First time buyer

First Time Buyer

When it comes to the First Time Buyer mortgage process, it can seem very daunting looking around the market to find the best deal for you. This is where we come in, with experienced advisors, products that only advisors will have, we can sure to find the best deal for you

Can I get a mortgage without a deposit?

Unfortunately, your unlikely to find a zero-deposit mortgage. The lowest deposit mortgages are usually 95% deals which mean you need to put down a 5% deposit. Some lenders do offer mortgages up to 100% but, only if the parents or family members can provide additional cash or equity as security.

How much deposit would I need?

Your mortgage deposit will normally need to be at least 5% of the value of the property you’re buying. So, for example, if you want to buy a home costing £150,00, you will need to save up a minimum deposit of £7,500.

Ideally however, you should aim to save more than 5% as the bigger the deposit you can build up, the wider your choice of mortgage options will be. You'll also benefit from lower than often better mortgage rates.

Gifted deposit mortgages

Many first-time buyers rely on the "bank of the mum & dad" to gift them a deposit to get a mortgage.

If you are buying a home using a gifted deposit, the lender may require confirmation that the person gifting the money is aware that they will not have any claim on the property and that they do not expect their money back.

Although lenders are usually happy for family to gift deposits, they may be more reluctant to lender if the gift has come from a friend.

Help to Buy Schemes

Help to buy - Wales provides a shared equity loan to buyers of new build homes. The scheme supports the purchase of homes up to £300,000 bought through a registered Help to Buy - Wales builder.

If you're buying are a new build property through the government’s Help to Buy equity loan scheme, you need to put down a 5% deposit. The Government will lend you a further 20% of the property price interest-free for the first five years, so you'll only need a mortgage for 75% of the buying price.

How much will my mortgage cost?

One of the most common (and sensible) questions we get asked is "How much will my mortgage cost?". It's a good question because your mortgage is probably going to be your biggest outgoing payment each month. We will let you know the cost of your mortgage in seconds.

It will be based on;
The amount you want to borrow
The interest rate
and the number of years you wish to borrow the money over

Find and apply for your mortgage today!

Its simple, stress free and we will help get the perfect deal just for you.

We have hundreds of lenders to choose from with amazing deals.

Polly & Molly
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