first time buyer Mortgage guides

Looking for your first time buyer mortgage ? When you decide to buy your first home it should be an exciting time. But, sometimes there’s so much to think about that it can be quite daunting. For example: there’s thinking about what area you want to live in, knowing what type of property to look for, and even having to find a solicitor.

On top of all that, there’s sifting through hundreds of first-time buyer mortgages, which can be quite scary. Particularly if you’re not sure about what to do and in what order to do it. Just as well we have an array of first time buyer guides to help.

First Time Buyers and Mortgage Advice are a skill we've developed at MDFS
Until the exchange of contracts, both the buyer and seller of the home can pull out of the deal without incurring serious costs.

Exchange and Completion

When it comes to getting a mortgage your personal needs and preferences are unique. For this reason, it’s good to know how mortgages work generally. It’s also good to have an idea of what options might be available.

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Capped rate mortgages are rare

Capped Rate Mortgages

Capped rate mortgages are rare, so if you’re going it alone, you’ll have to search well to find a selection of rates to choose from.

Mortgages with a capped rate are in effect variable rate mortgages. However, they have one important difference. That important difference is: an interest rate ceiling, known as the “Cap” above which your repayments can’t rise.

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Cashback Mortgages

With cashback mortgages you’re given some cash when you take out your mortgage.

The cashback sum might be a proportion of the amount you’re borrowing (for example 1%) or might be a fixed amount (for example £500).

You receive the cashback on completion, not before.

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A property survey is a detailed inspection of a property’s condition.

What Mortgage Survey

A property survey is a detailed inspection of a property’s condition. A surveyor appointed, normally by you, inspects the property you’re buying. If any defects are evident, they advise you in a survey report. In addition, a property survey should highlight any major repairs or alterations that may be needed.

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Buy and sell a home

Wondering how long it takes to buy or sell a house through an estate agent? Not sure what questions to ask when viewing a property? This guide explains what estate agents do, what fees they might charge and looks at other ways to buy and sell property, including online.

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Find out about mortgage costs

Mortgage Costs

Mortgage providers will assess the value of the property you want to buy to establish how much they are prepared to lend you.
The cost of a mortgage valuation varies. It’s based on the value of the property you’re looking to buy. As an example, the cost can range from as little as £150 up to in excess of £1,500.
Some lenders might not charge you for a mortgage valuation, offering this for free. A lot depends on what type of mortgage product you select.

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*first time buyer*

First Time Buyers are classified by most mortgage lenders as those who have either:

  1. Never owned a property or
  2. People who have owned a property in the past, but not owned one for six months or more.

For each lender, the rules and ideas about this differ. There usually are no issues in being a First Time Buyer. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

The mortgaging process might appear to be challenging, but this isn’t necessarily so. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The purpose of using one is straightforward enough. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. The same applies to mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should use one. You won’t have to pay for the initial consultation.

*interesting links in our website*



Massey Divall Financial Services are an appointed representative of The Right Mortgage Limited which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate most buy to let mortgages.

The guidance and /or advice contained within this website is subject to UK regulatory regime and is therefore targeted at consumers based in the UK

Conveyancing isn’t regulated by the Financial Conduct Authority.

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