What is a First-Time Buyer?

A first-time buyer is a term that refers to someone who is in the market for a property and has not previously owned a home. Although this is your first step onto the property ladder, this means you are entitled to certain benefits. For instance, first-time buyers do not pay stamp duty for the first £300,000 (on houses valued up to £500,000). This means that you may only be charged for the portion of money left after the initial £300,000. 

What to Think About Before Applying for a Mortgage

Before you start viewing properties, it is important to get a better understanding of what potential benefits you can get with your mortgage. That is why it is always a good idea to speak to a mortgage advisor/broker as soon as possible. Another key thing that you should be thinking about is how you want to repay your loan. You can use our repayment calculator to give you a better understanding of what your mortgage repayments would look like.

How to Get a Mortgage

Once you have started looking into properties you will have to start looking at which properties you are able to secure a mortgage on. To find the right deal, it is always advisable (especially as a first-time buyer) to get a mortgage broker who will be able to take you through all the necessary processes and liaise with trustworthy lenders. Lenders mainly base their loan decisions on your financial situation. We would advise that you definitely start saving if you haven’t already, as having a larger deposit makes lower interest rates available.

Mortgages:MK will help you with your first steps onto the property ladder. We understand that buying your first property can be a daunting experience. Generally you will need a minimum 5% deposit, although a larger deposit will secure lower interest rates. We will guide you through the first time buyers’ options available and explain the costs and mortgage process clearly. From your initial enquiry until you get the keys to your new home, we’ll help you every step of the way.

First-Time Buyer: How Much Can I Borrow?

How much money you need to borrow is determined by the mortgage lender and depends on how much you choose to deposit on a property. The mortgage lender will then make a decision depending on various factors such as annual salary, credit history, outgoings, debt, bills/living costs, for example. Generally, you will need a minimum 5% deposit on a property, although a larger deposit will secure you lower interest rates. Our mortgage advisors can help guide you through the first-time buyer’s options available to you and explain costs and the mortgage process clearly. 

From your initial enquiry until you get the keys to your new home, we’ll help you every step of the way. At Mortgages MK we understand that buying your first property can be a daunting experience. But we believe that with our help you can make successful first steps onto the property ladder.