How can a first time buyer get a mortgage?

They say buying a house is one of the biggest financial decisions you’ll ever make, and for any first time buyer this is a daunting prospect.

The mortgage market can be a difficult place to navigate and this is especially true when you’re doing it for the first time. First-time buyers have many questions but often struggle to find simple, plain speaking answers. That’s where we come in.

Speaking to a fully qualified mortgage broker will help match you with the right deal and hold your hand through the entire mortgage process.

First time buyer help from Edinburgh Mortgage Advice

How much can a first time buyer borrow?

How much you can borrow depends on a range of factors including how much you earn and how big a deposit you have saved. Banks and building societies will take into account how long a mortgage term you would like and if you have any children or dependants.

Lenders also look at how much you have borrowed elsewhere (such as credit cards) and your regular monthly outgoings.

Speaking to Edinburgh Mortgage Advice will help you understand exactly how much you can borrow, and how much your monthly repayments will be. An initial fact find can take just 15 minutes and will give you a better idea of what to expect.

Can I get a mortgage with my circumstances?

People who have irregular income or whose work is commission based can sometimes struggle to get a mortgage on the high street. But that doesn’t mean there isn’t a mortgage lender who will offer you a loan.

Those who receive bonuses, have stepped income, receive overtime payments or are shift workers can also find themselves at a disadvantage with the big banks. Yet there are lenders out there who will be receptive to your circumstances. Our team will be able to search across the market and find a lender that suits you.

What help can first-time buyers get?

Many a first time buyer will get financial help from their parents when buying their first house. But there are different rules depending on whether you’re receiving this cash as a loan or as a gift, and this could affect the type of mortgage you apply for.

There are also many government schemes which could help you make that first step onto the property ladder. There is no need to struggle on your own. We have dealt with hundreds of people like you and can guide you through the options that are available. We will be there from your first phone call to the day your mortgage completes.

To have a chat with our team and find the best first-time buyer mortgage for you, pick up the phone and call Edinburgh Mortgage Advice on 0131 339 2281 or contact us here

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