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Mortgaging for first time home buyers in the UK
Let’s face it, buying your first home is a big step. As well as the financial side of things to think about, even just the process of buying can seem confusing.
With so many different people involved and all that paperwork, it can be hard to know where to start. But it can also be fun. Finding your perfect place, and planning how you’ll furnish and decorate it is really exciting.
So don’t worry if you’re feeling a bit overwhelmed, Mortgages Made Easy is here to help and hold your hand every step of the way.
How much money will I need?
As a first time buyer, you might not have a large bundle of cash to buy a new home. It’s more likely you’ll need a mortgage.
This is basically a large loan secured against your home. You pay it back over a set amount of time, normally 25 years, in monthly repayments. It’s important to keep up your repayments – if you don’t, your home could be repossessed.
So before you start house hunting, work out what you can afford and how much you’re willing take on.
How much can you spend on a property?
How much could you borrow? Working this out might be easier than you think. Simply give us a quick call on 0800 999 2205 and within minutes we will tell you how much you might be able to borrow.
How much can you spend on a mortgage every month?
While it might be tempting to take out the maximum mortgage possible, you’ve got to be sure you can cover all your monthly bills and have enough left each month to enjoy life.
We can complete a short fact check for you and work out exactly what you can afford each month and how much you can spend on a home.
Save for a deposit
It’s important to make sure your savings can cover the costs of buying your first home.
We’ll help you get a full picture of how much your home will cost. As well as the deposit and purchase price, there will be other one-off fees that you will need to consider.
Mortgages Made Easy can help with all of this so why not call us today on 0800 999 2205?
Work out how much you need to buy a home
We have created a pdf guide to help you work out how much you need.
View the pdf, by clicking here.
Finding a mortgage
We specialise in providing you with the right mortgage for your circumstances. Not only do we get you the most competitive rates available, we also have access to lenders that can also offer FREE valuations, FREE legals and zero fees subject to availability.
Buying with friends
Some lenders will allow applications from up to four people on one mortgage. They’ll consider the highest two incomes when working out how much you could borrow.
There are many factors you’ll need to consider, so it’s worth speaking to a conveyancer. They can advise and draw up legal documents for you.
Shared ownership schemes are usually offered by registered social landlords or local authorities. With this type of purchase, you buy a share of the property and pay a reduced rent for the rest to the registered social landlord or the local authority.
This can take various forms. Usually you own 100% of the property but pay a reduced amount to the builder (e.g. 75% of the property value). The builder then owns a 25% stake in the property and registers this interest in your property at the Land Registry.
For more information about shared ownership and equity, why not visit www.direct.gov.uk?
A fee of £95 is payable for your initial consultation with a further fee of up to £195 on completion. This is dependant on the work required to secure your mortgage. Commercial mortgages and some buy to let mortgages are not regulated by the FCA.
Mortgages Made Easy, based in Leicestershire can also give you financial support if you are moving home.