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Mortgages For: First Time Buyers
If you are looking for your first mortgage, you'll have to consider 3 main things - what deposit you'll
need, what
size mortgage you'll qualify for, and
where you can get the best mortgage.
As regards the deposit,
most lenders now require a minimum of 5% - 8% deposit (however,
some professionals will qualify for 100% Mortgages).
Different lenders
calculate how much you'd qualify for in different ways. Most banks and
building societies now focus on your 'net disposible income', which means
that the fewer loans you have, and the longer the mortgage term you go for,
the bigger the mortgage you'd tend to qualify for. As all the
different lenders calculate approval amounts in different ways, the good
news is that if you can't get a big enough mortgage from one lender, you may
get it from another. The best bet is to to submit
a few details, and we can work out a max. approval amount for
you.
Finally, as regards the
best mortgage, it depends on personal circumstances, but we offer all the
main mortgage options, from 10 different lenders, so we should be able to
find you the most suitable option. Apply |
