First Time Buyer Mortgages

Expert Advice For First Time Buyers

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At Bespoke Home Finance we can advise you on the purchasing of a property for the very first time. We understand how stressful and complicated it can be being a first time buyer and getting a mortgage.

We also understand how exciting this is, as this is something you have been working towards for a long time. Our dedicated team at Bespoke Home Finance are here to help you by explaining everything you need to know about a first time buyers mortgage.

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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 for a first time buyer mortgage.

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).

We offer a free, no-obligation consultation and advice on first time buyer mortgages that won’t affect your credit score. We can also identify the latest schemes available to help you as a first time buyer.

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Our advisors are 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 best 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.

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    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 property and can get a first time buyer mortgage. It’s likely that estate agents will 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 first time buyer mortgage 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, we are constantly looking at the market to ensure that we get the best rates for you. As highly trained and experienced mortgage experts, we can provide you with professional, affordable and reliable mortgage advice. We are there to help you every step of the way.

    Looking for a First-Class Plan for your Mortgage?

    Advice From Bespoke Home Finance

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

    If you are looking to buy your first home and secure a first time buyers mortgage, we are here to help. Call us today on 03301112477 or fill in a contact form. 

    We look forward to hearing from you and remember, there is no obligation or no high-pressure tactics on ours. Based in Scotland, we offer our mortgage services in Edinburgh, Glasgow, Scotland and all across the UK too!

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