Category: First-Time Buyer Mortgages

Buying a home for the first time can be an exciting time. Whether you’re keen to get started on the property ladder or you’re looking to stop renting and buy a family home, knowing where you stand as a first-time buyer is a valuable starting point. Deposits or down payments are a vital part of paying your mortgage, so it’s crucial to know the answer to ‘do first-time buyers need a down payment?’ when exploring your options.

Depending on your circumstances, choosing to get a guarantor on a mortgage can be a valuable way to access lenders that may be otherwise inaccessible to you. Different lenders have varying policies surrounding guarantors, but there are plenty of options if you have a suitable guarantor to provide additional security on your mortgage.

Do having dependents affect mortgage applications? This is one of the most common questions among parents applying for a mortgage. Understanding how having dependents can affect your mortgage application will give you an idea of what to expect, saving you any rude surprises and disappointments.

Whether you have your heart set on a particular home or want to get onto the first rung of the property ladder, you may be wondering, can a first-time buyer get an interest-only mortgage? While interest-only mortgages aren’t as popular as they once were, this option does provide an alternative to other mortgage types.

While it might sound like a mouthful, joint borrower sole proprietor mortgages, or JBSP, are straightforward and practical for a first-time buyer looking for a place they can call home. In simple terms, a joint borrower sole proprietor mortgage lets you buy a property with the help of up to a total of four people – it could be your parents, grandparents or a friend.

Buying a house is undoubtedly one of the biggest parts of adult life, and certainly one of the most stressful. This is especially true if you’re a first-time buyer with no real idea where to start. You may be concerned about the right and wrong things to do when looking to buy your first home.

It’s no secret that your income is one of the key factors in determining how much you can borrow. But how much do I need to earn to borrow 400K? No standard amount of income is required to qualify for a certain loan, as each lender has its own parameters for qualifying borrowers. However, this article provides a general overview based on a few factors.

One of the biggest challenges for buying a home is saving up a deposit, particularly as property prices have continued to rise in recent times. Some people have the option of parents lending a hand by supplying a gifted deposit to help with the purchase.

If you are trying to secure your very first mortgage, you may be wondering “Can my parent co sign mortgage?” This is actually commonly referred to as having a mortgage guarantor, and it is something that happens fairly frequently when it comes to first-time buyers in the UK.

For many people, getting on the property ladder is almost impossible without the help of a mortgage. Mortgages enable property buyers to borrow the money they need to purchase a property and pay it back in monthly instalments. However, they will need to pay a percentage of the property’s purchase price upfront in the form of a deposit.