First Time Buyers
Buying your first home…
EXCITING!
Buying your first home is an exciting AND stressful experience, but we can help!
Buying your first home is an exciting AND stressful experience, but we can help!
The First Steps...
Buying your first home can be scary but with Fish4Mortgage, home ownership can be fun.
We'll provide you with a 5-STAR TLC service, guiding you through the process until you get your house keys!
Book Appointment
Book Online or In person Meeting
The first step is to book an appointment with one of our friendly advisors, who will gather information such as your employment income and credit file
Finding your mortgage
Meet your friendly advisor
Once your adviser has assessed your affordability, they can start to find you the best deal and agree a deal in principle (DiP) with a lender. Whilst this does not commit you to the lender, it means you can show estate agents that you have been approved for a mortgage required to purchase a property.
Stress free mortgage
Receive a TLC Service
Mortgage rules mean that a lender is required to assess your affordability so should interest rates rise, the mortgage is still affordable.
One way to increase the amount of mortgage funds available is to lengthen the mortgage term, which will reduce the monthly payments and increase the amount of mortgage on offer. Don’t worry your advisor will explain
Costs Involved
Not only must you consider the cost of the house deposit, you must also take into account other costs.
Not only must you consider the cost of the house deposit, you must also take into account other costs.
Look below for a breakdown of the costs involved!
Deposit
Your deposit budget would be a minimum 5% of the property value.
Lenders Valuation
You should budget £300-500 for typical valuation fees.
Home Buyer Survey
You should budget for £250-1000
Solicitor's Fees
You should budget for £900-1300
Mortgage Fees
You should budget for £0-995
Stamp Duty
Budget for £0 (Up to £300,000) - 5% property value (After £300,000).
Home Insurance
You should budget for between £30-60 per month.
For leasehold's
You should budget for around £300
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Gifted Deposits for First-Time Buyers
If you're a first-time buyer considering funding your deposit this way then take advice.
Not all lenders offer this option, and many will only accept the gifted deposit from a close family member.
Government Schemes
There are a range of government schemes available to help people purchase houses.
Help to Buy: Equity Loan
As a first-time buyer, you can get an equity loan towards the cost of buying a new-build home.
Click + to see if you're eligible!
How it works!
You'll need to:
- Pay a minimum deposit of 5% of the property purchase price.
- Arrange a repayment mortgage of at least 25% of the property purchase price.
- You can then borrow an equity loan to cover from 5% and up to 20% of the property purchase price of your newly built home.
- If the property is in London, you can borrow up to 40%.
- The equity loan percentage you borrow is used to calculate your interest and equity loan repayments.
Interest Payments
This will be applied to the equity loan amount you originally borrowed (the equity loan percentage of the property purchase price).
This annual interest is spread over the year in monthly payments.
The interest rate increases every year in April, by adding the Consumer Price Index (CPI) plus 2%.
Your interest payments will decrease if you make a part repayment of the equity loan. This is because the amount the interest rate is applied to will reduce.
Fees
You'll need to pay a monthly management fee of £1 when you take out the equity loan until you pay it off.
If you change your equity loan, including if you re-mortgage or make an equity loan repayment, you'll need to pay administration fees.
Paying back the equity loan
You can pay back part or all of your equity loan at any time.
