount of time – usually 2 or 3 years. SVR’s do differ across mortgage lenders, and it’s important to note that the bigger the discount doesn’t always mean the lower the interest rate. Here at Avail Mortgages, we can determine which discount mortgage will provide you with the most savings.

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    Tracker Mortgages

    Tracker mortgages align with the Bank of England’s base rate, typically being a couple of percent over it. If the base rate increases by 0.5%, so too will your tracker mortgage rate.

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    Capped Rate Mortgages

    Capped rate mortgages follow your mortgage lender’s standard variable rate, but has a cap on how high it goes.


    From fixed rate mortgages and variable rate mortgages through to repayment mortgages, offset mortgages and interest only mortgages – there sure are lots to choose from. Getting your mortgage correct is the first step to getting yourself on the housing ladder – let us Avail Mortgage Brokers help you with this. If you’re after a first time buyer mortgage in the UK including areas such as Leeds, Huddersfield, Bradford, York or Harrogate, then please get in touch with our first time home buyer mortgage brokers for expert mortgage advice, professional guidance and a range of mortgage options that will ensure that together, we find the right one for you.


    Our First Time Buyer Mortgages Process

    Our approach to first time buyer mortgages sets us apart. We don’t dabble in confusing technical jargon. We don’t waste your time with long-winded processes. We know that when it comes down to it, you want a hassle-free service that’s as effective as it is beneficial, and funnily enough – that’s exactly what we provide.

    The First Time Buyer Mortgages Process At A Glance:

    1. A 30 minute chat with you to discuss your mortgage needs and to take your personal details. Any required documentation is uploaded to your personal client portal.

    2. At Avail Mortgages, we’ll source live rates, check your criteria and email mortgage recommendations within the hour.

    3. Once you’ve chosen your mortgage, we’ll do the Mortgage in Principle. To save you time – and dependent on if you’ve already found a house – we’ll contact your estate agent for you and send across the Mortgage in Principle.

    4. To avoid any possibility of a bidding war (we really do think of everything!), we’ll also contact your solicitor to remove the house from sites such as Rightmove. This has, in the past, saved our clients thousands of pounds.

    5. When your estate agent has confirmed they’re happy with your mortgage application, we’ll then: instruct the survey; instruct the solicitors to open a file and provide them with the necessary information and documentation.

    6. Next, we’ll email suggestions for any insurances you may need. Home insurance and life insurance are two of our most popular options. We can also provide insurance quotes from many leading insurance businesses, such as AXA, Aviva, LV and Zurich.

    7. We’ll keep you updated on the process throughout, and stay in close contact with the lender and your solicitor.

    8. When you’re all ready to exchange contracts, we’ll ensure that the insurances are in place to keep you protected, and we’ll send across all the mortgage documents and insurance policy documents too.

    9. Lastly, when it comes time for renewal, we’ll contact you again and repeat the mortgage process. If it’s cheaper for you to stay where you are, then we’ll be honest about this, and won’t charge you a penny.


    Why Choose Avail Mortgages?

    We charge a flat fee in 99% of circumstances. Only in very extreme circumstances would this be more than £495. This means we treat everybody fairly. We’re also open and transparent about any fees you may incur along the way, ensuring you’re always in the know, and never left out of pocket.

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    Out Of Hours Support

    We believe in being available when it suits you and so our mortgage advisers can provide you with out of hours support. We know how busy you are, and how important it is to be flexible.

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    Suitable Mortgage Deals

    Communication is also key to our success, and we’re contactable via various means, including phone, email and WhatsApp. We’ll match how you wish to be contacted, so that you feel comfortable with our service and make it adaptable to your needs. We also have strong relationships with a variety of first time home buyer mortgage brokers, who can provide mortgage deals and suitable mortgage rates.

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    Technology plays a big part in our success, and speeds up the mortgages process no end. From our first time buyer mortgage calculator that can determine the amount you’ll need to buy your dream home through to our client portal that allows you to upload key documents for ease of sharing with your solicitors and estate agent – as well as sending you through mortgage recommendations and insurance quotes – our technology allows us maintain our hassle-free approach and provide great help for first time buyers.

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    Mortgage Support

    Should an issue ever arise or you’re ever in need of some mortgage support – we’ll work tirelessly to offer help for first time buyers and guide you. With Avail Mortgages by your side, an issue will never be an issue for long.