First-time buyer mortgages

The largest financial commitment most people ever make is buying a home. In the UK, the choice of different mortgages and lenders to facilitate that purchase is both vast and dynamic. With so many options, first-time buyers are often unsure of where to start.

We offer expert independent mortgage advice to bridge that knowledge gap for most fledgling homeowners. As we’re neither affiliates nor tied down to any one lender, we can bring you first-time buyer mortgages from the entire market.

This freedom makes all mortgage providers accessible to first-time buyers like you. With such a complete, unbiased range of products at our disposal, we can find the right mortgage for your unique status.

Mortgage advice for first-time buyers

First, we need to work out how much you can afford to borrow. This includes working out:

• The deposit you’ll need
• Your monthly repayments
• Budgeting for those hidden costs

As you’re buying your first home, you’ll have many more questions you want answered. We can almost guarantee there’ll be questions you’ve not yet thought of to which you’ll need the answers, too. Here we go with the answers to those questions we get asked the most:

Remain realistic about what you can afford to borrow

As a first-time buyer, you have no equity in an existing property to offset against a mortgage. You’ll need to limit your searches to homes of the type, and within areas, you can afford to buy.

After helping you with your budget, we’ll help you work out what you can afford, including the deposit you’ll need. This will help you focus your search and begin working smart, not hard.

Arming you with an Agreement in Principle (AIP)

Estate agents are keen to establish that you can afford any house you’ve signified interest in. An AIP (or ‘Decision in Principle’) shows them, and the vendor, that you’re a serious buyer.

It’s a small thing, but it can set you apart from your competition. Providing your initial affordability looks sound, we can get AIPs within 24 hours.

Check your credit rating: make sure that you can secure a mortgage

Just to underline: an AIP is not a mortgage offer! Your credit rating must also back up your income, deposit and other credentials you provide. If there are issues, we can help prioritise the areas you need to work on.

The better your credit score, the more competitive a lender’s mortgage offer will be. Poor credit history could see you declined for a mortgage, which can seriously impede your options. It’s best you know up front before doing further damage, if that’s the case.

Choosing a mortgage that fits your lifestyle

The sheer volume of mortgages available can overwhelm first-time buyers. With us, you’ll work with advisors with proven expertise and who work with many different lenders every day.

This is crucial! It means we have our finger on the market pulse at all times.

Since 2004, we’ve been finding the right mortgage for a broad range of applicants, including people with non-standard income. Our unbiased advice will help you choose the right:

• Mortgage lender
• Loan-to-value/deposit
• Introductory fixed-rate deal
• Mortgage term, and more

Keep your eye on additional fees

There are more costs to consider when buying a home than the mortgage alone. During the process, you’ll have surveyor, solicitor, and Land Registry fees. Depending on the mortgage type, there may be broker fees, too.

Afterwards, you need to consider furnishings, insurances, utility bills, maintenance and Council Tax. Getting the right advice before you buy is critical to long-term solvency.

Stamp Duty Land Tax (SDLT)

If the home you’re buying is worth more than £250,000, you’ll need to pay stamp duty. That £250,000 is the entire cost of the home, not just the mortgage part you’re borrowing to buy it.

Our Stamp Duty calculator will help you check how much stamp duty you need to budget for. It’s imperative you build this into your budget as Stamp Duty costs can be considerable.

How we’ve helped so many people buy a home

The key to our success is that we get to know you, the client, before anything else. By investing in understanding your circumstances and motivation upfront, we can save you time, effort and money.

We simplify the home-buying process

Mortgage Quest is a team of experienced, competent, and award-winning mortgage advisors. We’ll assign you a broker from the outset who’ll be there for you at every step. This will ensure that buying your home is straightforward, hassle-free and rewarding.

Our independence = no restrictions

Whatever you do, don’t let estate agents or developers pressure you into using their mortgage advisors. They often work with small panels of lenders, risking you losing out on the most competitive mortgage deals.

Our independence gives us access to “Whole of Market” deals, including exclusive and semi-inclusive best-buy mortgages. We also have direct lines to underwriting teams, cutting out less experienced agents in-branch and at call centres.

Saving you £000’s on your mortgage

Combining our experience and how we’ll get to know you helps us filter the search from the off. From the many deals available to us, we’ll choose only the mortgages most relevant to you.

This will give you the potential to save thousands of pounds over the lifetime of your mortgage. Also, when the end of your initial fixed-term draws near, we’ll be on hand to help you save with your next deal, too.

Call our experts on 0208 421 7998 to get more advice on saving and applying for your first mortgage. No time now? Request a callback for a time that suits you. That first rung of the ladder is only a step away.