First Time Buyer

Buying a house is one of the most important purchases you will make. Buying a home for the first time can be an even more daunting prospect. With so many factors to consider it can be difficult to know where to begin when looking for your first mortgage. As an experienced mortgage advisers, this is where we can help.

Where do I start?

Begin by speaking with us today. We’re experienced mortgage brokers and have helped lots of first time buyers. We offer Free Initial Mortgage Advice with no obligation. We will help you and guide you on the best way to get on the property ladder and will explain the process of buying a home in plain English.

We see customer service as an important part of our role as a mortgage specialist. We’ll carefully asses your requirements and recommend only the best mortgage for you making it simple, easy and straightforward. We will also provide you with a Helping Hand Brochure to plan your first purchase. We do all the hard work, so you don’t have to.

How much can I borrow?

The actual amount you could borrow will depend on a number of factors including your income, your deposit & your outgoings.

As every lender across the market will vary on how much they will lend you, we will help to work this out for you by doing a simple affordability checks (no credit scoring involved). We will confirm how much you can borrow in a day and advice on the best suited lender for your situation.

With your consent, we can then apply for an agreement in principle and if your mortgage is approved we will provide you with your mortgage certificate which is valid for 30 to 90 days depending on the lender

What Options are available?

  • First Time Buyer mortgages– The conventional way of buying a property with 100% ownership. You will require a minimum of 5 to 10% deposit.
  • Shared Ownership Mortgages– This is a cross between buying and renting. You buy a portion of the property ( minimum 25% ) and pay rent on the remainder,  typically to a local authority or a housing association.
  • Help to Buy mortgages– This scheme is design to help you to get on the property ladder and buy a new build property. You will only need 5% deposit and the Government will lend you 20% loan which is interest free for the first 5 years. After this you start paying back the interest. Help to buy is also available in London, also known as “London Help To Buy” where Government can help you with up to 40% loan.
  • Right to Buy mortgages–  This scheme helps eligible council and housing association tenants in England to buy their home with a discount.

What Types of Mortgage deals are available?

Fixed Rate mortgages, Tracker Rate mortgages, Variable Rate mortgages, Discounted Rate mortgages, Stepped Fixed mortgages, Capped mortgages, Offset mortgages

How much Stamp Duty will I pay?

From 22nd November 2017  Stamp Duty has been abolished for First Time Buyers. See details here

Stamp Duty Land Tax (SDLT) is a fee that must be paid when you purchase a property above a certain value. You will have to factor this in your budget on top of your deposit when purchasing a property. Current stamp duty rates for owning one property are:

  • 0% tax on the first £125,000
  • 2% tax on the portion from £125,000 to £250,000
  • 5% tax on the portion from £250,001 to £925,000
  • 10% tax on the portion from £925,001 to £1.5 million
  • 12% tax on the portion above £1.5 million

The Buying Process

  1. Find out how much you can borrow. We will work this out for you and provide you with an Agreement in Principle
  2. Look for the perfect property
  3. Make your Offer
  4. Arrange mortgage. We will process this for you and will liaise with the mortgage lender direct
  5. A Survey will be carried out
  6. Mortgage Offer is produced
  7. Solicitor ( Conveyancer ) will start on all the necessary legal work.  We can help to find you a solicitor to make it stress free
  8. Contracts are exchanged
  9. Completion date is set
  10. Completion – Pick up your keys and move into your dream home

You Choose…

So, rather than trawling the high street and agonizing over your choice, you could save time and money by speaking with us and getting the very best mortgage quote for your situation. We are open 24/7 

themortgagechoice is a specialist mortgage broker based in Byfleet, Surrey. We work with clients in Guildford, Woking and across the entire UK.

For a no obligation & free initial advice call us today or request a call back

Get in Touch, and let us start your search. Today.