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First Time Buyers Mortgages

Dreaming of the perfect home? Find the most suitable mortgage deal for your first home and get the advice you need to get on the property ladder


The First Time Buyer Process

Along with the Shared Ownershipsand Right to Buy schemes, first time buyers can also receive help from gifted deposits. This quite simply means that if a member of your family is in the financial position to do so, they can gift you your deposit in order to reduce your payments within the mortgage process. It is even possible for a friend to gift you a deposit, however this is not as convincing for a lender, so it becomes a lot less favourable.

The help doesn’t have to stop there either: if you’re a first time buyer we always advise that you take a member of your family, or a property-owning friend with you to any viewings, just to make sure you don’t miss any of the fine details! However, if you have any questions or concerns regarding your first time buyer mortgage that you don’t think your family/friends can help with, do not hesitate to give us a call and start your journey today.

Come in and discuss your mortgage funds with an adviser, make the most of your deposit and gain a Decision in Principle from your lender.

Find the perfect first home for you, and we’ll lend a helping hand every step of the way to ensure you complete the application process stress-free.

Get ready for the big move whilst we take care of everything else for you, making sure you’re ready to collect your new keys in no time.

Becoming a First Time Buyer

As daunting as it sounds, buying your first home is one of the most exciting shopping trips you’ll ever have. Unless you own an extremely pricey car, your first home is probably the most expensive purchase you have made thus far, and your biggest financial investment to date, too. This makes it essential to have a clear plan set in place in order to manage your finances and get the most suitable deal possible for your first mortgage.


Our First Time Buyer mortgage advice

Having our expert brokers on board will give you the guidance you need to secure your deposit, calculate your monthly budgets and start enjoying the freedom of your very first home quicker than you can put your new keys in the lock.

What deposit do I need?

As you're probably aware, the larger the deposit you put down, the smaller your monthly payments will be. If you haven't thought about saving for your deposit yet, it may be worth holding off buying your first home. Whatever your situation, our experience and knowledge can help you plan your deposit and find the most suitable deal for you.

And remember, while it may be scary now, historically house prices have been known to rise throughout the years. This could mean that your deposit will become your first (and arguably your most important!) investment, and you could maximise your profit if you do decide to upsize in the future.


First Time Buyer Fees

When looking to buy your first home, it's essential to take into account any fees you may incur during the buying process. There are a few to consider, but if they are managed well they shouldn't come as too much of a shock once the ball gets rolling. The good news is that, due to changes in the law, first time buyers will not pay stamp duty on properties worth up to £425,000 and 5% on the portion from £425,001 to £625,000.

Alongside your deposit, you will need to allow for some or all of the following fees: lender’s valuation, property survey, local authority searches, lender fees, solicitor fees, home insurance and general moving costs. Although this may seem overwhelming at first, this is not unachievable and our team here at Southern Mortgages will be there to help every step of the way.

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