A First-Time Buyers Mortgage

If you are looking to buy a home for the first time you will want to understand more about a first-time buyers mortgage. At Central Mortgages we have a range of mortgage solutions, including those for first-time buyers. It is important however, to look into exactly what you need to do when trying to buy a house for the first time.

The first thing to understand is that you will need to have put together a substantial deposit. The more money you can save to put towards a deposit for a house the less you will need to borrow as a mortgage. The higher the deposit the better mortgage rates you’ll have access to also. When saving for your deposit also ensure that you are putting together enough funds to cover arrangement fees, solicitors’ fees, home insurance, stamp duty, and all other associated costs.

When you apply for a mortgage the lender will analyse your application on affordability lines. Your annual salary, any other income you have coming in, and the deposit you have put together, will be analysed. On top of this the mortgage lender will look at your current debt, in the form of loans, credit cards, household bills, and general living costs. This is where your credit score is important, although at Central Mortgages we can help those applicants for a first-time mortgage who have a poor credit score.

To find the right first-time mortgage for you contact the Central Mortgages team on 01277 630 183 or email office@centralmortgages.net.