First Time Buyers In The UK

First Time Buyers In The UK

First time buyers (FTB’s) in the UK can find buying their first home both confusing and expensive.
This site was put together as a support mechanism and somewhere you can always come to for help and advice on your first purchase.
There are many factors you, as a first-time buyer will need to consider, before purchasing your first property, such as how much you will be able to borrow, how much you can afford to pay each month.  You will also need to calculate how much initial cash you will need for surveyor fees, stamp duty, solicitor fees and a deposit and consider which sort of mortgage you should use and how you should repay it.  These and many more factors are discussed across this site.  

 

As a UK First Time Buyer…

As a UK first time buyer you are amost desirable to a house seller because you don’t have another house to sell before you can purchase and as such will not be involved in a house chain. This makes the sale quicker and less complicated for all involved.

There are also higher loan to value mortgages available to you as a UK first time buyer, which means you are able to borrow more than any other type of mortgage borrower.

You might be getting plenty of mixed messages at the moment from the banks and the media about house prices and mortgages but our advice would be to turn off the noise and focus on your individual situation and how you can best go about purchasing your first home.


 

First Time buyer mortgages in the UK…

First time buyer mortgages in the UK are in their thousands so it’s imperative you do not just agree to the first mortgage presented to you.
There are a vast array of mortgages out there for the first time buyer. To help you with finding the right one for you, it would be a good idea to obtain the services of a mortgage broker.
Mortgage brokers must be authorised by the Financial Services Authority (FSA) or must be agents for authorised firms.

The Best first time buyer mortgage deals

The best first time buyer deals will normally be available to the first time buyers with the best credit rating and credit history. You’ll also find the best mortgage deals being offered to the first time buyers who have larger deposits in ratio to the purchase price of the property and the amount they are looking to borrow.

Saying this it doesn’t mean that there are not good mortgage deals out there if you haven’t been an A* student with your finances. You might have to shop a little harder or look at alternatives.

Alternatives to traditional first time buyer mortgages

There are lots of alternatives to traditional FTB mortgages. Perhaps you haven't managed to save a decent deposit yet, or maybe you're worried you might not be able to afford a mortgage on your income alone. Even if this is the case, there are options open to you. This including government schemes for first time buyers and key workers with affordability concerns, guarantor mortgages, sharing a mortgage or even having no mortgage at all for the first few years on a rent to own scheme.