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The Mortgage Broker: Building Dreams, Protecting Futures

Our goal is to get you on that property ladder and everything we offer, is designed to make that happen in the easiest, most efficient and most cost-effective way. Using a Mortgage Broker gives you access to products that you cannot get yourself when going direct to lenders, and working with us you will get independent, focused and trusted support throughout the entire process.

​We will take care of everything and handle the whole application process, from explaining all your options and helping you select the right mortgage, to choosing the most suitable protection for you and your family.​

​Digital tools​
​To help supercharge your homebuying journey, we have access to a suite of powerful digital tools. These easy-to-use, free tools can help provide you with estimated calculations for every stage of the mortgage application process.

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How much can I borrow?

The market is changing on a daily basis, and lender rates are often different one day to the next. What we can guarantee, is that The Mortgage Broker can access the best rates and maximise how much you can borrow.

What costs should I expect?

There are a number of financial considerations when looking to purchase your first property. Our advisers will cover all of this for you. Solicitor fees and stamp duty tax have to be calculated in your affordability from the start.

Useful TMB Tips

Read our First Time Buyer guide or download our Home Buying App for all our useful tools and material in order to get yourself mortgage ready. We always highly recommend talking to a broker to understand the process but 3 tips are:

Getting started as a First Time Buyer

Struggling to get on the property ladder? A frustration shared by many would-be homeowners. And once you’ve found the property of your dreams, there are still so many things to consider. One of the most important parts of the whole process is finding the best mortgage deal.

Searching for the best deal is exhausting, why not have someone else take the weight off your shoulders? Let us compare thousands of mortgages to find the best one for you. We scour through all the well-known lenders, as well as those that aren’t on the radar, to ensure you’ll be confident that you’ve got the right mortgage, and we’ll support you every step of the way.

Listen below as Suzy Allen talks all about mortgages for First Time Buyers.

In less than 25 minutes, you’ll know a lot more about getting your first mortgage sorted.

Three Simple Steps to being Mortgage Ready

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Get an estimate of how much you can borrow

The mortgage borrowing calculator is designed to help you work out how much you could borrow, getting you one step closer to owning your own home. Simply enter a few key details to get an estimate. Please note this is only an estimate and can vary depending on the lender and customer’s personal circumstances.

Breaking down mortgages for first time buyers

How does a mortgage work? For first time buyers, navigating through the myriad options and financial implications of a mortgage can seem daunting. Even though you are a first time buyer, your first time buyer mortgage will work exactly the same way as any other mortgage.

Below are the steps to procuring a mortgage, simplified.

Breaking down mortgages for first time buyers

Mortgage in principle

The first step; this is the maximum amount a lender will give you based on your income and outgoing expenses. Lenders search your credit history, assess the property value, take into account your deposit amount and employment status. All of which is to say that the lender wants to make sure that you’re in a position to pay back the money lent to you, they want to know, as much as possible, that you are a low-risk proposition for them.

Getting this is a great document to have when you’re searching for properties as it indicates to an estate agent that you’ve been pre-approved and are serious about buying a property. It also doesn’t hurt that it shows you to be a financially viable customer either!

First time buyers are in a fantastic position to buy a property. You won’t have a property chain behind you and with a mortgage in principle, you’ll show you’re ready and able to buy.

Also known as the agreement in principle or decision in principle but they all mean the same thing.

Secure mortgage

Once you’ve found your property you then submit a full application to the lender. We’ll work with you to create your application, giving you the best chance of success. Mortgage providers need assurances that the property you are intending to buy is worth the amount they are able to lend to you. As such, a full valuation of the property is needed before the agreement is approved.

Repay the mortgage

Once you have your first time buyer mortgage approved and you’ve bought the property (congratulations), you’ll need to start repayments to chip away at the impressive sum of the loan the lender has given you. You’ll make regular repayments every month, interest included, until the loan is repaid. The period for the full repayment of the average mortgage in the UK is 25 – 35 years.

Remortgage once term is up

As a first time buyer, you will usually be able to get better interest rates and therefore a better mortgage deal for your first term. It is, after all, in everyone’s best interest to get as many people on the property ladder as possible.

The initial period will be 2,3 or 5 years and within that time the interest rate will remain fixed. Once the term is up, it is time to remortgage. This is when you begin to shop around once more (or let us do the hard work for you) to find the best rates for your next term.

What do I need for a mortgage application?

To make sure your application process proceeds smoothly, these are the documents you’ll be asked by your mortgage advisor to bring with you when you reach the point of filling out your application.

  • Proof of income for the last 3 months – payslips or income tax accounts
  • Proof of identity – passport or driving licence

What are the best ways to make sure you qualify for your first time buyer mortgage?

Tips for first time home buyers

Experian and Equifax are the most commonly used credit reference agencies. Use these to access your credit score and credit report. To gain access to the information you will need to register with them, and it is usually free to do so for the first 30 days. When registering the site will ask for your card details but don’t worry, even though there is a monthly subscription you can simply cancel your account once you have the information you need.

If your score is not great, there are a few simple things you can do to make it better. Make sure that you’re registered on the electoral roll at your current address. Counter-intuitively, having no, or very little, credit history actually makes it harder to get a good credit score, if this is the case, try to build up a credit history as best as you can. You need to show that you can borrow and repay money reliably. All of this is to show your lender that there is little risk involved in giving you the substantial sum needed to purchase your new property.

Easy ways to improve your credit score:

  • Use a credit card for food or fuel
  • Buy small products or services with your credit card, things that are easy to pay off
  • Make repayments in full monthly

Easier said than done; a large deposit for first time buyers shows that you have financial discipline and that you are serious about buying a property.

How much you are able to save is of course, up to you. Be aware that the more you can save, the better your first time buyer mortgage deal is likely to be. The deposit can take out a huge chunk of the total sum of the mortgage and reduce your monthly repayments. If you are not able to save a large amount of money for a deposit, don’t worry, there are plenty of options open to you and a number of government schemes for first time buyers that exist to help those that need it.

Using a mortgage broker will give you an advantage and we specialise in offering the support first time buyers need. We offer a no obligation quote and are happy to discuss, in-depth, your personal circumstances and what you want for your first home. We’ll be able to show you how much you can borrow and give you realistic expectations when looking for a property in the area you wish to move to.

Ideally, you would procure the services of a mortgage advisor before you start looking, but we don’t blame you if you start looking for houses first! When you’re ready, talk to one of our advisors and begin the process of getting your first home, it is, after all, a very exciting adventure, one that we love being a part of. We’ll work together to achieve your vision and get you into the home of your dreams.

Deposits – how they work, how much you’ll need

The average deposit for first time buyers is around 15% of the total cost of the home. The minimum deposit for first time buyers depends on the deal you go for and the help you need to buy your home.

In simplest terms, the bigger your deposit, the less risk you are to the lender, the more likely you are to be accepted for your mortgage, and the lower your monthly repayments will be.

Mortgage lenders use all sorts of calculations to determine how much you will be able to borrow from them. As a rule of thumb, you will be able to borrow up to 4.5 times your annual salary, though to get an exact figure, the best thing you can do is talk with us. After a short conversation we’ll be able to tell you exactly how much you’ll be able to borrow.

What help is there for first time buyers?

Luckily, the available help for first time home buyers is robust.

There is the First Homes Scheme which is set up to help people buy a new build home. This scheme gives you a 30% discount on the market value of new build houses and it is only available for first time buyers.

Another useful scheme is the 95% mortgage scheme. This allows people who only have a deposit of 5% saved up to get on the property ladder. Especially useful for first time buyers who tend to not be able to save up a large deposit. The government underwrites a part of the loan and there is a cap on the value of the property you can use this scheme with. Only homes up to a value of £600,000 are eligible.

A recent initiative has seen 100% mortgages being offered, these require no deposit for first time buyers. To take advantage of this type of scheme you need to have rented for at least the last twelve months and show that you have a good track record of paying the rent regularly. You will also need a reference from your landlord. This scheme has a few more hoops to jump through than most but can be especially helpful if you’re struggling to save for a deposit.

Joint Borrower Sole Proprietor is where a relative joins you on the mortgage. Most commonly this takes the form of a parent helping a child, boosting your borrowing power to enable you to get the property you want. Guarantor mortgages for first time buyers work in much the same way but help more towards the deposit than with affordability. As you can probably tell, these types of mortgages can get very complex very quickly. If you are interested in joint borrowing or guarantor mortgages, don’t hesitate to get in touch.

A scheme that has been around for a few years now, the Shared Ownership Scheme allows you to buy 50% of a property with the remaining 50% owned by the developer. The way this scheme works is that you have monthly repayments on the amount of the property you own and pay rent on the other 50%. This may sound convoluted but it is a good way to make a property more affordable if you are in a difficult financial situation.

Speak to our first time buyer specialists

What about an ISA for first time buyers?

Unfortunately, the first time buyer ISA no longer exists but it has been replaced by the Lifetime ISA, or LISA. Save up to £4,000 every year and the government adds a further 25%, bringing that figure up to £5,000. There’s no time like the present to get saving, and in a few short years you could easily have enough to put down a sizable deposit on your new home. The only restriction is that you can only use the LISA to buy properties up to £450,000.

Types of mortgages for first time home buyers

Although there are many different types of mortgage available, some are more suitable for first time buyers than others. This is by no means an exhaustive list of all the mortgage options, and you’ll find the best mortgage rates for first time buyers vary widely. These are the mortgages we see most commonly taken by first time buyers.

Get the best mortgage deals for first time buyers

The most common type of mortgage and with good reason. By using a fixed rate mortgage your repayments remain stable for years, ensuring you can budget effectively and make the repayments easily. By choosing this type of mortgage you will be protected from fluctuations or volatility in interest rates. Typical terms for a fixed rate mortgage are 2, 3 or 5 years.

A variable rate mortgage will be something to consider usually after your initial fixed term has ended. You can go on to this type of mortgage straight away, though many opt for the approach that offers the most stability to begin with. The main difference between this and a fixed rate is that the rate of interest for your monthly repayments will fluctuate with the interest rates. A bit of a gamble but if interest rates drop then so will your repayments.

A tracker mortgage is very similar to a variable rate mortgage with the difference being that the interest rates follow those set by the Bank of England, rather than by the lender itself. As with a variable rate mortgage, a tracker mortgage has the same pros and cons, with potential savings as well as the possibility of increased repayments.

Which one you decide to go for depends on your personal circumstances and financial situation. The safest bet is a fixed rate mortgage, since keeping an eye on interest rates for first time buyers takes time and effort, and you have better things to think about! Though feel free to discuss your options with a mortgage advisor as, depending on your situation, other types might work better for you.

What you need to think about before applying for a mortgage

There are many things to consider before applying. To give yourself the best chance at success you need as much knowledge and guidance as you can get. We want to make the mortgage process as enjoyable and simple as possible. We aren’t looking to wow you with jargon and reams of convoluted buzzwords. What we want is to work together with you to get you into the home you deserve.

As well as speaking directly with us, which we are always happy to do, use our app to give you an extra advantage during the mortgage process.

The best first-time buyers advice

Reasons to use The Mortgage Broker app:

Digital Coach – Guidance every step of the way.

Borrowing Calculator – Gives you an estimate of how much you are able to borrow.

Savings Plan – Create a savings plan and stick to it with our handy progress tracker.

Affordability Calculator – Find out how much you can afford by inputting your income, outgoings and property details.

Why let getting a mortgage be a chore? The app is designed to give mortgage help for first time buyers; it tells you everything you’ll need to know about getting a mortgage, no matter what phase of the process you are in. It helps you save toward your deposit, and with the calculators, you can review how much you can afford in seconds. And when you’re ready, it’ll put you in touch with one of our advisors for a one to one consultation.

Jargon buster – advice for first time home buyers

There are many phrases you’ll come across on your mortgage journey that you may never have heard before, or you may not know exactly what they mean.

Many mortgage advisors will seek to blind you with buzzwords and hope you don’t listen too closely to what they’re actually saying!

We pride ourselves on our no-nonsense approach to mortgage advising and are a mortgage broker dedicated to making mortgages as easy as 123.

We have a page full of useful definitions for all of the terms you’ll hear during your time looking for, and procuring a mortgage. We thought it would be useful to focus on a few key terms that will be important to you, the first time buyer.

A land tax introduced in the 1600’s. Stamp duty is payable on properties over a certain value. Thankfully, as a first time buyer, you are likely to be able to dodge this additional fee. Properties under £425,000 are exempt from stamp duty for first time buyers. Anything above £425,000 up to £625,000 and you’ll pay a stamp duty tax that is usually around 5%.

This measures how much you borrow compared to the value of the property. The Loan to Value (LTV) will be a percentage. If you have 90% of the value of your home to pay once the deposit is deducted, then you have 90% LTV.

The final step in buying your home. When we talk about the completion date, this is the day that property ownership transfers from the seller to the buyer. Contracts are exchanged between solicitors and all paperwork completed. If everything goes off without a hitch, you collect your keys and the house is yours.

Completing the legal transfer of your property and exchanging the keys don’t have to fall on the same day. Sometimes you won’t have a choice, if you are in a chain, it’s especially important that the completion and exchange dates are worked out in advance. This date will be discussed with your solicitor and agreed upon by all parties.

After all of the final checks have been made, the completion day is also the day all of the money is transferred. Your solicitor will handle the transfer of funds and the seller’s solicitor will confirm completion.

This is a check performed by a property surveyor to discover any defects in your potential new home, before you commit to buying. Buying a new home is a huge risk, it’s best to get as much information as you can before you proceed. A professional building survey will tell you every potential problem you may encounter with the structure, external and internal, of your new home.

This word is used when referring to the legal process of transferring a property from one owner to another. This is usually carried out by a solicitor on your behalf and makes sure that all legal requirements are met.

Freehold means that you own the property and the land that it’s built on. Leasehold means that you may own the property but not the land it is built on, and you own the property only as long as the freeholder of the land allows. As you can imagine, freehold is a much more desirable type of property to buy.

Additional fees

There’s no easy way to say it; buying a home is expensive. And we aren’t just talking about the substantial amount of money to actually buy your property, there are a number of other fees to also consider.

As we’ve discussed already, there is stamp duty, but do first time buyers pay stamp duty? For a first time buyer, you won’t need to worry about this unless your home is more than £425,000. After this amount, you’ll have to pay around 5% stamp duty up to £625,000.

Many mortgage products come with fees. These average at about £1,000 and are charged by the lender.

When you engage in the conveyance process you’ll need to hire the services of a solicitor to carry out the legal work involved.

Most lenders will do a basic survey themselves. For your peace of mind you may want to hire a surveyor to do an independent survey. This can be advantageous as they’re far more in-depth. You can choose either a home buyers report, which costs around £600 and covers the structural viability of the building, or a full structural survey which will cover every aspect of the property, inside and out. These are a bit more pricey, usually being £1,000 and above.

Using a mortgage broker helps find the best mortgage provider for first time buyers.Even though we offer a free, no obligation quote, once you engage our services, there will be broker fees to pay, something we are completely upfront about in our initial discussions. This will range from £295 to £695 on average and is determined by the complexity of your case and the amount of time and support you’ll need.

Don’t overlook the cost of renting transport for the move itself. If you are able, absolutely move home by yourself, using your own vehicle, but if not, hiring professionals to move for you or even just a van to drive yourself will be an added expense.

Can you get a first time buyer mortgage if you’re self-employed?

Yes, there are just a few extra steps to consider. The main issue you’ll come across when getting a first time buyer mortgage if you’re self-employed is needing to prove your income. The rules are a little more strict in this instance, you’ll need to show two years’ worth of tax statements or accounts data, and these must be undersigned by an accountant.

Although this may seem like an annoying roadblock, it does make sense from the lender’s point of view. All they care about is mitigating as much risk as possible, so showing that you have a constant, stable income stream is extremely important.

It is best to obtain all of this documentation before starting the mortgage process, having the documents beforehand will make it much easier to proceed swiftly.

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