First Time Buyer
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Home » First Time Buyer
A First Time Buyer is someone who is looking to buy a property for the first time. There are a lot of things to consider when it comes to mortgages, for instance, mortgage terms, interest rates and the process required to be able to purchase a property. Get in touch with an expert at CD Financial today to receive tailored advice and guidance when it comes to mortgages and applications as a First Time Buyer.
First Time Buyer: A Guide to Mortgages
What is a First Time Buyer?
You are considered a First Time Buyer if you are someone who is looking to buy your first home, whether it be a house, flat or in some cases even a boat! There are no specific First Time Buyer mortgages out there but there are schemes in place to help you to get onto the property ladder. As a First Time Buyer you will be desired among lenders as you have no chain of property behind you that they need to consider. You will need to plan and work out how much you can afford in monthly payments before choosing a mortgage especially before you apply for a mortgage.What is the process for First Time Buyers?
There is a process to follow as a First Time Buyer, you need to find a property that you can afford and put an offer towards buying the property. You need to then get a valuation of the property and will need to arrange a solicitor and surveyor. This will be so that they can go into the property and check the value as well as handling all the legal documents when it comes to your mortgage application. There are a lot of schemes available and different ways to get on the property market and a lot of different types of mortgages too. It would be worth seeking mortgage advice for a mortgage adviser at CD Financial to ensure you are committing to the right mortgage term for you.What is an Agreement in Principle?
An agreement in principle is simply a lender giving you an amount that you could potentially borrow, it is just an estimate and not considered an offer. They are not legal or necessary but they can be useful when it comes to house hunting and knowing what you may be able to afford and showing sellers you are committed to buying a property. To receive an agreement in principle you will undergo a soft credit check and can apply online, over the phone or to your chosen lender directly. If you seek help from a mortgage expert, they will do this process for you should you wish to. You need to make sure that your credit is in check and you have cleared any debts that you can before applying for one as bad credit will impact your mortgage application. You can also use an online mortgage calculator to give an estimate of how much you might be able to borrow before approaching a lender if you do not want to undergo the credit check or approach any lenders yet.Speak To An Expert
With thousands of mortgage products available, see if we can help you find the right deal.
Get in touch for a free, no-obligation chat about how we might be able to help you.
How much can a First Time Buyer borrow?
If you have a good credit score then you will be able to borrow up to five times your annual income as a mortgage loan. A bad credit score can mean that lenders offer you higher mortgage rates as you will be deemed a high risk borrower. There are a range of different lenders out there and even ones who will accept you onto a mortgage with bad credit. A mortgage adviser can help to explore your options no matter your circumstance and find the right lender for you.How do I know my credit score and how do I improve it?
You can check your credit score online through sites such as Experian and TransUnion. You need to keep on top of your credit in order to be able to purchase a property. You can improve your credit score by getting your finances in order.- Paying off any debts that you owe
- Register on the Electoral Roll
- Avoid your overdraft and payday loans
- Close any unused accounts
- Make sure you are not financially tied to your old housemates
- Take out a credit card (if you have no credit)