If you’re looking at buying your first property, you may already know that there are going to be a few hurdles you’ll need to jump. As a first-time buyer, you’re going to need to fill in a fair amount of paperwork, and you’ll also need a good amount of capital behind you. There is also the matter of getting on the property ladder in the first place! However, first-time buyer mortgage solutions may actually help you to find your perfect property without any of the hassles that normally comes with the purchase.

In this quick guide, we’ll consider a few points about first-time mortgages, why they are sometimes tricky to arrange, and what you can do to navigate the process as a first-time buyer.

Starting Out as a First Time Buyer

There are more than a few challenges first time buyers will face on their route towards a fantastic new home. Sadly, all revolve around money. To be able to find good mortgages, you are going to need to save for a deposit. If you don’t have enough saved then you will limit the number of options you have for your mortgage

You should also bear in mind that all mortgage applications depend on your credit rating. If you have a poor credit score, you are less likely to be considered for the mortgage rates you want. This is because lenders want to make sure that you will pay any money back you owe in the time they require.

Therefore, you’re going to need to think carefully about how to raise a large enough deposit for the home you want, as well as how to get your credit rating healthy enough to impress lenders. Obviously, both of these things are not always easy to do!

Can First Time Buyer Mortgages Help You?

A first-time buyer mortgage is a special rate that is tailored towards those who have not purchased their first property. These rates are set up to ensure you get as much help as possible putting money forward. For example, a first-time buyer mortgage can take advantage of government Help to Buy schemes, which can help to make certain aspects of the process cheaper.

Advisors can recommend first-time buyer mortgages as they will help you to save for a deposit that works for you. You may not be able to get your hands on a mansion right away, but with a first-time buyer system, you can at least look at various options open to you, and where there is flexibility in the market.

Mortgages are more flexible now than ever before. A first-time buyer mortgage is an excellent way for first-time buyers to take their first step onto the property ladder.

House Keys

Don’t Be Shy!

It’s easy to think that just because you’re a first-time buyer, you’re going to struggle to get good rates on mortgages and loans. This really isn’t the case!

Good mortgage lenders will offer first-time solutions to fit your needs, your income, and your credit score. Take a look around and get yourself on the property ladder as soon as you can!

If you would like to find out more about how we can help you, get in touch today on 01908 803362 or pop us an email at info@mortgages-mk.co.uk.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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Mortgages MK is a trading name of Astons Financial Services LLP which is an appointed representative Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited who are authorised and regulated by the Financial Conduct Authority.

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