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You are a first-time buyer if you have never owned a property in the past, either on your own or with others.
You are not a first-time buyer if you have owned a property before or inherited a property from a friend or family member.
A mortgage is a significant long-term commitment and signing up to a deal that doesn’t suit you could hang over your head for many years and cause massive financial distress, so it is important you make the right choice.
Some first-time buyers may head straight to their current bank for their mortgage without realising there may be a better deal out there. By using an expert independent whole-of-market mortgage broker, you will have access to and be able to compare the best mortgage deals available to find the right one for you. On top of this, they will also provide personalised advice and support throughout the whole process.
At Private Finance, we guide you from start to finish during the mortgage process. We handle all the paperwork and keep you well informed throughout each stage. We leave no stone unturned when exploring all possible avenues for your mortgage, so you can be sure you are receiving the best advice for your circumstances.
If your situation is more complex, you may find that you require a more specialist solution. Using our vast network of lenders, we open the doors to more specialist lenders who can offer greater flexibility when assessing affordability and in their lending criteria. Access to these lenders is sometimes only possible via a broker or intermediary.
Congratulations! Your next step is to arrange to speak with one of our mortgage consultants to complete your full mortgage application.
Want to meet online from the comfort of your home? You can talk over the phone or on a video call with us. Call us on 0800 980 8777 (Monday to Friday, 9:00 – 17:30) or arrange for us to call you here.
The next steps:
Your consultant will search the whole of the market to find the best deals available to you and present their recommendation. Once you are happy with the terms, we’ll handle all the paperwork and formfilling, making sure everything runs smoothly.
A solicitor or conveyancer handles all the legal aspects of your mortgage and ensures all the necessary searches and enquiries are made – but be careful, legals can slow the mortgage process down significantly without the right help. We can help by recommending a solicitor or conveyancer.
Once all the legal process is completed, and you and the seller are happy to proceed, you will sign and exchange contracts making the contract legally binding.
Once the seller’s solicitor or conveyancer has confirmed the mortgage funds have been received, a date will be agreed to pick up the keys and move into your new home!
When buying your first home, it’s important to protect yourself, loved ones, and your new home against the unforeseen with protection insurance. We have specialist consultants for this.
The first step to getting your first mortgage is to save up for a deposit – this can be a minimum of between 5% to 10% of the property value, though this depends on the mortgage lender.
Putting down a larger deposit will likely put you in a better position to access better mortgage rates that are available in the market.
We recommend speaking with a mortgage broker at the start of your property search. Firstly, they will be able to give you a clearer idea of your budget and how much you can possibly borrow for your mortgage. This may also speed up the process when applying for your mortgage. This can be very useful if the property is in high demand. Some estate agents will even want to see a decision in principle (also known as an agreement in principle) before they allow you to attend a house viewing. A mortgage broker can quickly arrange your decision in principle (or confirm via a signed letter your ability to borrow).
How much you can borrow for your mortgage is based on a range of factors and you can use our mortgage calculator to help work this out.
Still have some questions? The best way to understand the whole mortgage process is to speak with one of our consultants via a friendly obligation-free initial chat.
With more than twenty years of experience arranging mortgages of every kind, our consultants have deep expertise in the finer points of the mortgage market.
Here are some of the reasons that our clients trust us with their mortgage needs:
We are proud to have an average rating of 4.97/5 from more than 1,800 reviews. Our friendly consultants guide you from start to finish, finding the right mortgage for you and your future. We will handle the whole mortgage application process for you.
From mortgage broking to wider financial planning, our consultants have a strong, holistic understanding of the financial markets. They’ll use this expertise to understand the nuances of your situation – and tailor a solution that works for you.
We’re an independent, whole-of-market broker using over 175 lenders. We have strong ties to high-street lenders, private banks, and other specialist providers. That means we’re optimally positioned to find the best mortgage solution for you.
Typically, lenders will accept a minimum deposit between 5% to 10% of the property value. The larger the deposit the better, as this may mean you can get a better mortgage rate and deal. Saving for a deposit between 10% to 15% will likely put you in a better position to access better mortgage rates available in the market.
A Decision in Principle (DIP), also known as an agreement in principle (AIP), is an indication from a mortgage lender they will lend to you and how much. Your mortgage consultant can arrange this for you.
A Decision in Principle is not legally binding and the amount actually offered could change following a detailed assessment of you and your circumstances, and a valuation of the property.
Yes there are. Our advisers will be able to talk you through the options and discuss what may be suitable for you.
First time buyers in England and Northern Ireland do not have to pay Stamp Duty on the first £425,000 of a property’s purchase price and then 5% for any amount above £425,001 up to £625,000. If the purchase price is over £625,000, you cannot claim the relief and you will pay stamp duty at the home mover rate.
