First Time BuyerMortgage & Protection Advice
Where do we start?
Finding the right first time buyer mortgage can be overwhelming but the great news is as a first time buyer you may be able to enjoy some great money-saving offers, such as fee free products, money back on completion and occasionally a lender may offer to refund the cost of the Stamp Duty Land Tax.
Top Mortgage Solutions has access to 1000’s of mortgage
products for first time buyers and our specialist mortgage
advisors will help you understand between:
- Fixed interest rates,
- Tracker interest rates,
- Capped interest rates,
- Standard Variable Rates,
- Offset mortgages
and will ensure you understand the repayment methods
such as full capital & interest repayments, interest only and mixture of the two more commonly known as ‘Part & Part’.
How much deposit do I need to purchase my first home?
Although not just restricted to first time buyer mortgages many mortgage lenders offer 95% mortgages meaning only a 5% deposit is required.
I can’t raise a deposit myself but have family willing to help.
Most mortgage lenders will accept deposits deriving from family gifts. However, there may be situations where family would prefer not to gift the monies required for the deposit and would like to ensure that these monies are returned at some point in the future.
At Top Mortgage Solutions we have access to lenders that may give the opportunity for family to deposit the monies with the mortgage lender in a Secured Deposit Account for a period of three years, assuming you – the first time buyer – keep up repayments on your mortgage the lender will repay the deposited amount to the family. Alternatively it may be possible for the mortgage lender to secure the required deposit amount against investments the family member may hold.
Contacting our advisors at Top Mortgage Solutions is advisable to discuss these opportunities further.
Can a family member guarantor my mortgage?
The simple answer is yes.
However, only a small amount mortgage lenders offer Guarantor Mortgages and it may also be possible for the family member to be included on the mortgage application whilst not requiring the family member to be registered on the property deeds avoiding exposure to second property ownership tax liabilities.
We advise taking to our specialist mortgage advisors at Top Mortgage Solutions to discuss these options further.