First time buyer mortgage advice is important

When buying your first home, the mortgage advice you have is important if you want to get the best possible mortgage rate as a first time buyer and have a better understanding. There are a labyrinthine of mortgages on the market and finding the best mortgage broker for first time buyers to provide the right advice can help you find the best suited mortgage for your needs and have a better chance of success in your application.

Are there different mortgages types for first-time buyers?

There are lot’s of mortgages to support those who want to their foot on the property ladder including some which open the gap between the deposit and the actual price of the property.

1 Help to Buy

Help to Buy is a scheme by the Government to help first time buyers and existing home owners buy a home by offering a mortgage to reduce the amount of deposit and the loan you need.The scheme has successfully helped 214,064 first time buyers to date and is set to run until March 2023, thankfully the end date has been extended before due to the popularity and need for an affordable housing for first time buyers.

There is an eligibility criteria naturally such as the property must be newly built, cost no more than£600,000 and you need to pass the criteria. The Government loan is interest free for the first 5 years and can be up to 20% or 40% if it’s in London. The minimum deposit required is 5%.

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Why do you need mortgage advice as a first time buyer?

When you're trying to get your foot on the first step of the property ladder, you'll be looking any number of home buying tips for first time buyers.

A mortgage advisor fora first time buyer can direct you towards the best mortgage rate, from 1000s of mortgages on the market. Our mortgage advisors are independent, which means they can find mortgages from the whole of the market and aren't tied to any particular panel of lenders.

The first initial telephone consultation with a first time buyer mortgage broker is free with no obligation and a chance to pick up first time mortgage tips in general.

Frequently Asked Questions

Best mortgage tips for first time buyers?

1 Check your credit score

The first thing to do before you apply for a first time buyer mortgage is to check your credit score. You can find out how to get a full credit report for free online from companies such as Experian, Equifax and TransUnion.

You should check the report to make sure there are no mistakes which could lower your score. If the score is lower than you thought, you may want to postpone your mortgage application.

2 Check your bank statements and spending

The mortgage application process is meticulous and involves scrutinising your spending habits. Ideally you should try to avoid using overdrafts - especially unauthorised overdrafts.

3 Consult a first time buyer mortgage advisor

The first time buyer mortgage advice you can get comes from using an independent first time buyer mortgage broker who can help give you the best chance of your application being successful.

Can you get first time buy to let advice?

If you want to get first time buy to let advice as a landlord, it's best bet to consult a mortgage broker. They can guide you best through the potential pitfalls to get the best mortgage for you.

What is says: Martin Lewis first time buyer advice?

When it comes to first time mortgage advice, we're pleased to say that Martin Lewis aka MoneySaving Expert's also refers to the use of mortgage brokers and advisors as a important step towards securing that all-important first mortgage alongside careful consideration of your affordability.

Get First Time Buyer Mortgage Advice from MortgageBrokers

Our first time buyer mortgage brokers can help you get the right mortgage to purchase your first home and are fully experienced in the shared ownership and Help to Buy schemes.

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