Experts In First Time Buyer Mortgages
We understand that first time buyers need a little bit extra hand holding throughout the mortgage process so that’s exactly what we will do for you.
First Time Buyer Mortgages in Colchester
Are you a first time buyer looking for a mortgage?
Our first time buyer mortgage advisor is here to help.
01268 387898
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it
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 advisor 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. 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
Our Great Customer Reviews
Why Choose A Little Mortgage Advice?
Specialist Advisor
We are a specialist independent mortgage advisor. 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.
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Get a credit report to help give you the best chance of getting the right mortgage.
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Welcome to A Little Mortgage Advice
It can be so hard to get your head around everything involved in applying for a mortgage, especially if you are a first time buyer! Luckily for you, we are here to help you. We are A Little Mortgage Advice, a highly experienced first time buyer mortgage advisor in Colchester. Our caring, friendly team is here to help you secure a mortgage and help you buy your first home.
About First Time Buyer Mortgages
These mortgages are only for those buying their first home, and to successfully apply for one you need to have never owned property before. They often come with added incentives such as lower interest rates and smaller deposits, which will give you more money in your pocket as you start out as a homeowner. Our mortgage advice for first time buyers in Colchester will break everything down for you.
Explaining the Different Types of First Time Buyer Mortgages in Colchester
There are so many first time buyer mortgages out there, but the two main types are fixed and variable. So, let’s find out a little more about them!
Fixed-Rate Mortgage
If you choose a fixed-rate mortgage, your interest rate will stay the same for a set period – usually between two and five years. Once that comes to an end, you can expect to move to your lender’s standard variable rate (SVR). Many people like fixed rate mortgages as they will pay the same every month, making them easy to budget for.
Variable-Rate Mortgage
A variable rate mortgage means that your interest rate can change over time, rising and falling in line with interest rates. The most common are standard variable rate mortgages, which follow your lender’s basic interest rate, or discounted variable rate, which are a discount of your lender’s society’s standard variable rate for a set period of time. There are also tracker mortgages, which follow the Bank of England base rate.
Advice for a First Time Buyer in Colchester
If you want to improve your odds of securing the mortgage you want, then it’s a good idea to start working on the following:
- Saving for a bigger deposit
- Budget for the entire cost of buying your own home, not just the price of the property
- Familiarise yourself with your credit score and correct any inaccuracies
- Secure a mortgage agreement in principle
The Benefits of Working with a Mortgage Advisor
for First Time Buyers in Colchester
When you choose us, you can benefit from our access to every lender in the UK – giving you a wealth of choices. We’ll liaise with lenders on your behalf and help you with the application process. We provide a totally bespoke service that’s built around your needs. Best of all, if we can’t secure you a mortgage you won’t have to pay us a penny.
Talk to Us Today
If you want to find out more about us and how we can help you, please get in touch with our team today.
FAQs
Why should I use a mortgage broker as a first-time buyer?
Working with a mortgage broker like A Little Mortgage Advice can save you time and money. How? Well, we will be able to point you in the direction of mortgage deals that you might not find on your own.
We also offer expert advice tailored to your needs, helping you understand terms, rates, and the overall process. We’re here to educate our clients and empower them with the knowledge they need to sign a mortgage deal that is the perfect fit for them. As the application process will be completed under our expert eye, you also have a much higher chance of being approved.
What kind of deposit do I need for a first-time buyer mortgage?
As a general rule of thumb, first-time buyers need a deposit of at least 5% of a property’s value. However, many buyers save up so that they have a mortgage of around 15%. Why go above and beyond like this? Well, a larger deposit may give you access to mortgages with better interest rates. You’ll be borrowing less, so lenders will offer you more favourable terms.
Our advice? Save up for as big a deposit as you can – and this is even more important if you have a less-than-ideal credit score.
What documents will I need for a mortgage application?
We know – applying for a mortgage feels like an endless merry-go-round of finding documents that you haven’t thought about in years! Generally, you will need the following to successfully apply for a first time mortgage:
- Proof of identity
- Proof of address
- Bank statements
- Proof of income
- Proof of deposit
It’s a good idea to get all of these documents in order before you begin your application, as this will prevent any delays. What is required can vary from lender to lender as well, and we will ensure that you submit everything that is being asked for.