First Time Buyer Mortgages

As a first time buyer, buying your first property can be one of the most important purchases you will ever make, and also one of the most daunting. For this reason we aim to provide all the first time buyer information you could possibly require to make the right decision in selecting your mortgage.

With so many factors to consider as a first-time buyer,  it can be difficult to know where to begin, so we have dedicated this page to providing all the resources you require to reach a decision about the right mortgage to suit your individual circumstances.

The Mortgage Warehouse specializes in providing first time buyer mortgage advice, and has done so since 2000. We have access to the whole mortgage market, and so can find the best mortgage deal to suit your own personal needs.

As a first time buyer you are not limited to just mortgages designed for  first-time buyers, but will have a choice from all of the mortgages available in the market dependent on your circumstances.

The following information and tools should lead you through the process to make an informed choice.

• The house buying process

• Your step by step guide to the mortgage application process

• How do lenders calculate the maximum amount you can borrow?.(Click for Borrowing Calculator)

  Over the past few years, the property market has been moving very fast however and has led to significant increases in property prices. This has made it very difficult for many people to afford to buy a home. This is a problem particularly faced by first time buyers, as although you may be able to raise a mortgage, this will often fall far short of the cost of the property.

  However, it is still possible for first time buyers to get onto the property ladder through affordable housing schemes such as Shared Ownership, Keyworker or Homebuy. Follow the links for details of these schemes.

  
  

• Your guide to the mortgage interest rates options available to you.

• Things to consider when comparing mortgages such as flexibility, portability, APR, costs and charges

• A summary of the costs involved when purchasing your home and arranging a mortgage

• Your guide to the different mortgage repayment methods available to you

Search for the Best First Time Buyer Mortgages here............

If you have a good idea of the mortgages available to you as a first-time buyer, and the costs involved, you may now be thinking about viewing a property. As a first time buyer it is not always easy to know how to prepare for this, what to look for, what questions to ask and how to ensure you have the full picture, so you may find the following advice useful.

 

Before you go to view a house, try to do as much background research as you can on the property and the area so that you do not waste time seeing something that does not meet your needs as a first time buyer.  

When you are ready to view, if you can, take someone else with you, preferably someone with different tastes who may spot things that you miss. 

Make sure you view the property during the day when you will be able to see better and spot problems. 

If you really like a property try to arrange to view it again at a different time of the day to give you a different perspective.

Remember, its your money you are spending so don't be afraid to ask direct and blunt questions about the property. Take your time, be nosy and don't be pressurised by the estate agent or vendor into making an offer.

Try not to view too many properties in one day.

The Property.

Things to look out for inside the house and questions to ask:

• does the property need updating - if so, how much will this cost
• is the property in a conservation area or a listed building and could this restrict any future alterations
• are the rooms big enough for your needs - furniture etc
• what is included in the sale - land, garage, furniture, fittings, etc
• are the views good enough
• what is the cost of Council Tax and the average costs of other utility? bills such as electricity, gas, water
• why are the sellers moving
• does the house have full central heating? If so, how old is it
• how is the water heated? Combination boiler or tank, etc
• have there been any problems with the boiler; when was it last serviced by a Corgi engineer
• if there is a loft, has this been insulated? If so, how long ago
• does the property have cavity wall insulation
• has the property been altered in any way and if so are the relevant planning and building control consents available to inspect
• is there any sign of subsidence (e.g. major cracks in the walls or the doors sticking)
• is there a smell of damp or any other sign such as the walls feeling damp, the wallpaper peeling/paint bubbling, watermarks or mould
• do the window frames have cracking paint? (If you can press your finger easily into the wood it's rotten)
• has the room recently been decorated, if so, why (a problem might lie underneath)
• how much storage space is there
• are there sufficient power points, how old do they look
• does it feel like it could be your home

The Location

You should also make sure the location meets your requirements so here are a few things to think about:

• nearby main roads, or pubs, clubs or restaurants - they can be handy, but also noisy
• nearby railway lines - or overhead flight paths
• the feel of the community - does it seem friendly
• the aspect of the house - does it get enough light
• is the property well maintained
• the age of the property
• garden size
• the condition of nearby properties
• how good or near is the public transport
• are the local schools good
• are there any known plans for development in the area
• what are the local amenities like, shops, hospitals, leisure facilities, etc.
• what is the crime level like in the area
• what are the neighbours like? Are they noisy
• has there ever been a dispute with the neighbours (or anyone living nearby)