First Time Buyer Mortgages

First time buyer mortgages at A Little Mortgage Advice

Experts In First Time Buyer Mortgages

With our experience and knowledge, you have the best chance of getting the mortgage you need, even if you have been turned down elsewhere.
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First Time Buyer Mortgages

Are you a first time buyer looking for a mortgage?

Our first time buyer mortgage advisors are here to help.

01268 387898


First Time Buyers

Whether you have a 5% or 20% deposit we can help you find the right mortgage. As a first time buyer it can be daunting to know who to turn to. Our advisors will take into account your personal circumstances and search the market to find the right mortgage product.

We can answer any questions you may have and we will take care of the whole process from start to finish.

If you have bad credit we have lenders who have specific eligibility criteria which may suit your circumstances.

How We Can Help

As a specialist independent mortgage advisor we work with lenders from across the whole market, including those who specialise in offering mortgages to first time buyers or those with low deposits.

Buying a home is stressful, especially if you are a first time buyer, dealing with lawyers, arranging the move, and of course finding a mortgage. Our team at A Little Mortgage Advice are here to reduce that stress and help you find the perfect mortgage for your first home.

We will hold your hand throughout the whole process


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Why Choose A Little Mortgage Advice?

Specialist Advisors

We are specialist independent advisors. This means that we work with all lenders and search the whole market to find you the correct mortgage product.

Personalised Service

As a small independent company you will be speaking directly to a mortgage advisor. We dedicate the same time to every client.

5 Star Reviews

Every client and phone call is important to us. We pride ourselves on offering a 5 star service every-time.

No Obligation Quote

We offer a free no obligation quote and great advice throughout.


Get Your Credit Report

Get a credit report to help give you the best chance of getting the right mortgage.
At A Little Mortgage Advice we recommend checkmyfile because of their reliability and accuracy of reports.

Click the link below to start your 30 day no obligation free trial.

*Monthly fee of £14.99 applies after your free 30-day trial. You may cancel at any time without charge by Freephone, Secure Message, email or online. The free 30-day trial applies only to new customers aged 18 years or more who are living in the UK. The 30-day free trial period starts when you register.


FIRST TIME BUYER MORTGAGES

Buying your first home is without doubt a really scary time. 

As a first time buyer you won’t have any experience so how can you be expected to know what you need to do?

It’s not as simple as finding a property you like the look of and moving in, that’s for sure. You will need to know if you can afford it and how much it’s going to cost you, plus what mortgage lender is offering the best mortgage for you at this time.

CHOOSING THE RIGHT MORTGAGE LENDER

It is so important to find out who is the best lender for your circumstances.  If you were to make the wrong decision by trying to compare rates online yourself, it could cost you financially with every mortgage repayment you make, for the whole time you are fixed in with that mortgage lender.

Our expert mortgage advisors will search the whole of the market (every mortgage lender in the UK) for you to find you the right mortgage at the best interest rate.

WE ARE HERE TO HELP YOU AND HOLD YOUR HAND THROUGHOUT THE WHOLE PROCESS

We are not just here to find you a mortgage, we are very aware that first time buyers need help throughout the whole process, from finding your first home, getting the best mortgage deal, submitting your mortgage application, getting your mortgage offer, dealing with the mortgage lender and working with the solicitor to get you into that dream home you have worked so hard to find.

We are also happy to speak with your Estate Agent if you’d like us to, we can recommend and deal with the Solicitors once we get you to that stage, and we will always encourage you to ask lots of questions. 

This is a real steep learning curve and we want to make it as comfortable and exciting as it should be.


WHAT QUESTIONS WILL OUR MORTGAGE BROKERS ASK? 

We will ask you for your credit report, this is to assess your previous credit history, dont worry if you dont have very much history, most lenders are aware that when you are buying your first home, its unlikely you are going to have a long financial history.

We will also chat about and ask the following;

  • What do you do for work and how long have you been there?
  • How much deposit do you have and is this savings or has someone in your family given you a gift towards your first home deposit?
  • What is your address history over the last three years?
  • Have you got any outstanding debt?
  • Do you have any children?
  • What are you hoping to purchase, a flat or a house?

These are just the basic questions we ask you, so that we can start to make a relationship with you and build a picture of what you would like from your first home mortgage.

WHAT A LITTLE MORTGAGE BROKERS ARE HOPING TO FIND OUT DURING OUR CONVERSATIONS

When we first speak with you, we will be trying to find out exactly what your wants and needs are, you might want a large detached house for example but you might not be able to afford this, we will find out what you need, i.e. how many bedrooms etc and the location you are looking in, perhaps near to where your parents residential property is.

When are you looking to apply for a mortgage? have you looked at any mortgage calculators? do you currently pay rent where you are living and how much? This gives us a good indication of how you manage your finances. And finally can you afford to purchase a property outright or is it a good idea to consider a shared ownership mortgage?

INTEREST RATES AND TYPE OF MORTGAGE 

Once we have had a thorough discussion with you and worked out if a mortgage is going to be possible, we will then talk to you about mortgage interest rates and what type of mortgage you would like i.e. a fixed rate mortgage for 2 or 5 years or perhaps a tracker rate mortgage, we will discuss and advise you what we think the best option for your circumstances are.

LOW DEPOSITS FOR FIRST TIME BUYERS

The minimum deposit you will need to buy your first home is 5% of the purchase price, this can be savings or a gift from a family member.

If you don’t have any deposit, then 100% Mortgage for a Shared Ownership property is possible but remember there are still additional costs that you will need to have available money for.

LOWER DEPOSIT MEANS HIGHER INTEREST RATE

The lower your deposit, the higher the interest rate that you will pay, this is because the risk to the lender is higher in the event that you don’t pay your mortgage and they have to repossess your home.

ADDITIONAL COSTS YOU MAY BE REQUIRED TO PAY

Additional Costs You May Not Have Thought About

Solicitors Costs – we will get a quote for you before you move forward with the purchase, or, if you already have a Solicitor ask them what their quote is

Stamp Duty – use an online Stamp Duty Calculator to find out if you will have to pay stamp duty on your purchase and  how much you will need to pay 

Valuation Fees – Some lenders may ask for you to pay a valuation fee, not all lenders do for first time buyers but, if it is a free valuation this will only be a valuation to ensure the house is worth what you are paying for it. You may want to consider getting a structural survey to ensure that there are no issues with the property, we can provide quotes and arrange this for you.

Mortgage Broker Fees – We have a range of fees depending on your credit history. Our initial advice is always free, we will let you know what fee is going to be payable once we assess your credit file.

Example, someone with clean credit getting their first mortgage would be charged a fee of £495

BAD CREDIT MORTGAGES FOR FIRST TIME BUYERS

If you have missed the odd credit card payment along the way, even got a default or CCJ on your credit report, it is still possible to get a mortgage for a first time buyer with bad credit, however, you might need a larger deposit.

When we assess your credit report we will be able to tell you if you have any bad credit recorded against you.

A Little Mortgage Advice have a whole team of bad credit mortgage brokers that are experts in getting mortgages for first time buyers with bad credit so your in the right place.

FINAL WORDS FROM A LITTLE MORTGAGE ADVICE FOR FIRST TIME BUYERS

We promise that if we can’t get you a mortgage straight away for any reason, we will give you a detailed plan of what you need to do in order to get your mortgage as soon as possible.