First Time Buyer Mortgages

A first-time buyer mortgage is a type of mortgage specifically tailored for individuals who are purchasing their first home. These mortgages often come with specific benefits and incentives to assist first-time buyers in achieving home ownership. 

 The amount you can borrow for a mortgage depends on various factors such as your income, credit history, and the property’s value. Lenders also often consider your debt-to-income ratio to determine the loan amount you qualify for. 

An Agreement in Principle is an initial assessment carried out by the lender to determine the amount they are willing to lend you based on your financial situation.

An AIP gives you a better understanding of your budget, strengthens your negotiating position when making an offer, and speeds up the mortgage application process once you find a property. 

The mortgage process can vary depending on several factors, including the lender’s efficiency, the complexity of your financial situation, and the property’s valuation process. On average, it takes around 2 weeks to obtain a mortgage offer from initial application , but it can take longer in certain cases. 

While having a good credit score is advantageous when applying for a mortgage, there are lenders who offer mortgage options for individuals with lower credit scores. We can help you explore these options and assist you in improving your creditworthiness if necessary. 

In addition to the deposit , there are other costs to consider, such as solicitor costs, valuation costs and more. It’s important to budget for these expenses when planning to purchase a home but we will discuss these with you at the start of the mortgage process.

A fixed-rate mortgage offers a set interest rate for a predetermined period, usually ranging from 2 to 5 years. This means your monthly payments remain the same throughout the fixed-rate period. On the other hand, a variable-rate mortgage has an interest rate that can fluctuate over time based on market conditions.