First-Time Buyer Mortgages
The mortgage market can be confusing, with so many products to choose from. Your adviser will take the confusion out of first-time buyer mortgages and present impartial options, allowing you to easily make sense of what is available.
First-Time Buyers in Bristol
Buying your first home is very exciting but, in the wrong hands, can be a very daunting time.
You only ever do it once, so let’s do it right.
You can be assured that we will select the most suitable mortgage from the whole of market to suit your needs, walk you through the administration and process to ensure the transaction stays on course and takes no longer than is necessary.
We will also make sure you have the right cover to protect your beautiful new home when you move in.
Get “Buyer Ready”- We will assess your needs and provide a decision in principle (also known as a DIP or an agreement in principle) to show you are a serious, qualified buyer and prove the funds are available.
Consequently, we can put you nearer the front of the estate agents’ queue and help you find the right property more quickly.
Ellis James Financial is also familiar with special home buying schemes, including Help to Buy.
If your case involves an application for shared ownership, shared equity, gifted deposit, high loan to value 95%, etc., we will take you through it.
How much deposit does a first-time buyer need?
You will need to have a deposit of at least 5% of the value of the property you are buying. If you have a larger deposit, you can often get a lower interest rate on your mortgage.
What is the government scheme for first-time buyers?
What is the government scheme for first-time buyers?
The government has set up a scheme known as Help to Buy, which aims to help first-time buyers onto the property market. With a 5% deposit, the first-time buyer could apply for a 20% loan from the Help to Buy scheme, leaving them to find a 75% mortgage to make up the difference to buy a property.
The government has set up a scheme known as Help to Buy, which aims to help first-time buyers onto the property market. With a 5% deposit, the first-time buyer could apply for a 20% loan from the Help to Buy scheme, leaving them to find a 75% mortgage to make up the difference to buy a property.
What qualifies you as a first-time buyer?
You qualify as a first-time buyer if you have never owned residential property before. If that is you, then you will be eligible to apply for a first-time buyer mortgage.
Do first-time buyers ever pay stamp duty?
First-time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT). If they pay between £300,000 and £500,000 for a property, they will pay SDLT at 5% on the property purchase amount above £300,000.
Is it necessary to check my credit score?
Yes, the better your credit score, the more likely you will be approved for a mortgage loan. If you have a good credit score, you may also qualify for lower mortgage interest rates.
First-Time Buyer Mortgage Questions
To see our latest client reviews, please click the 5 stars logo
We have helped hundreds of people like you to have a great experience getting your foot on the first rung of the property ladder.
Our many years in the estate agency and financial services industry means we can answer your questions and advise on all aspects of the process from our first meeting right through to moving day.
Get in Touch
Feel free to send us a message using the contact form below.
By submitting this data, I am consenting to the use of my data in line with our Privacy Policy
Add the two numbers below and enter the total in the box
1 + 1 =
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage.
