First-Time Buyer Mortgages: Everything You Need To Know

Buying your first property is an exciting prospect, yet it can be overwhelming knowing where to start.

Fox Davidson take pride in helping first-time buyers to get on the property ladder.

Our job is to help you understand the process and to secure the most cost-effective mortgage for your situation.

Our team will guide you through the house buying process and explain property finance to you without using jargon and will be with you from initial enquiry until the day you own your first home!

The team at Fox Davidson appreciate that getting onto the property ladder can be a daunting prospect.

Purchasing a property is one of the biggest steps you can make in your life and for most of us buying a property will be the most expensive purchase of our lives.

As this is your first-ever property purchase it is important to us that you understand every aspect of the property buying process before you make your decision to proceed.

There is a lot to consider when buying a property including; the mortgage terminology, how much you can borrow, what it will cost to repay, the setup fees including stamp duty and survey fees, the types of survey and getting the right mortgage protection insurance.

These considerations and more are fully explained in our conversations with you from the outset.

Our mortgage advisers will work tirelessly on your behalf to ensure that we secure the most cost-effective finance for your situation to enable you to purchase your first property.

We work with over 100 lenders and thousands of mortgage products.

Using a mortgage broker will ensure that you get the best mortgage deal for your situation, but you will also have the backing of a well-regarded property finance company (that’s us) fighting your corner to ensure the loan is agreed and processed efficiently.

We will handle the whole application process from application right through to completion (the day you get your keys!).

Talk to us about first-time buyer schemes such as Help to Buy mortgages and 95% loan to value mortgages.

We can secure benefits for you including cashback & a free property valuation.

We can recommend solicitors, surveyors, and other professionals that we trust and that will help you with your first home purchase.

We are flexible in how we work and can work with you via email, phone and post or we can meet face to face at our Bath, Bristol, Exeter & London offices.

We will adapt how we work to suit your needs and your busy lifestyle.

The best lenders for first-time buyers are typically one of the high street banks or building societies.

However, there are many brokers only lenders that offer competitive rates to first-time buyers.

It is important to look at the rate, fees and the lender’s criteria when choosing the best mortgage lender.

You should ask your mortgage broker about how they get paid, do they charge a fee and do they get commission from the mortgage lender?

How do they work, in person or by phone or email?

What lenders do they have access to?

What is their availability to work with you to secure a mortgage?

Stamp duty is not always payable for first-time buyers.

Stamp duty holidays for first-time buyers have been introduced at various times over the years.

You should check with your solicitor to see what stamp duty is payable on your purchase, if any.

They do.

Some mortgage lenders will specifically reduce their fees for first-time buyers. It is now commonplace for lenders to offer a free basic property valuation as well as cashback on completion of the loan.

Yes.

In our opinion, it is much easier and for several reasons; you will not have to spend hours on a phone to a bank waiting to speak to someone and then going through a laborious sales process.

You get access to more products as most mortgage brokers have access to hundreds of lenders.

You benefit from someone working on your mortgage application whilst you go about your daily work.

A mortgage broker should save you time and money on your mortgage.