First Time Buyers


First Time Buyers

In todays current economic climate, banks not looking to lend, much has been said recently about how the current property market is making it difficult for first time buyers to get on the property ladder. Although this is true, there is no shortage of people looking to take their first step into home ownership. If this is you, there is a lot of consider. So much in fact, it pays to invest in first time buyer mortgage advice, UK Mortgage Advice Ltd will be your best friend.

Depending on what mortgage you are looking for, first time buyer mortgage rates can vary and will be based on many different factors. We specialises in first time buyer mortgage advice and will show you a range of products which suit your situation perfectly.

To be classified as a first time buyer you do not actually have to be buying your first house, a first time buyer is classified as anyone who has not held a UK mortgage in the last 12/24 months (depending which lender). We will clarify the situation for you.

How much deposit do you need ? The Government has created the Help to Buy scheme to help hard-working people like you take steps to buy your own home. Whether you want to get onto the housing ladder or move up it, Help to Buy makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit.

Your credit score will need to be very good if not impeccable, any defaults, CCJ’s, late payments and the door will either be shut or please refer to our bad credit mortgages page of this website. And if that is the case it may be cheaper to rent and save the extra money each month for a bigger deposit and clear up your credit rating over a period of time.

Lenders are offering anywhere between three and half times joint salary up to 5 times joint depending on the kind of job you do. But this will also be affected by credit score and deposit. Recently though more lenders are using there own affordability calculations, this is where taking whole of market advice from ourselves is crucial in purchasing your first home.