First Time Buyers
At JWD Mortgages we’re passionate about helping first time buyers enter the property market with your best foot forward. Our team of dedicated mortgage brokers are here to support you through the application process and find you the best available mortgage rates available as a first time buyer.
Whether you’ve found a property or need to learn more about being a first time buyer, our local mortgage brokers are here to help. Our FAQ section is a great place to start, answering some of the most popular questions we’re asked by first time buyers. We have Mortgage Brokers in Bristol, Bath, Cornwall and London, so no matter where you are, we’re perfectly situated to help with your first time mortgage application.
Frequently-asked questions from first time buyers
What is a first time buyer?
A First time buyer is someone who has never previously owned or purchased a residential property.
How much deposit does a first time buyer need?
Most first time buyers fall into the category of 90% or 95% mortgage loans, which require 10% or 5% deposits respectively. Deposit amounts are determined on a lender by lender basis, with no defined deposit limit for first time buyers. Using parental or family gifts for a deposit exist for “family assist” style mortgages and should be discussed with your mortgage broker.
Can you rent out on a first time buyer mortgage?
You would need to discuss renting out your property with your mortgage lender. This will generally be determined on a case by case basis for “consent to let”. The exception to the rule is if you are a cash buyer, in which case the property is yours to do as you chose.
What are the types of mortgage for first time buyers?
There are plenty of options for first time buyers to get started on the property ladder with 90% and 95% mortgages the most popular options in the UK. There are no defined mortgage “types” or rates excluded from first time buyers.
What do I need to do as a first time buyer?
Our first time buyers guide is the best resource for understanding what you need to do as a first time buyer. Discussing your options with an experienced mortgage broker is advised. Your advisor will help determine a clear maximum lending amount & define the pathway to buying your first property.
What is the best mortgage rate for first time buyers?
Mortgage Rates are market driven and fluctuate daily. This is why using an experienced mortgage broker can benefit all first time buyers. With access to all UK lending rates, our mortgage brokers can ensure you secure the lowest cost rates prior to your application, during the application process and before you complete a deal.
How can parents help first time buyers?
As well as gifting amounts towards deposits, there are some useful avenues that can be explored such as “Joint Borrower and Sole Proprietorship” – talk to us to find out more.
Does the government help first time home buyers?
There are a number of ways first time buyers can seek support from the government, bank lenders and developers. These often include new build schemes, savings accounts and support for 95% mortgage guarantees which is driven via government policies.
Is ‘Help To Buy’ only for first time buyers?
At the moment, yes. However, just like regular mortgage applications, Help to Buy applications can vary depending on the lender, developer and your local council. It is worth asking each new build developer at the site you are looking to purchase about the details of the scheme in place.
Current mortgage lending trends
A range of first time buying solutions exist to ensure you get the very best option for your circumstances. In 2020, mortgage lenders reevaluated the support offered to buyers, introducing a host of changes which have been carried over into 2021. JWD Mortgages have whole market access to each UK lender, meaning we can compare and recommend the very best option for you.
First Time Buyer advice
Preparing for your first mortgage application can be overwhelming as a first time buyer, but understanding what the purchase process entails can help ease any worry. Our First Time Buyers Guide explains what you can expect when buying your first property in 10 simple to understand steps.
Before applying for your first mortgage, it’s important to work out all the costs associated with buying and owning a property. From mortgage payments, to council tax, green bin collections and maintenance costs there are a lot of new outgoings to bear in mind. It doesn’t matter what age you are when applying for a first time buyer’s mortgage, choosing a property and the timing of your application, is unique to everyone.
Looking to discuss a First Time Buyer Mortgage?Start your mortgage journey
Want to prepare for the property market?
Then check out our free to download property and mortgage magazine. At JWD Mortgages we believe our role as your mortgage broker, isn’t just to get you results, but help you understand the property market for your future endeavours. With a reputation for great service and results, our team offer first time buyers’ mortgage advice in Cornwall, Bristol, Bath and London so get in touch to discuss your next property today!