First Time Buyer Mortgage Broker sterDalkeith

Expert Advice for First Time Buyers

At Bespoke Home Finance I can advise you on the purchasing of a property for the very first time. I understand how stressful and complicated it can be to be a first time buyer and get a mortgage. I also understand how exciting this is, as this is something you have been working towards for a long time. When you choose Bespoke Home Finance, you are sure to get the help you need as a first time buyer.

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Who Qualifies as a First Time Buyer?

You’ll be classified as a first time buyer if you are purchasing your first residential property. If you owned a residential property in the past on your own or as a joint tenant, you’re unlikely to be eligible for many of the schemes specific for a first time buyer mortgage. If you currently own or have owned a commercial property in the past with no living space attached to it, you’re also qualified.

You’re probably not a first time buyer if:
– You’ve inherited a home (even if you’ve never lived in it).
– You’re having a property bought for you by someone who already owns residential property (e.g. a parent or guardian).

I am just a phone call away for any queries or advice.

How Can You Get a First Time Buyer Mortgage?

Early preparation is the key. Before applying for your first time buyer mortgage, you should:

  • Check your credit history so you can be clear on where you stand regarding your rating. Ensure all the information held about you in your credit file is correct. Additionally, find out more about how you can boost your credit score so you’re in the perfect possible position to be granted a first time buyer mortgage.
  • Save up a cash deposit as the more cash savings you can put down, the less you will need to borrow through a first time buyer mortgage. As a minimum, most lenders require you to have at least a 5% cash deposit towards your property payment.
  • Talk to one of the experienced members of our mortgage broker team to get an estimate of how much you can afford to borrow for your first time buyer mortgage. Following this interaction, you can identify what sort of property prices you can afford, before beginning to house hunt.

It’s important to note that you will need a steady income to apply for a first time buyer mortgage. This is because the repayments on your home loan are effective immediately and you will need to demonstrate that you can make these payments comfortably.

When Should You Apply for a First Time Buyers Mortgage?

When you feel like you’re ready to start viewing properties, you should get a mortgage agreement in principle. Essentially, what that means is receiving a written estimate from a bank or building society that tells you how much you can borrow. 

You can then show this agreement in principle to estate agents and vendors to prove you’re serious about purchasing your first residential property. Estate agents will likely ask you to get an agreement in principle before you can start making offers.

Note that an agreement in principle is valid between 30 and 90 days and is an estimate, not a guaranteed offer. Once you receive your agreement in principle, you can be more serious about house hunting and start making some offers. 

When you’ve found a property you’re interested in buying, you can agree to the finer details and get an official first time buyer mortgage offer.

At Bespoke Home Finance, I am constantly looking at the market to ensure that I get the perfect rates for you. As highly trained and experienced mortgage experts, I can provide you with professional, affordable and reliable mortgage advice. I am here to help you every step of the way.

You’re probably not a first time buyer if:
– You’ve inherited a home (even if you’ve never lived in it).
– You’re having a property bought for you by someone who already owns residential property (e.g. a parent or guardian).

Advice From Bespoke Home Finance

If you are looking for trustworthy and professional expert advice to guide you every step of the way, then look no further than Bespoke Home Finance.

Furthermore, if you are looking to move home or even buy your first, we are here to help. Call me today on 0330 111 2477 or fill in the contact form below. I look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on mine.

Based in Scotland, I offer our mortgage advice services in Edinburgh, Glasgow, Scotland and all across the UK too!

company note
  • Bespoke Home Finance Ltd is an Appointed Representative of Primis Mortgage Network, a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority.
  • This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
  • The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
  • The Financial Conduct Authority does not regulate all Buy to Let mortgages
  • AN EQUITY RELEASE PRODUCT WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVERYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFITS. TO UNDERSTAND THE FEATURES AND RISKS PLEASE ASK FOR A PERSONALISED ILLUSTRATION.
  • A LIFETIME MORTGAGE WILL REDUCE THE VALUE OF YOUR ESTATE, WILL NOT BE SUITABLE FOR EVEYONE AND MAY AFFECT YOUR ENTITLEMENT TO STATE BENEFIT
  • TO UNDERSTAND THE FEATURES AND RISKS, ASK FOR A PERSONALISED ILLUSTRATION.