Mortgages for First-Time Buyers
First-time buyers will be pleased to know that a mortgage for their first house purchase will be no different to a standard mortgage. Lenders apply their usual affordability criteria to borrowers regardless of their level of experience, but you will have a more detailed discussion regarding regular budgets to make sure that you are aware of all the ongoing and peripheral costs around buying a home and the month-to-month expenses around home ownership.
You’ll probably already understand that your budgets will need to take into account Council Tax, utilities and insurances as well as your regular general living expenses such as food, travel and housekeeping. You will also need to consider occasional one-off payments for home maintenance or other unanticipated costs associated with home ownership, and factor in an allowance into your budget for this.
These are the kinds of things and more that one of our experienced advisors will go over with you when putting together your mortgage application in order to give it the best chance of success. If you’ve already been renting, then your experience with regular payments will form the basis for our discussions. You’ll want your case to be realistic and watertight, to show that you’ve thought of everything, that you are responsible people ready to own your own home and able to keep up regular mortgage payments.