Getting your first home couldn’t be easier with one of our first time buyer mortgages.

Like many, you’re dreaming of owning your own home. But like most, you won’t be able to get yourself onto the property ladder without a mortgage. That’s where you need to speak to Best Mortgage Direct the Award Winning First Time Buyer Specialist.

Finding and arranging a mortgage as a first time buyer can feel like a overwhelming task. Not only are you having to make big decisions about where and how you want to live, but you’re also having to get your head round the mortgage products available to you, the mortgage process and cut through the jargon so you can make an educated choice.

Because a mortgage is normally your biggest financial decision, signing up for the wrong deal could prove to be a disaster for your future finances. This is why it’s so important to get advice from an specialist mortgage broker. We suggest talking to a member of our team for a FREE STRATEGY CALL up to 12 months in advance. That gives you plenty of time to plan ahead properly for your first home.

At Best Mortgage Direct we specialise in mortgages for first time buyers. We have niche exclusive products not available on the high Street as well as a whole of market on the standard product available from all the mainstream lenders.

Our methodology is simple it is aimed at preparation and focuses on getting you a mortgage offer in the quickest time possible and in the simplest way without you becoming distracted from your life. We play a key role in the entire process. We make sure that you are fully prepared before you start the application process and that you have the right strategy in place in order for you to succeed in obtaining a mortgage.

There are many schemes and types of mortgages available to First Time Buyers.

Help to Buy

• Help to Buy is a first time buyer government scheme that can help you get a mortgage with as little as a 5% deposit.
• Help to Buy offers an equity loan, this means you can borrow money to use towards your deposit and repay it later when you sell your home.

Shared ownership

Another government scheme is shared ownership. This lets you buy a share in your home. Normally this is between 25% and 75% and you pay rent on the portion you don’t own. You’ll buy a house with a smaller mortgage and will need a smaller deposit

How much can I borrow on a first time buyer mortgage?

Lenders advertise that they will accept about five times your household income. But in reality, their calculators work to about 4.5 to 4.75 times your household income dependant on circumstances.

Some of the criteria banks and lenders use to calculate how much you can borrow include:

• Your income
• The deposit amount
• Your regular outgoings
• The amount of debt you already have
• Your credit history
• Some lenders also calculate your affordability using stress tests. These are hypothetical scenarios such as sudden hikes in mortgage interest rates.
• To increase your borrowing potential, it’s a good idea to start spending sensibly and reduce your outgoings where possible, ideally three to six months before you apply for a mortgage.

How much of a deposit do I need for a first-time buyer mortgage?

The rule is the bigger your deposit, the better your chances will be and the better first time buyer interest rate you will get.

You will need a minimum of a 5% deposit to get a mortgage. This will result in a Loan to Value (LTV) of 95%, which is the maximum that almost all lenders will accept.

For example, on a £100,000 property, this would mean a deposit of £5000. You’d then get a mortgage for the remaining £95000.

Download our FREE eBook “ The Ultimate First Time Buyer Survival Guide”, this book has everything you need to know. We know this guide will help you make the right choices in buying and keeping your first home! We will cut through the jargon so everyone understands the lingo. We will explain the complete process so you don’t get any unpleasant surprises and we will guide you through every step of the way to mortgage success.

Any questions about First Time Buyer Mortgages? Why not call us on 0131 463 5678 or simply use the quick contact form below. We look forward to hearing from you soon.