First Time Buyers

First Time Buyer mortgage advisors

We are experts in giving mortgage advice to First Time Buyers. We will help and guide you throughout the entire buying process and support you from application until you move into your new home. Read on to find out more.

First Time Buyer Mortgages

Being a first time buyer is not easy and we understand that taking the first step on the property ladder can be daunting.

​Although you might fall into the category of ‘first time buyer’ it is important to note that no two buyers are the same, every first time buyer has different circumstances. You might be a couple looking to buy together or be an individual with a not so great credit rating. Whatever your circumstances or situation we are here to help. Here is some handy information to give you an overview of what buying a property for the first time entails.

Our experienced Kent based mortgage brokers are here to explain the process, give you our expert advice on the products available and make things as simple as possible. We will find the most suitable mortgage product for you and keep you updated throughout the buying process to ensure things are as stress free as possible. We work around your schedule and can help you, no matter where you are in the United Kingdom. 

How much deposit do I need to buy a house?

​A person is generally classified as a first time buyer if they’re purchasing their only or main residence and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad.

Before looking at properties, you need to save for a deposit.

Generally, you need to try to save at least 5% to 20% of the cost of the home you would like.

For example, if you want to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).

Saving more than 5% will give you access to a wider range of cheaper mortgages available on the market.

Remember, lender criteria changes regularly so for the most up to date advice, get in touch. 

Budget for the other costs of buying a home

Apart from your monthly mortgage payments, there are others costs when buying a home which you will need to consider. 

​These include:

  • Survey costs
  • Solicitor’s fee (We recommend Boys & Maughan Solicitors)
  • Removal costs
  • Buildings insurance (We recommend NEST General Insurance)
  • Initial furnishing and decorating costs
  • Mortgage arrangement and valuation fees; and
  • Stamp Duty (Land and buildings Transaction Tax in Scotland, or Land Transaction Tax in Wales) 

Make sure you can afford your monthly repayments

As a first-time home buyer, the most important thing to bear in mind is whether you can really afford to take this step. It is important to put together a budget before you start looking for a property.

There are strict checks when you apply for a mortgage.

Lenders will check you can afford the mortgage and also ‘stress test’ your ability to make your payments if interest rates were to rise or if your circumstances changed, such as a planned retirement date or if you started a family.

As part of the mortgage application process you will need to show the lender evidence of any outgoings you have and prove your income.

Whatever your situation we understand that you need a mortgage which suits your own individual needs and circumstances, and we will give you tailored advice which best suits your financial needs.

Speak to an expert

Get in Touch

0800 8620 840

Acorn Barn, Wembdon Business Park, Smeeth
Ashford, Kent, TN25 6SZ

Opening Hours

9:00 am – 5:00 pm
9:00 am – 5:00 pm
9:00 am – 5:00 pm
9:00 am – 5:00 pm
9:00 am – 5:00 pm