First-time Buyer Mortgages
If you are looking for advice about first time buyer mortgages we can help. It is exciting to take your first step onto the property ladder, but if you are not well informed, the process might become daunting.
It is our belief that everyone has the right to access free impartial mortgage advice.
We are Edinburgh's first choice for first-time buyers. Our team of independent mortgage advisers are equipped with the expertise and experience to walk you through the journey of getting your first property.
Our team will mathematically determine the ideal amount you need to borrow and the total cost of the entire project. They will also take you through the whole buying process. To ensure zero heavy lifting for you, we will do the paperwork on your behalf.
The great thing about us is that the services we offer are absolutely impartial; we will not recommend a particular mortgage if it is not the best match for you. Get in touch by phone, online, or arrange a meeting in our office in central Edinburgh and see how we can help you move into your first home.
How does a mortgage work for first-time buyers?
In the process of a mortgage application, the lender will evaluate your affordability by checking your annual salary and other income that you get, as well as all your expenses such as credit card and loan debts, childcare, household bills, general living cost, and travel.
Your credit history will also be checked by the lender to find out whether you are a trustworthy borrower and use this information to decide the right amount for you to borrow.
The mortgage providers will always have an optimum loan-to-value- LTV they are ready to offer you. This is the entire amount of loan you can be issued with as the percentage of the value of the property.
How much deposit do I need to buy a house?
It is advisable to at least save for 5% to 20% of the entire cost of the home. For instance, if you intend to buy a home worth £150,000 , you must save at least £7,500. If you save more, you will gain access to cheaper mortgages available on the market.