Your home may be repossessed if you do not keep up repayments on your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Are you a first time home buyer looking to make your first step onto the property ladder?
Here at Derngate Wealth Management, we understand that buying a new home can be an exciting yet daunting journey. That is why our team of experienced first time mortgage brokers in Northampton offers expert advice and can help you get passed the intricacies and nuances involved when applying for a mortgage for the first time.
Our team of mortgage specialists has been offering personalised, tailored advice for many years. As professional advisors, we evaluate hundreds of mortgage options to recommend the right one for you.
Ready to begin your journey towards homeownership? Simply complete our quick online form to get started, or pick up the phone and give us a call at 01604633253 or email us at in**@de************.uk, where our team can offer expert advice on first time buyer mortgages in Northampton.
Our Mortgage Process
At Derngate Wealth Management, we can offer mortgage solutions and advice in Northampton and the surrounding areas, ensuring that you get the most suitable deal based on your circumstances.
We will help you to determine how much you can afford to borrow based on how much deposit you have and work out your fees such as conveyancing and stamp duty. In addition, we will help you to understand what your monthly income and outgoings will be like when you buy your first home.
What is a First Time Buyer?
A first time buyer is someone who is purchasing a home or property for the very first time. This is a significant milestone for many people, as buying a home is often the largest financial investment an individual or couple will make in their lifetime. First time buyers are embarking on a new chapter, putting down roots and investing in their future, even if the road to get there involves some trepidation and a steep learning curve.
How Do First Time Buyer Mortgages Work?
Search for your perfect property – First of all you need to search for your dream home on the housing market. Take into account the size of the house, the number of bedrooms it has, whether it is semi-detached, the garden space, available parking etc.
Plan for your deposit – This is paramount before buying a house and the amount is dependent upon the price of the property.
Get an Agreement in Principle – Before viewing properties, get an Agreement in Principle. This free, no-obligation estimate shows what a bank might lend you, reassuring sellers and agents. It takes under 10 minutes and doesn’t affect your credit score.
Why Get a First Time Buyer Mortgage?
Getting a first-time buyer mortgage can be an incredibly beneficial and rewarding experience for those looking to take that crucial first step onto the property ladder. As a first-time buyer, you’ll often have access to a range of specialised mortgage products and government schemes designed to make homeownership more accessible and affordable. These specialised mortgages typically come with lower deposit requirements, favourable interest rates, and additional support to help navigate the often complex and daunting process of securing a home loan.
What to Consider Before Getting a First Time Buyer Mortgage
Lending criteria have relaxed somewhat in recent years, with lenders once again offering mortgage products that require only a 10% deposit (subject to status). However, you need to remember that the lower your deposit, the higher the monthly repayments will be.
Once we have taken everything into account and worked out how much you can afford to borrow, you can then use this information to find the right property and make a realistic offer, knowing that you will meet the lender’s affordability requirements.
Here are our top tips for first time buyers:
- Be realistic: Work out how much you can afford to pay in mortgage repayments each month and don’t forget to budget for council tax, utility bills, food, insurance and luxuries and take into account furnishings, renovations and decorating costs.
- Seek an ‘agreement in principle: This can be done through the lender, as this will allow you to be sure of your maximum offer price when you find a property.
- View properties: When searching for your dream home, it is important to take an experienced buyer with you as they may pick up on things you may not know to consider.
- Check council tax: You need to check which band your property falls under. The estate agent should be able to tell you what this is.
- Check the school catchments: Even if you do not have children, it will be easier to sell a property if you are within a good catchment.
- Know your transport links: Make sure you are aware of local public transport and road links and, if possible, try and buy a home close to where you work to minimise commuting costs – this can be one of the biggest household expenses.
Before making a final decision on where to move to, research the area and find out what local amenities are on offer, including restaurants, bars, sports clubs, cinemas, parks and shops. It could differ vastly from where you currently live, so make sure you are aware of the key facilities.
