FIRST TIME BUYERS

Buying your first home is often stressful and very worrying. Have you got enough deposit? What are the repayments going to be? Can we afford it? Your first home is likely to be your single biggest financial commitment you have or will ever have made. Our professional, comprehensive and expert advice can help you through the entire process smoothly and we have years of experience in understanding your situation and delivering a solution.

We have access to an wide range of mortgage options including products that may not be available from your high street lenders. We can assist in managing and communicating with everyone involved in your purchase including the solicitors, estate agents, lenders and more to ensure the smooth settlement into your new home.

How much can I borrow?
The amount you can borrow will vary from each lender with the rates available also variable. The rate you will be offered will depend on your personal circumstances such as income, living expenses and deposit. This is then used to decide how much you will be able to get and the rate the lender will offer. Your monthly payments are then dependent on the amount you borrow over what period and what interest rate you have been offered.

For example, if you borrowed £100,000 over 25 years at an interest rate of 2.9%, your monthly repayments may be around £469 (please note this is for illustrative purposes only and will depend on all the factors stated above. It is in no way indicative of an offer from lenders and is used to highlight how the repayments are worked out).

What types of mortgages are there?
There are many different types of mortgage including:

• Standard Variable Rate (or SVR) - a standard rate which can change over time
• Tracker - which tracks the Bank of England Base Rate
• Fixed Rate - a rate which is fixed for a certain period from 2, 3, 5, 7 years etc before returning to a SVR
• Discount - a discounted rate from the SVR which can move over time

How much deposit will I need?
This all depends on how much you have to offer, what monthly repayments are affordable, the buying price of the house, Mortgage fees, survey fees, legal fees and much more. The best way to find out for sure is to speak to us today and let us help guide you smoothly through the whole process.

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