First Time Buyers

Navigating the mortgage market in the UK involves considering a multitude of lenders beyond traditional banks and building societies. While high street banks do offer mortgages, it’s essential to recognize the diverse array of lenders, each with its unique product range. Your optimal solution may lie with a lender tailored to your specific needs.

First Time Buyers & Stamp Duty

The Stamp Duty requirements have undergone changes over the passed few years and it’s worth giving us a call to check what the stamp duty requirements currently are. Please note Stamp Duty Requirements are subject to change. However this section with go into detail with the current requirements for First Time Buyers. On the basis you are buying the property for residential purposes and you intend to live in the property, and you are purchasing the property as an invidual(s), and it wont result in you owning two or more properties and it’s your first home. Then you wont need to pay Stamp Duty on any properties up to the value of £425,000 . If you intend to buy a property above the value of £425,000 then you will need to pay 5% of the value above £425,000

Can I Secure a Mortgage?

Assuming a consistent income and a clean financial record, many lenders are accessible to you. However, each application undergoes individual assessment. Lenders evaluate your employment history, repayment capacity, personal details, age, credit score, and property specifics. As criteria vary among lenders, even if one declines your application, another might offer a different outcome. The Mortgage Store specializes in identifying suitable lenders based on your circumstances.

How much can First Time Buyers borrow?

The mortgage size depends on market conditions, your financial situation, and the chosen lender. A general guideline allows borrowing up to four times your annual salary, potentially extending to five times with a robust credit profile. Different lenders consider diverse income sources. Our advisors analyze your financial details and credit report to estimate the most realistic borrowing limits.

How much deposit do I need as a First Time Buyer?

First-time buyers often find amassing a substantial deposit challenging. While some lenders accept a 5% deposit, others may require 10% or 15%, impacting criteria and interest rates. Although 100% mortgages are rare, certain lenders can assist by securing a loan to cover the deposit. The Mortgage Store, as a comprehensive mortgage broker, ensures access to a wide market, not limited to mainstream banks, increasing your chances of securing an advantageous deal.

Repayment Considerations?

Monthly repayments are influenced by the borrowed amount, mortgage term, accrued fees, and interest rate. Traditionally, 25-year mortgages were standard, but flexibility now allows for shorter or longer terms, affecting repayments. The Mortgage Store, as an across-the-market broker, tailors solutions to your unique circumstances. Our expert advisors guide you through the market, assisting in finding the most suitable mortgage for your first home. For a personalised & friendly approach to your mortgage journey, complete the “Get In Touch” form above to connect with one of our specialist advisors at The Mortgage Store today. Explore the diverse market offerings to enhance your prospects in securing your dream home.