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First Time Home Buyer Mortgages

First time home buyer mortgages are available to those who are buying their first property to live in. When applying for a first-time buyer mortgage the lender will undertake an affordability assessment. This involves looking into your annual salary and any other income that you receive, as well as your outgoings, including credit card and loan debts, household bills, general living costs, childcare and travel.

Your credit history will also be reviewed when applying for a first-time buyer mortgage scheme so the lender can evaluate whether you are a reliable borrower. This will then be used in the affordability assessment to decide how much you can borrow.

With first time mortgages, providers will usually have a maximum loan to value which they will be prepared to offer to you. This will be the maximum mortgage loan that you will be able to take out as a percentage of the property value.

First Time Mortgages

Before you begin with viewing properties, you can get a mortgage agreement in principle from a lender. This will provide you with an idea of how much you are able to borrow and it also shows estate agents that you are serious about buying. However, some lenders may carry out a hard credit check which will appear on your credit file. Whereas other lenders will only run a soft check which will not affect your credit score, so you should check with the lender before applying. This offer should last between 30 and 90 days, but you should remember that this is just an estimate and not a guaranteed mortgage offer.

Once you have an idea on how much you can borrow you will find this helpful in working out how much you can afford to pay for your new home. You will then have a better picture of your price range when it comes to viewing properties. The eventual mortgage loan which you take out will then depend on how much you pay for your property, and whether you would like to use any of your loan towards making home improvements.

Before making an offer, you should make sure that you are able to afford the monthly payments. If you require further advice on first time home buyers mortgages, contact us today for guidance from our mortgage advisors.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on your mortgage.

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