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.
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.
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:
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
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.
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.
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:
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.
At Avail Mortgages, we’ll source live rates, check your criteria and email mortgage recommendations within the hour.
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.
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.
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.
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.
We’ll keep you updated on the process throughout, and stay in close contact with the lender and your solicitor.
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.
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.
Get In Touch
For a hassle-free approach to first time buyer mortgages that keeps your best interests at heart and provides you with expert-driven mortgage advice, please contact our first time home buyer mortgage brokers at Avail Mortgages today. Our mortgage brokers provide help for clients across the UK including areas such as Leeds, York, Bradford, Harrogate, Sheffield and Huddersfield and will always make the mortgage process a smooth one.