First Time Buyer Mortgages

If you are a First Time Buyer, buying a property can seem very daunting.

The experienced mortgage advisers at The Money Hub can hold your hand all the way through the process to becoming a homeowner.

If you are a First time buyer with a bad credit history we have specialist lenders available that can help you.

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First Time Buyer Mortgages

The excitement of buying your own property for the first time and the feeling of independence and owning your very own home. Unless you are one of the very fortunate few, you will need to look at a first time buyer mortgage.

First time buyers have been steadily increasing since 2008, part in thanks to some exciting Government backed schemes that include shared ownership and help to buy loans. But if you are looking for a standard first time buyer mortgage there are a number of things that you need to consider.

Initial important things to consider are how much will you be able to borrow and how much deposit will you need. There is little point searching for the house of your dreams if your budget will not allow it, so have an idea of how much you can borrow before setting out.

Historically, mortgages were calculated from a multiplier of earnings, often between 2 - 3 times annual salary. This model has shifted somewhat towards affordability, with a mortgage lender looking now at affordability – that is income and expenditure and what an individual can afford monthly. Again, each case is taken on its own merit so expert advice is needed before making mortgage applications without care and attention.

Needless to say, the higher the deposit available, the greater the chance of securing a first time buyer mortgage. Additionally you will be borrowing less so payments will be more manageable. Most lenders will allow up to 95% of the property price but you will have a wider choice should you have a 10% deposit or above. If you can raise significantly more than this you will be in a very strong position to qualify for a low interest rate.

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What to Expect from The Money Hub

We Gather Information Required to Search the Market

We gather some basic information about you using our quick online form

Conduct a Whole of the Market Comparision

We will search 100’s of providers to find you the lenders who are willing to approve your mortgage

Provide full service through to completion

We will show you rates along with the monthly repayments. This will not affect your credit score. We’ll also explain any fees if you progress at this point and as long as you are happy to proceed, provide you with the full service through to completion of your mortgage being accepted

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