Mortgages for First Time Buyers

Do you need your first mortgage?

If you are a first time buyer, finding the most competitive and appropriate first mortgage requires considerable time and effort - let First Class Mortgage Advice find you the right finance.

As a first-time buyer there are various options available when it comes to acquiring your first mortgage. There are fixed rate mortgages, cashback mortgages, discount rate mortgages and no deposit mortgages (100% mortgages).

A common question asked by first time buyers is how much they can borrow for their first mortgage. As property prices across the UK continue to rise, first time buyers are often having to borrow an amount which is several times above their annual salary just to have a chance of climbing the property ladder. As a result, the average age of a first time buyer has risen noticeably over the past 15 years.

For the first time buyers who are in full time employment and are paid on a PAYE basis, most mortgage lenders or brokers will use your annual salary as the basis for calculating the total amount that can be borrowed.

 

Applying for a First Time Mortgage

If you are applying for a first time buyer mortgage, the traditional borrowing limit imposed by most lenders starts at three times your annual salary and can easily be increased depending on your circumstances and credit score. Whereas for joint mortgages the higher salary is the basis of the calculation or a combination of the two.

Deciding on whether to take the plunge is difficult when you are faced with vast amounts of information, but help is available. First Class Mortgage Advice have considerable experience and expertise on advising on the right mortgage for first time buyers. Contact us today and start your climb on the property ladder.

If you need a first time mortgage, we can really make a difference! Choose from the whole market with our help and guidance. Typically a deposit of 10% is required however, with shared equity schemes such as LIFT a 100% mortgage can be available meaning no deposit required! This allows you to use your savings for set up fees and to furnish and decorate your new home. All that, with the best interest rates in the UK.

We will find the best rate for your circumstances and guarantee fast efficient, friendly and personal service.

Getting a First Time Mortgage - How Easy is it?

Complete the easy enquiry form to the right or submit our online mortgage enquiry form and we will call you back. Within minutes, we can advise on how much you can borrow and what your monthly costs will be. There’s no obligation! Just simple advice and guidance that will help you get on the property ladder with your first time mortgage. Remember, as we are “Independent” we will always act with your best interests at heart.

Contact us now using the easy enquiry form on the right or use our detailed enquiry form and be surprised at the difference we can make.

 

 

 

 

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Mortgages Advice

Mortgages: First Class Mortgage Advice are independent mortgage consultants providing information on getting a mortgage. We are based in Edinburgh and provide services to Glasgow, Edinburgh, Stirling, Perth, Dundee, Aberdeen, Falkirk, Lothian, West Lothian, East Lothian, Midlothian, Scotland and throughout the UK.

Expert advice on First Time Mortgages, Home Movers, Poor Credit Mortgages, Adverse Credit, Capital Raising, Home Improvements, Debt Consolidation, Fixed Rate Mortgages, Discount, Flexible, 100%, Buy to Let Loans/Mortgages, Impaired Credit and Self Certification mortgages. We are independent mortgage advisors who can offer you advice on the best mortgages for your ventures.