Subscribe for regular IHT saving tips via email and
get instant access to this free guide to avoiding inheritance tax
We hate spam as much as you do. Your email address is 100% safe and secure.
Highly experienced, trusted and professional advisers for mortgages, family protection insurance and home and contents insurance.
INTRODUCTION
OUR GUIDE
WHY FIRSTXTRA?
CALCULATOR
FAQS
Mortgages for First Time Buyers
Are you buying your first property and need first-time buyer mortgage advice? Confused about the whole process?
We know it won’t be easy and can be a very daunting prospect as your new mortgage will be one of the largest financial commitments that you are likely to undertake. It is very important for you to get honest, professional and expert comprehensive mortgage advice which will be tailored to your individual needs and requirements.
At Firstxtra we have a wealth of experience in providing first time buyer mortgage advice. We will arrange an initial meeting at a time and location convenient to you where you will be able to find out how much you can borrow, the deposit you will require, the different types of mortgages available to you, repayment types, the correct protection insurance required to protect your home and family, stamp duty and other associated costs, how to deal with the estate agent, choosing a solicitor and most importantly ask any questions that you may have.
Quick Call back
Buying your first property
DOWNLOAD OUR
FIRST TIME BUYERS GUIDE
Why FirstXtra?
Long established family run business
Providing personal, professional and honest advice, putting the customers best interests at the heart of everything we do.
Award winning for Quality and Service
This is shown by the number of 5 star reviews we receive on the independent site Feefo.
We are personable and friendly
We provide a fully individual and bespoke service to each customer and we genuinely care about your experience.
Taking the hassle out of the process
Making it as simple and stress free
as possible for you.
We don’t just do Mortgages!
We also provide you with bespoke family and home protection products.
On hand to contact
We will be there through the life of your mortgage and protection policies with immediate response times.
Think carefully before securing other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority
Important information - Your property may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £499.
MORTGAGE PAYMENT CALCULATOR
Found your dream home but not sure if you can afford it?
Find out how much you can expect to pay back with our free mortgage calculator tool.
Simply enter the mortgage amount, your deposit, interest rate and the term of the mortgage and we will calculate the estimated monthly repayments for you based on the information you provide.
- This information is a guide only and should not be relied on as a recommendation or advice, that any particular mortgage is suitable for you.
- All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender.
- You should make an appointment to receive mortgage advice which will based on your needs and circumstances.
HOW CAN FIRSTXTRA HELP
FIRST TIME BUYERS?
FIRST TIME BUYERS?
FIRST TIME BUYER FAQs
How do I know if I’m eligible?
A person is generally classified as a first-time buyer if they have never owned a freehold or had a leasehold interest in a residential property in the UK or abroad.
There are other rules too – see our first-time buyers guide for a full breakdown or if you are still unsure then pick up the phone and give us a call.
Are there any benefits to being a first-time buyer?
The biggest benefit to buying your own property is that you are investing in YOUR house rather than any rent going to your landlord’s pocket.
This means that out of the monthly payment you make a percentage of this will be going to reduce your mortgage balance and the capital owed.
You also will be in a position to be more flexible with the purchase and won’t have a chain of properties behind you making you more attractive as another purchaser who may have this.
Where do I start?
The best place to start is to speak to a mortgage broker like ourselves. We will speak to you about your circumstances and work out what kind of mortgage might be right for you and how much you will be able to borrow.
Are there any hidden costs I need to watch out for?
Your deposit isn’t the only cost involved when it comes to purchasing a property. There will also be solicitors’ fees, potential stamp duty and the associated costs of moving.
Read more about what to expect in our first-time buyers guide here:
How much of a deposit will I need?
Most lenders will require a deposit of at least 5% of the price of the property. The more money you are able to put down, the better the interest rate may be, the cheaper your repayments may be and you will have more chance of obtaining the mortgage as this is less risky than those with smaller deposits.
How much could I borrow?
This will depend on your circumstances and the make-up of your income. Once you have spoken to one of the mortgage advisers they will conduct an affordability calculation and if the amounts are suitable can then proceed to obtaining a AIP(agreement in principle) which will conduct a credit score and confirm if you can borrow the required amount.
You can then take this as proof before you start offering on properties
