Buying your first home is an exciting time but with the range of mortgage products available getting help on the most suitable mortgage for you is essential. Although the definition of a first time buyer varies from lender to lender, generally it is considered to be someone who has not had or been party to a mortgage
Endsleigh's advisers are experienced in offering advice and recommendations to first time buyers and can also guide you through the house buying process from finding your first home and making an offer to finding the right mortgage.
Endsleigh's mortgage advisers have access to the whole mortgage market which means they will be able to advise you on the most suitable mortgage deal to meet your needs.
The days of 100% mortgages are over and these days most lenders will ask for a deposit of at least 5% of the purchase price. This means that if you are looking to buy a property valued at £150,000, you will need to save a deposit of at least £7,500 in addition to any other fees associated with the mortgage.
Many lenders, however, ask for a deposit in excess of 10% and generally the larger the deposit you have saved then the better mortgage deals available to you will be.
At Endsleigh Financial we also have access to lenders specialising in shared ownership, shared equity, key worker mortgages and the government based Homebuy Schemes. For you to access any of these initiatives you would need to obtain a minimum of 5% of the property value as a deposit.
Our expert advisers can explain the different types of mortgages on offer and whether or not a repayment or interest-only mortgage is right for you, and will complete a budget planner to make sure the mortgage is affordable both now and in the future. Our advisers have access to the whole mortgage market giving you peace of mind that we will be able to compare the whole range of mortgage products available on the market so you don't need to shop around.
There is no simple answer to this question as these days many lenders work on affordability models, which means they will look at your total income, your monthly outgoings, your age, the number of dependents you have, how long you have been employed and other factors. This means that the amount you can borrow will depend on your personal circumstances.
Some lenders still work on a multiple of your income - usually between 3 and 4 x income, however they will still consider other factors such as your monthly outgoings, your credit history, the size of your deposit, the number of people dependent upon your income etc.
Buying your first property is one of life’s great milestones. The current economic climate has made it increasingly difficult for people to get on to the housing ladder. There are, however, a number of initiatives designed to help prospective first-time buyers take their first steps onto the property ladder.