First Time Buyer Mortgage Broker
Award-Winning Mortgage Experts
Recognised for excellence in mortgage advice, ensuring you get expert service you can trust.
We Have A 5-Star Rated Service
Thousands of happy homeowners have rated us 5 stars for our transparent, hassle-free mortgage support.
Whole Market Access
We compare thousands of deals from over 100 lenders to find the very best mortgage for you.
We Are Fully Regulated & Accredited
We are FCA-regulated and accredited by industry-leading bodies, ensuring professional and ethical mortgage advice you can trust.
Award-Winning Mortgage Experts
Recognised for excellence in mortgage advice, ensuring you get expert service you can trust.
We Have A 5-Star Rated Service
Thousands of happy homeowners have rated us 5 stars for our transparent, hassle-free mortgage support.
Access To Whole Market Access
We compare thousands of deals from over 100 lenders to find the very best mortgage for you.
We Are Fully Regulated & Accredited
We are FCA-regulated and accredited by industry-leading bodies, ensuring professional and ethical mortgage advice you can trust.
The Key To Stress Free First Time Buyer Mortgages
Buying your first home is an exciting process, but we recognise it can be scary, too. If you’re unsure where to start with applying for a first time buyer mortgage, a professional broker can help. Our team of mortgage specialists is on hand to make sure you get the best rates.
Mortgage Basics –What You Need To Know
A mortgage is a type of loan that lets you buy a property. The money you borrow is secured against the property, so you need to make sure you can meet your repayments each month.Â
For this reason, finding the right mortgage lender, loan type, and interest rate is essential. You’ll also want to select the best repayment term for your requirements — this is the number of years your mortgage is spread over.
This is also why affordability checks for mortgage applications can seem extensive. When you apply for a mortgage, you’ll need to be able to:
- Pay a deposit (usually 5% or 10% of the property value)
- Show you have the income required to keep up with mortgage repayments
- Demonstrate a good credit rating
Curious about how much you may be eligible to borrow? Try our mortgage calculator tool.
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What Mortgages Are Available For First Time Buyers?
When you start shopping around for a mortgage, it’s helpful to have an understanding of the types available. There are several mortgage types, each offering different benefits.Â
Fixed Rate Mortgage
A fixed rate mortgage means that the interest rate you pay will stay the same for a set amount of time, which can be helpful for budgeting. This tends to be between two and 10 years, with five-year fixed-rate mortgages being a popular choice for first-time buyers.Â
Standard Variable Rate (SVR) Mortgages
With this type of mortgage, the interest rate can vary. Sometimes this can work out cheaper than a fixed-rate mortgage, but you have less predictability.
Tracker Mortgage
Tracker mortgages are tied to the Bank of England’s base rate, so the interest you pay will increase and decrease with it.
Interest Only Mortgage
With an interest-only mortgage, you pay monthly interest repayments but not the borrowed mortgage money itself (the capital). So while your monthly payments will be lower than other mortgage types, you’ll need to be able to pay the loan in full at the end of your mortgage term.
Buy To Let Mortgage
If you’re buying your first property in order to rent it out, rather than live in, you’ll need a buy to let mortgage. Most buy to let mortgages work in a similar way to interest-only mortgages.
Learn more about Buy To Let Mortgages.
Shared Ownership Mortgage
Shared ownership schemes allow you to own a share of a property and pay rent on the rest. You can take out a mortgage on the share that you own. Shared ownership properties can be helpful for first time buyers who don’t have the upfront funds to pay a deposit on the full property value, allowing you to get a foot on the ladder.
How Can A Mortgage Broker Help A First Time Buyer?
As you can see, there are some big choices to make when selecting a mortgage. With so many things to consider, it can be tricky knowing which options make the most financial sense for your circumstances.Â
A mortgage broker can provide invaluable first-time buyer advice to ensure you feel confident in your decisions. With a mortgage broker on your side, you can:
- Have a clear understanding of your options.
- Work out your budget.
- Know which mortgage will suit your longer-term financial needs and goals.
- Recognise and resolve any barriers that may reduce your chance of a successful mortgage application.
- Secure the lowest interest rates available — brokers can often access deals you may not be able to find as a customer.
- Ensure you have all the documents you need to get the ball rolling with your mortgage application.
Why Choose Key Mortgage Advice For Support With Buying Your First Home?
Purchasing your first property is an adventure, and the team at Key Mortgage Advice is here to help you set off in the right direction.Â
Our expert mortgage brokers have years of experience in helping first-time home buyers enjoy the perks of finding their dream property with minimal stress.Â
We can also provide advice on commercial mortgages for businesses and remortgaging if you’re a homeowner looking to move.
Whatever area you need guidance on, please don’t hesitate to get in touch with our mortgage brokers Preston, Southport & Garstang. Book your free telephone or in person appointment, and we’ll be happy to help.
Frequently Asked Questions
What Is A Mortgage In Principle?
A mortgage in principle (sometimes called a MIP or an agreement in principle) is an initial quote of how much a mortgage provider is willing to lend you. It’s not a guarantee, but it works as a placeholder so you can understand your available budget.
How Much Of A Deposit Do I Need For My First Mortgage?
To secure a mortgage, you’ll need to pay a deposit. The minimum amount is 5% of the property price, however, many lenders expect a 10% deposit.
What Is Stamp Duty?
Stamp Duty Land Tax (SDLT) is a type of tax paid when buying a property or plot of land in England or Northern Ireland. First time buyers are exempt from this tax unless the property is over £500,000. If you’re buying your first property in Scotland or Wales, there are different systems in place, so it’s worth discussing any relevant taxes with your mortgage advisor.
How Much Can I Borrow?
Expert Mortgage Solutions, Tailored for You.
We Search Over 100 Lenders & Over 20,000 Mortgage Deals.
Our smart technology matches you with the best lenders instantly.
We Search Over 100 Lenders & Over 20,000 Mortgage Deals.
Our smart technology matches you with the best lenders instantly.
Book a no-obligation consultation with us on: 01704 829888.
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Tip 1: Get your documents ready
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Tip 3: What can I provide as proof of ID?
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Tip 4: How do I need to evidence my deposit?
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Videos
Tip 1: Get your documents ready
Watch this video to learn more.
Watch More
Videos
Tip 2: Can I use online bank statements?
Watch this video to learn more.
Watch More
Videos
Tip 3: What can I provide as proof of ID?
Watch this video to learn more.
Watch More
Videos
Tip 4: How do I need to evidence my deposit?
Watch this video to learn more.
Watch More