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Getting onto the property ladder can be a big step, so let us help you get the keys to your own home with the help of our first time buyer mortgage advice in Wirral from CeMAP qualified mortgage advisers.
First time buyer mortgages are aimed specifically at first time buyers. They tend to include more deals and incentives, such as cashback or a higher LTV (which means the deposit can be lower) with the aim of helping people get onto the property ladder.
With it becoming harder for first time buyers to get on the property ladder since the recession, the government and many mortgage lenders are providing deals that are able to make this a reality with options that make it easier such as Help to Buy, Right to Buy and Shared Ownership – we can talk you through all these options and others you may have not yet considered or been aware of.
Some mortgage providers are now providing guarantor mortgages and family offset mortgages, so parents and grandparents can help their family members be able to buy a home.
When do you apply for a first time mortgage?
It would be beneficial to get a mortgage agreement in principle from a lender before you start viewing properties. Doing so will give you an idea of how much you can borrow, and it will prove to estate agents how serious you are about buying.
Some lenders will carry out a hard credit check – which then appears on your credit file – and some lenders will run a soft search – which won’t affect your credit score. Your offer should last between 30 and 180 days, so keep in mind that this will only be an estimate and isn’t a guaranteed mortgage offer.
Our excellent first time buyer mortgage advisor Wirral team will work with you to go through your finances such as salary, regular bonuses, savings, deposit, outgoings and loan repayments to help advise if you are in a position to be able to apply for a mortgage. We will do our best to help you find a mortgage whatever your situation, but we will be honest if we don’t think you are in a position to be accepted for one and advise what you can do to change your circumstances and increase your chances.
You can apply for a first time mortgage if:
- You are buying a UK property
- You are a UK resident or have full rights to live in the UK
- You are at least 18 years old.
There are plenty of first time buyer mortgage deals on the market, but the two main types are variable rate and fixed rate. We’re here to help you through the process with a jargon-free approach, sourcing different types of schemes and policies to help find one best suited to you.
Because we search the whole of the market, we can source you the very best deal searching national and local deals for a first time buyer mortgage in Wirral. We are not tied by deals or partnerships with mortgage providers so can provide you with an honest and genuine opinion.
We are legally obliged to offer you advice and recommend the very best deal for you, so you are in a much better position to consult a mortgage advisor rather than trying to go it alone. The mortgage market is vast and competitive, so we’re here to make it clearer and hand pick the most relevant and best-suited first time buyer mortgage in Wirral thanks to our years of experience.
Contact Dan The Mortgage Man
Wirral Office: 0151 792 6501
Mobile: 07837 820 894
How do first time buyers get a mortgage?
When first time buyers apply for a mortgage, a lender will look at their annual salary and other incomes you receive, as well as outgoings, to assess your affordability. They will also check credit history to see if the applicant is a reliable borrower and will use this information to decide how much can be borrowed. Mortgage providers will usually have a maximum loan-to-value that they’re prepared to offer.
It is best to seek advice when applying for a mortgage, as an independent mortgage broker can help you find the best deal and mortgage product for your circumstances. This is especially important when applying for a first time buyer mortgage when you are putting your first foot on the property ladder.
You’ve saved a deposit, have a stable income and are excited to buy your own home – a mortgage advisor is there to guide you through the process, assess your finances and living costs and find a mortgage that suits you and won’t end up becoming a costly mistake in the future. They are also there to work through the paperwork with you, so you don’t face your mortgage application being rejected because you didn’t understand the restrictions on your mortgage deal.
By consulting a local first time buyer mortgage advisor in Wirral, you can get expert advice not only on the best mortgage deal available to you but someone who knows the local area and can offer their experienced advice in securing properties throughout the area.