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Entries close 31 March 2021.
Buying your first home can be one of the most exciting times of your life. It can, however, bring with it a fair amount of stress and anxiety.
Our expert mortgage advisers are here to guide you through your mortgage journey. With access to market leading and preferential rates, we will take the time to find the most appropriate mortgage to suit your circumstances.
As a first time buyer, we feel it’s not only important to get you the most appropriate mortgage deal to suit your needs, but also to provide education and support as you make the journey to becoming a home-owner.
The experts at FOCUS will be there every step of the way to answer your questions and to help you have the best experience when buying your first home. We’ll guide you through the entire process – which can start before you even begin to look at properties.
We’ll provide you with a step by step guide to make everything easier from understanding how much you can borrow, making an offer on a property, finding a solicitor to hints and tips to help you on moving day to make the mortgage and house-buying process as stress-free as possible.
As part of our continued commitment to our clients, we have put together a wealth of information to help you along the way, including:
You can apply for a mortgage directly with a bank or building society – but by speaking with a qualified mortgage broker, you’ll benefit from receiving advice and a recommendation that’s tailored to you by looking at all the lenders and mortgages available to you. You’ll need documents such as proof of ID and address, proof of income and details of your monthly expenditure.
The minimum deposit you can place on a property for a mortgage is 5% of the purchase price. This is currently subject to change due to restrictions put in place by lenders during the COVID-19 pandemic.
Before you start looking for a property, it’s worthwhile getting an idea of what you can borrow with a mortgage. As a very broad rule, someone with very little debt and a healthy credit history can look to borrow 4.5-4.75 times their annual salary. The amount you can borrow will be based upon an affordability assessment and the criteria of the lender.
In order to help fund your property purchase, you are able to use a family gift to help towards the source of your deposit.
Help to Buy schemes
Help to Buy schemes are available on new build properties. Using this Government scheme, you may be eligible to take a loan from the government in order to fund 20% of your property purchase. This would require having a 5% deposit and a mortgage on the remaining 75%.
Shared Ownership Schemes
A shared ownership scheme allows you to buy a percentage of your property – typically 40% or higher – whilst renting the unowned share from the housing association responsible for the property. This can be useful when living in areas with higher house prices are higher and buying would otherwise be difficult to afford.
Family Assist Mortgages
For some people, it may be necessary to have another person on the mortgage in order to be able to afford a property. In some circumstances you may be eligible to use a parent’s income in order to help you purchase a property.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.