Holding your hand through the whole mortgage process!
In life there will likely be no larger financial commitment than buying your own home.
As a first time buyer, getting started with the process can be a little scary. As a mortgage broker in Nottingham, it’s our job to make it a little less scary, reduce your stress levels and guide through the entire process.
To us, it’s about more than just finding you a mortgage. It’s about your home buying journey, the memories, the eventual outcome and your life in your new home. We aim to simplify your process, limiting use of jargon (complex words you might not understand!) when we can and keeping you informed at all times.
Your dedicated mortgage advisor in Nottingham will be by your side, all the way through to completion and beyond.
How much deposit do I need to apply for a mortgage?
The minimum required deposit is usually around 5-10%, though this will be dependent on how your credit score is looking. Usually, the main issue a first time buyer may have, especially a younger one, is that they don’t have enough of a credit score in the first place.
As a long-standing mortgage broker in Nottingham, we typically find that if a first time buyer does have enough of a credit score, it will be a good one. In this case, you will likely be able to access a higher loan-to-value (%), such as a 90-95% mortgage.
That isn’t always the case though, and there are times that a first time buyer may have a lower credit score. In the event of this being the case, you may only have access to lower loan-to-values, meaning you will be required to put down a much larger deposit, often upwards of 15%. This is simply to lower the lenders risk by reducing the amount they need to lend you overall.
The amount of deposit you need will also depend on the purchase price of the property you’re looking to buy. This is because your mortgage will be a percentage of that price.
Is there anything that can help get me onto the property ladder?
If you are unable to meet the minimum requirement for a deposit, there are some different government mortgage schemes that first time buyers in Nottingham could find useful!
Here are some of the most popular mortgage schemes that you may have access to;
– Help to Buy: Equity Loan Scheme
– Help to Buy: Shared Ownership Scheme
– First Home Scheme
All of these will of course require you to meet the criteria before you can use them. To learn more about the criteria for each of these or to find out more about other schemes, we would recommend visiting the government OwnYourHome website. Alternatively, you can speak to a trusted mortgage advisor in Nottingham, who will run through these with you.
To receive any further first time buyer mortgage advice in Nottingham, book your free mortgage appointment today. Our fast & friendly team are here from early until late, every day of the week to run through your case and help you apply for a mortgage. The mortgage process doesn’t need to be difficult! Let us help you become the owner of your first home.
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