First-time buyer mortgages
Discover everything you need to know about purchasing your first home, from understanding mortgage options to navigating the buying process. Empower yourself with expert guidance and resources designed to help you make informed decisions and achieve your homeownership goals.
Understanding the basics of how mortgages work, including the different types available and the application process, is essential for any prospective homebuyer.
What is a Mortgage
A mortgage is a loan individuals use to buy a home. It allows the borrower to purchase a property without paying the full price upfront, agreeing instead to repay the loan for terms up to 40 years.
How Mortgages Work
With a mortgage, you borrow a certain amount of money from a lender to buy a home. You then make regular monthly payments to repay the loan plus interest.
Influencing Factors
Several factors can affect the terms of your mortgage, including your credit profile, income, employment history, deposit amount, and the current state of the housing market.
Your home may be repossessed if you do not keep up repayments on your mortgage
Understanding Your Credit Profile
Your credit profile plays a crucial role in the mortgage application and the amount of lenders that may be available to you.
What is a Credit Score?
Some lenders credit search and credit score, whilst some others will only credit search. Typically credit score lenders will offer better deals than lenders that just credit search.
Importance of Credit Scores in Mortgage Approval
Your credit score influences whether you'll be approved for a mortgage and the terms you'll receive, including the interest rate.
Impact of Credit Scores on Mortgage Rates
Higher credit scores typically lead to lower mortgage rates, which can result in significant savings over the life of your loan.
What is a credit search
A credit search is used by all lenders to see what debts you have and how you are managing them.
It will also look for any missed or late payments and any Defaults, County Court Judgements or Bankruptcies.
What if I have poor credit
Whilst adverse data on the credit search is not ideal,we have access to lenders that can look at your circumstances on a case by case basis.
Start Your Mortgage Journey
Take the first step to purchasing your desired property today.
What types of mortgages are available to you?
Fixed Rate
Mortgages
A fixed rate mortgage is a type of home loan where the interest rate remains constant and does not change during the initial term of the mortgage...
Discount Rate Mortgages
A discount mortgage is a type of mortgage where the interest rate is discounted from the lender's standard variable rate (SVR) for a set period...
Variable Rate Mortgages
A variable-rate mortgage is a type of home loan where the interest rate can fluctuate over the life of the loan depending on a chosen index...
Tracker Rate Mortgages
The interest rate on a tracker mortgage tracks or follows movements in a chosen index, typically by a set margin above or below the index rate...
Your home may be repossessed if you do not keep up repayments on your mortgage
Need some tools to support your home buying journey?
Repayment Calculator
Ready to take the guesswork out of your mortgage payments? Try our Mortgage Repayment Calculator now for quick and accurate estimates.
Affordability Calculator
Curious about how much you could borrow for your dream home? Use our simple calculator to instantly gain clarity on your borrowing potential.
Overpayment Calculator
Try our Overpayment Calculator to see how extra payments can save you time and money. Take control of your finances and pay off your mortgage sooner!
