First-Time Buyer Mortgages
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Elevate is not just a financial service provider in London, but it’s a route to financial freedom, savvy financial planning – and a way to source the right mortgage for your family. Our mortgage brokers can help with all types of mortgage, including if you are a first-time buyer.
It’s usually the case that placing your first foot on the property ladder is the most difficult step of them all. First-time buyers seeking a mortgage can be overwhelmed by different options and confusing terms. They are more likely to commit to a mortgage that doesn’t work best for them and make costly mistakes.
Thankfully, our mortgage advisors can help you avoid the pitfalls!
What Are First-Time Buyer’s Mortgage Options?
First-time buyers should know they have lots of mortgage types to choose from. Each one of them has its advantages and disadvantages, and there is no single mortgage type that is best for everyone. The right type of mortgage for a first-time buyer will depend on their circumstances.
The most popular types of first-time buyer mortgages are:
- Fixed-rate mortgages
- Tracker mortgages
- Variable-rate mortgages
- SVR mortgages (possibly with a discount period)
- Offset mortgages
- Buy-to-let mortgages
With so many mortgage types to pick from before exploring what the market has to offer, it’s no wonder why first-time buyers want expert support. Choose Elevate to help you overcome the difficulty, stress and hurdles when securing your first mortgage.
Considerations for First-Time Buyers
There is so much to consider when purchasing your first home. Besides understanding mortgage types, you also need to consider how your deposit will affect the terms of a mortgage. Moreover, buyers must consider other expenses involved with buying a home, such as legal fees and relocation costs.
Elevate can cut through the noise and provide clarity on every aspect of buying your first home. We’re always by your side for support.
First-Time Buyer FAQs
What is shared ownership?
Shared ownership is when you buy a percentage of a property (sometimes with a mortgage) and pay rent on the remaining amount. Shared ownership often requires a smaller deposit because you are not buying the whole property. It can be a fantastic opportunity for some first-time buyers, but it should first be discussed with a mortgage advisor.
Could a joint mortgage be right for me?
If two or more people want to buy a property together, they may apply for a joint mortgage. Joint mortgages can be another way to make buying property for the first time more affordable. It is best to discuss the details with a mortgage advisor to understand the benefits and risks involved.
What is loan to value?
Loan to value is a financial term used within the mortgage industry. It expresses a ratio between money loaned and the property’s value.
Freehold Vs Leasehold
A Freehold is when you own the land and the assets on it, such as a property. A Leasehold is when you own a property but do not own the land it is built on. The most common example of this is when you buy a flat in a block of flats.
Why First-Time Buyers Should Use Mortgage Advisors
First-time buyers should use a whole of the market mortgage service to find the best deal available to them. Using a mortgage broker won’t just help you seek find the best mortgage deal, but it can help reduce the stress and makes sure you do not commit to a mortgage that is not right for you.
Our mortgage broker team is based in Bromley and Beckenham, and help client across London. If you’re a first-time buyer get in touch for friendly mortgage advice today.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Elevate is not just a financial service provider in London, but it’s a route to financial freedom, savvy financial planning – and a way to source the right mortgage for your family. Our mortgage brokers can help with all types of mortgage, including if you are a first-time buyer.
It’s usually the case that placing your first foot on the property ladder is the most difficult step of them all. First-time buyers seeking a mortgage can be overwhelmed by different options and confusing terms. They are more likely to commit to a mortgage that doesn’t work best for them and make costly mistakes.
Thankfully, our mortgage advisors can help you avoid the pitfalls!
What Are First-Time Buyer’s Mortgage Options?
First-time buyers should know they have lots of mortgage types to choose from. Each one of them has its advantages and disadvantages, and there is no single mortgage type that is best for everyone. The right type of mortgage for a first-time buyer will depend on their circumstances.
The most popular types of first-time buyer mortgages are:
- Fixed-rate mortgages
- Tracker mortgages
- Variable-rate mortgages
- SVR mortgages (possibly with a discount period)
- Offset mortgages
- Buy-to-let mortgages
With so many mortgage types to pick from before exploring what the market has to offer, it’s no wonder why first-time buyers want expert support. Choose Elevate to help you overcome the difficulty, stress and hurdles when securing your first mortgage.
Considerations for First-Time Buyers
There is so much to consider when purchasing your first home. Besides understanding mortgage types, you also need to consider how your deposit will affect the terms of a mortgage. Moreover, buyers must consider other expenses involved with buying a home, such as legal fees and relocation costs.
Elevate can cut through the noise and provide clarity on every aspect of buying your first home. We’re always by your side for support.
First-Time Buyer FAQs
What is shared ownership?
Shared ownership is when you buy a percentage of a property (sometimes with a mortgage) and pay rent on the remaining amount. Shared ownership often requires a smaller deposit because you are not buying the whole property. It can be a fantastic opportunity for some first-time buyers, but it should first be discussed with a mortgage advisor.
Could a joint mortgage be right for me?
If two or more people want to buy a property together, they may apply for a joint mortgage. Joint mortgages can be another way to make buying property for the first time more affordable. It is best to discuss the details with a mortgage advisor to understand the benefits and risks involved.
What is loan to value?
Loan to value is a financial term used within the mortgage industry. It expresses a ratio between money loaned and the property’s value.
Freehold Vs Leasehold
A Freehold is when you own the land and the assets on it, such as a property. A Leasehold is when you own a property but do not own the land it is built on. The most common example of this is when you buy a flat in a block of flats.
Why First-Time Buyers Should Use Mortgage Advisors
First-time buyers should use a whole of the market mortgage service to find the best deal available to them. Using a mortgage broker won’t just help you seek find the best mortgage deal, but it can help reduce the stress and makes sure you do not commit to a mortgage that is not right for you.
Our mortgage broker team is based in Bromley and Beckenham, and help client across London. If you’re a first-time buyer get in touch for friendly mortgage advice today.
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