If you’re thinking about buying your first home you’re probably finding the whole process of choosing the right mortgage and actually buying your ideal home rather daunting? So what do you need to know to get onto the first rung of the property ladder?

The first step is to contact us and we will advise you on the mortgage options available to you.

In the meantime we’ve outlined below some background information on mortgages for first time buyers that we hope you’ll find useful.

How much can you borrow?
The amount of mortgage you can get depends on your income.

As a rough guide the usual multiples are 3.25 times the gross salary of single borrowers. A couple can get 3.25 times the first income plus one times the second income. However, you could get 2.5 times the combined income of both of you. These multiples do vary from lender to lender so it is worth talking to us, the experts, to find out what is available.

Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.

Some lenders offer very good deals for first time buyers, where for example there is more flexibility, and no deposit required.

Any other costs?
It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.

For example, you will have to pay stamp duty, which is 1% of the purchase price for properties between £125,001 and £250,000, then 3% up to £500,000 and 4% on properties over £500,000, for properties up to £125,000 you do not have to pay stamp duty.

Plus you will have to pay for the survey and the valuation on the property, plus solicitor’s fees.

You may also have to pay an arrangement fee for the mortgage and a Higher Lending Charge - which is insurance for the lender for you defaulting on your payments when your property is worth less than the loan. Add all these costs to the cost of your property and you may need a mortgage of 105% or more, which is possible.

What can we offer you?
As we have access to thousands of mortgages, including many excellent deals with a huge range of lenders, we can offer you a wide range of first time buyer mortgages with some special features:

* No savings or deposit, no problem!*
* Borrow as much as 125% of the purchase price of the property which can be a mix of **secured and unsecured borrowing
* The ability to self certify up to 90% of the purchase price of the property
* Products available which can ignore all credit commitments
* Cashback mortgages available
* Help with costs including no legal and arrangement fees*
* Ability to accept family gifted deposits
* Clients with adverse credit considered

*free legals dependant on individual circumstances
*for no deposit a higher lending charge may apply

Whatever your mortgage requirements, we’re certain we can find the mortgage for you.

So if you have found your ideal home, but need help reaching that all important first rung of the property ladder, talk to us today!