Mortgages For First Time Buyers and Home Movers
At Mr Mortgage Adviser, we specialise in guiding individuals through the intricate process of obtaining a mortgage, particularly if you are a first-time home buyer. Our expertise lies in preparing clients up to six months before their property purchase, ensuring they are well-positioned to secure the most suitable mortgage deal.
Preparation is paramount in this journey, and we work closely with our clients and work to explain each stage of the process. Whether you are considering purchasing a property for the first time and have never navigated this area before, our team provides professional and whole-of-market advice.
We take the time to outline the various costs involved, clarify the different deposits required for specific mortgage products, and determine the optimal borrowing or lending capacity based on your current situation.
With deposit options as low as 5%, including Government-backed schemes, we strive to tailor solutions that align with your personal finance needs. Our commitment extends to securing a mortgage agreement in principle, assisting you in the offer stage and subsequently navigating the mortgage application process with your active involvement, leading to your full mortgage offer.
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First Time Buyers
Unlock bespoke financial solutions with our seasoned mortgage and protection advice, tailored to meet your individual needs and guide you seamlessly towards homeownership.
Our personalised recommendations are designed to simplify the process of securing optimal mortgage terms, empowering you with the knowledge and confidence for this significant milestone – the purchase of your own home.
To qualify as a first-time buyer, HMRC states that you “must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world”. If you have never owned a property, you fall into the category of a first-time buyer.
A distinct advantage for first-time buyers is the absence of a property chain on your part, making your purchase more attractive to sellers. With no property of your own to sell, the buying chain is shorter, comprising fewer individuals. This streamlined process increases the likelihood of a quicker completion.
Not being part of a property chain significantly reduces the chances of the sale falling through. As a first-time buyer, you likely have the flexibility of residing with family or renting, providing you with greater manoeuvrability compared to someone involved in selling a property. This flexibility enhances the overall stability and success of your home purchase.
A next-time buyer mortgage, sometimes known as a home-mover mortgage, serves to secure financing for the purchase of your next home. In contrast to your first home purchase, as a home-mover or next-time buyer, you already hold a mortgage and ideally, you have accrued some value in your current property.
The advantage of being a home mover lies in the expanded range of options available from various lenders and mortgage products. This increased choice stems from your improved financial standing as a homeowner and the potential for a larger deposit derived from the value accumulated in your existing home. This enhanced financial position provides next-time buyers with more flexibility and a broader spectrum of mortgage solutions to consider.
Before securing debts against your home, it’s crucial to weigh your options carefully.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE.