A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage..
Mortgages for First Time Buyers
At Elevate Financial Solutions we provide advice on first time buyer mortgages for clients in Beckenham, the surrounding areas, and across the country. Our mortgage adviser will give you independent, unbiased advice to help you choose the right mortgage.
The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the transaction from start to finish so that you understand exactly what the purchase entails and how much it will cost. We can recommend the services of local solicitors to assist in this process. This maybe the largest financial transaction you are ever likely to make so it must be done with clarity.
Prior to the credit crunch, the property market moved very fast which led to significant increases in property prices. This made it very difficult for many people to afford to buy a home, particularly for first time buyers.
The credit crunch of 2007 saw property prices drop considerably in many regions of the UK, making housing more affordable. However, since the 4th quarter of 2013, we have seen an improvement in the housing market and house prices have started to rise again.
The effects of the credit crunch and the continued financial uncertainty globally means that mortgages may still be difficult to find, and we believe borrowing criteria is likely to remain stringent. There are, though, still a significant number of lenders to choose from, and we will search a comprehensive range of mortgages from across the market to find a mortgage appropriate to your requirements.
Getting on the ladder
There are actually some advantages to being a first time buyer. Interest rates are currently very low, and first-time buyers are more appealing to sellers because they are not in a chain.
As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are a number of 95 per cent mortgage deals around), and you may be eligible for further assistance from the Help to Buy Scheme.
Help to Buy Scheme
Help to Buy: Equity Loan
In April 2013, the Government rolled out the first phase of a new Help to Buy scheme, which offers equity loans to first time buyers (as well as existing homeowners) by providing borrowers with a loan for 20% of the property value. This scheme applies to new build properties only, and with the purchaser being required to put down as little as 5% as a deposit, a mortgage of only 75% would be needed from a lender.
This scheme is available in England only until 2020. Different variations to the Help to Buy scheme apply in Wales and Scotland.
If you are looking for bespoke, first-time buyer mortgage advice please get in touch today. We’re based in Beckenham and can see you face to face if you’re local, but we can also discuss your needs just as effectively remotely. Our mortgage adviser can assist you in the next steps of securing the right mortgage.
Call us today for a no obligation chat.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Read less