1st Time Buyer Mortgages
Buying your first home is a huge milestone and a big decision that shouldn’t be taken lightly. You have probably spent the last few years saving up for a down payment, so you can finally get your foot on that property ladder. This is just the beginning of your journey towards homeownership.
Book a free consultation
Ready to take the next step and start discussing your mortgage? We can help answer any questions you may have and help you understand your options. Our team of experts are waiting for your call, so we can help you find the right lending option that fits your needs and lifestyle. Please feel free to give us a call at 0141 447 0290 and book your consultation today.
First Time Buyer Mortgages
At Kyle Financial, we understand all the struggles and issues that can arise for first-time buyers looking to secure their first mortgage. We can help to advise and guide you through the complex process to make sure you have the information you need to find the loan that works for you and your unique situation. We’ll go through the process step by step to assist you with everything — from how to save for a deposit to clarifying your options and interest rates — right up until you get the keys to your new house.
Your First Steps
If you’re very new to this whole endeavour, it can seem overwhelming. We’ll help break it down for you and explain all the jargon.
Understanding your mortgage options is critical in finding the right option for you. Whether you have enough for a deposit or are having trouble saving, there are several steps you can take. The first is to figure out how much you can borrow from a lender. The more money you have saved for your deposit, the less you will need to borrow from a lender, and the more competitive mortgage rates you’ll be able to have access to. The goal is to save as much as you can for your deposit so that, in the long run, your loan costs less.
It’s important to note that there are also other fees involved with your property purchase that you should account for. Other costs like stamp duty, mortgage arrangement fees, solicitor’s fees, property searching, surveys, home insurance, and when the time comes, the cost to furnish your home should all be considered separately from your deposit.
How Much Can You Borrow?
In addition to how much you have saved for your deposit, there are other factors that will be considered to help decide how much you are eligible to borrow. Your affordability will be assessed by taking a look at your income, including your annual salary or any other income you receive, and your expenses, including credit card debt, your monthly bills, childcare costs, and any other general expenses. Your credit history will also be checked to make sure you’re reliable and will be able to pay your monthly mortgage payments. All of this will help us determine how much we can lend you.
When Should You Apply For A Mortgage?
Some first-time buyers may start looking at properties before getting a mortgage agreement, but this process should really be the other way around. Before you start looking at homes, you should get a mortgage agreement in principle. Doing it beforehand will help give you an idea of what you can borrow, which in turn will tell you what your budget is. It will also show realtors that you’re serious about buying a home, which can help when you’ve found the perfect property and need to move quickly to close it. Remember, you should always ensure you can meet your monthly mortgage payments before putting in an offer for your new home. Failing to repay your mortgage may result in the foreclosure of your home.
Your Next Steps
If you’re ready to proceed with your first-time buyer mortgage, please do not hesitate to call us and schedule your consultation. Our expert team are ready and waiting for your call, so we can help you on your exciting journey to owning your first home.
Over 20 Years Of Experience
With so many different types of mortgages and protection options available it can be a daunting task trying to choose the right one.
Let our experienced team help find the right solution for your needs. For more information click below to book your free consultation.
Our Specialist Areas
Buy To Let Mortgages
When it comes to buy to let mortgages we understand all the hurdles and issues and can help guide you through the entire mortgage process, making your funding one less thing for you to worry about.
Contractor Mortgages
Gaining mortgage approval as a contractor doesn't have to be difficult. Our experienced advisors understand the unique aspects of contractor mortgages and are on hand to help.
1st Time Buyer Mortgages
Buying your first home can be a daunting task so let our team of experienced advisors guide you every step of the way.
Protection
When it comes to going up against life’s uncertainties, you cannot put a price on the protection for you and your family.
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0141 447 0290
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