FIRST TIME BUYER
MORTGAGE
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First Time Buyer mortgage advisors Nottingham.
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We get the best rates for first time buyers!
First Time Buyer Mortgage Nottingham
Your Mortgage Manager specialises in first-time buyer mortgage advice in Nottingham, helping you secure the best mortgage deals. With years of industry experience, our team has the expertise to find the ideal mortgage product to suit your needs.
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For first-time buyers, navigating the mortgage process can feel overwhelming. That's where a dedicated mortgage advisor comes in. Our first time buyer mortgage broker in Nottingham provides guidance, connects you with lenders, and helps determine how much you can afford to borrow. We compare mortgage rates and offer support every step of the way.
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With the right mortgage broker, securing your first home becomes simpler and less stressful.
Book an Appointment
Have a free initial conversation with one of our friendly mortgage advisors to find out more about your circumstances and will give you access to the best mortgage advice and best rates on the market.
What is the process of buying our first home?
The most common question we receive from first-time buyers is about the home-buying process—what happens when you purchase a property and what steps you need to take to get started?
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Let’s break it down into simple, easy-to-follow steps for you.
How much can I borrow?
Firstly you will need to speak to our first time buyer mortgage advisers to find out much you will be able to borrow from the lender.
Offer Accepted
Once you've found the right home and your offer has been accepted, it's now time to us to submit the mortgage application and start the legal process.
Mortgage In Principle (MIP)
Our mortgage advisors search the market and secure you a Mortgage In Principle, This is a document from a lender saying they can lend up to £x amont.
Mortgage Offer
Once the mortgage application has been approved the mortgage lender will issue you a formal mortgage offer!
House Hunting
Now you have you your MIP with your maximum budget on, it's the exciting time to go house hunting for your first home
Collect Keys
Once the legal work has been completed,, a completion date will be set. Now it's time for you to collect the keys and move in!
How do I find out how much the mortgage lenders will lend me?
This is the first thing you need to find out, how much you can borrow. You need to know the maximum amount of mortgage that the lenders will lend before you can go out looking for your first home. The most accurate way to do this would be to speak with our first time buyer mortgage advisors who will assess your affordability and be able to produce a Mortgage In Principle. This is a document issued by the mortgage lender stating that based on the information provided they could lend up to £x amount. You will need this certificate to give to the estate agents when you are wanting to proceed on a chosen property.
Are mortgages different for First Time Buyers?
Mortgages can be slightly different for first time buyers, different because there can be certain incentives on products to assist first time buyer getting on the property ladder. For example,-Lower deposit, some products require only a 5% deposit-Government assisted programmes – Help to buy ISA, Lifetime ISA and help to buy loans.There are some other benefits to, first time buyers will receive Stamp Duty Tax exemptions or reductions. First time buyers don’t pay stamp duty on properties valued up to £425,000 and receive reduced rates on properties up to £625,000
What is the minimum deposit need to purchase first house
The minimum deposit required for to purchase first home as a residential property is 5%, and if you were planning to be a first time buyer first time landlord, the minimum would be 20%. However, majority of lenders would want 25% especially with you being a first time buyer
What mortgage would be best for a first time buyer?
This can vary from person to person, our first time buyer mortgage brokers will review your current situation and provide advice accordingly. The most popular type of mortgages for first time buyers are fixed rates products. A fixed rate product is an interest rate that is fixed for a certain time period. It helps ‘fix’ the rate the and the monthly payments which will assist with budgeting month to month and protect you from interest rate rises.
What is a first time buyer?
First time buyer is a person who has never owned a property before. If it’s a joint application and one person has never owned a property and the other person has then unfortunately you won’t be eligible for the first time buyer mortgage products.
How do mortgage work in Uk for First Time Buyers?
In the UK, mortgages for first-time buyers (FTBs) generally work in a similar way to regular mortgages, but there are special schemes and advantages tailored to help people buying their first home. The basic process for getting a mortgage as a first-time buyer in the UK involves these steps:
Step 1: Saving for a Deposit• Deposit Size: Typically, first-time buyers need to save a deposit of at least 5-10% of the property’s value. However, many lenders prefer a 10-20% deposit for better interest rates.
Step 2: Mortgage Pre-approval (Agreement in Principle). Before looking at properties, you can get a Mortgage Agreement in Principle (AIP) from a lender. This gives you an idea of how much they may lend you based on your income, credit score, and financial situation. It’s not a guarantee, but it helps you understand your budget and show sellers you're serious.
Step 3: Finding a Property and Applying for the Mortgage. Once you find a property, you submit a formal mortgage application to a lender. The lender will assess your finances, conduct affordability checks, and perform a credit check to confirm how much they will lend you .•They will also send a surveyor to value the property, ensuring it’s worth the price you’re paying.
Step 4: Mortgage Offer. If everything is in order, the lender will issue a mortgage offer, detailing the amount they will lend, the interest rate, and the repayment terms. Once accepted, the legal process of buying the property begins.
Step 5: Completion. After all legal checks are completed and contracts are exchanged, the lender releases the funds to your solicitor, who completes the purchase. The mortgage starts, and you begin making monthly repayments.
Can I get a first-time buyer mortgage with bad credit?
Absolutely, our first time buyer mortgage brokers will be able to assist with finding you a mortgage product to suit your circumstances. We have helped many first-time buyers get a mortgage with bad credit. As soon as we have reviewed your circumstances, we will know what first time buyer mortgage would potentially accept your application.
I have a low income, can I still get a first time buyer mortgage?
Yes of course, now depending on what your income is will depend on what mortgage you would be eligible for. The loan amount is always based on your affordability, that is linked to your annual income and what your monthly expenses are. Speak with our first time buyer mortgage advisors Nottingham and they will be able to advise what mortgage you would be able to afford.
How long does the purchase process take?
The time it takes to complete the property purchase process in the UK can vary depending on several factors, but on average, it typically takes 8-12 weeks from the point of making an offer to completing the purchase.
Here's a breakdown of each stage and the approximate time involved:
1. Mortgage Agreement in Principle (AIP): 1-3 Days. As mentioned before you start viewing properties, it’s a good idea to get a Mortgage Agreement in Principle (AIP) from a lender via our first time mortgage brokers Nottingham.. This shows how much you can borrow and reassures sellers that you're serious.. Most lenders provide an AIP within a day or two.
2. Finding a Property: Varies (Weeks to Months) The time it takes to find the right property varies greatly. Some buyers find a property in a week, while others can take several months.
3. Making an Offer and Offer Acceptance: 1-7 Days. Once you find a property, you make an offer through the estate agent. Negotiations may take a few days until both parties agree on a price. If your offer is accepted, you can start the legal and mortgage process immediately
.4. Applying for a Mortgage: 2-6 Weeks. Once your offer is accepted, you need to submit a formal mortgage application. This involves providing documents (e.g., proof of income, credit checks) and waiting for the lender to process your application.. The lender will also arrange for a valuation survey to confirm the property’s value. This usually happens within 1-2 weeks.. A mortgage offer typically takes between 2-4 weeks to be issued after submitting the application, though it can take longer if there are any delays
.5. Hiring a Solicitor/Conveyancer: Conveyancing Process: 6-12 Weeks After your offer is accepted, you will need to instruct a solicitor or conveyancer to handle the legal aspects of the purchase (known as conveyancing). •The conveyancing process, typically taking 6-12 weeks, involves your solicitor conducting property searches to check for legal issues, drafting and reviewing contracts with the seller’s solicitor, and ensuring all documents are in order. This happens simultaneously with the mortgage application to save on time so you can be starting the legal process at the time as we submit your mortgage application.
How do the first time buyer mortgage lenders assess their affordability?
Mortgage lenders assess affordability to determine how much you can borrow and whether you can reliably make the repayments. They do this by considering a range of factors, including your income, expenses, and existing debts. Please see a breakdown of the categories below:
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Income: Salaried or self-employed earnings, bonuses, and additional income streams.
Debt-to-Income Ratio: Total monthly debt payments compared to your income.
Monthly Expenses: Household bills, credit commitments, and essential costs.
Credit History: Credit score and past borrowing behaviour.
Stress Testing: Ensuring you can afford repayments if interest rates rise.
Deposit Size: A larger deposit can improve affordability and mortgage terms.
Tips to help first time buyers before apply for mortgage
If you're a first-time buyer (FTB) preparing to apply for a mortgage, there are several steps you can take to improve your chances of getting approved and securing the best deal. Here are some essential tips to help you get ready:-
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First and foremost, save for a deposit. If you can afford to save for a 10% that could be beneficial but not essential. Having a larger deposit will improve the LTV and you could be eligible to better mortgage rates.
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Check and improve your credit score. Try pay off debts and make sure all payments are made on time!-
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Organise your finances. Keep spending low and show that you can manage your finances correctly.
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Avoid taking any new credit commitments before your mortgage application as this will affect your affordability.-Budget for the purchasing costs (Solicitor costs, moving costs etc.)-
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Get a Mortgage In Principle. Without one of these you don’t have a clue what mortgage lenders will be able to lend you. Our first time buyer mortgage brokers Nottingham will help you with this.