First Time Buyer Mortgages

For those looking to take that first step onto the property ladder the task can be a daunting one. At Emerald Finance we offer a hand held service to walk you through the process to make sure you get the best mortgage deal to meet your circumstances.

There are multiple options for a first time buyer but you will need a deposit of at least 5% of the property value as well as funds to cover legal fees, lender fees and possibly stamp duty. What you can borrow will depend on your income as well as your current debts and credit history.

Feel free to check monthly costs on our 'Mortgage Calculator' or explore the mortgage schemes available on 'Search The Market'.

To ensure that you are in the best position to buy follow our first time buyer tips below:

Save, save, save. The bigger the deposit you have, the better the rate you will get and as such your monthly payments will be lower. Family and parents may also be able to help with both guarantor mortgages or gifted deposits.

Try and pay any credit card or loan debts off beforehand. This will mean that you can borrow more, and when you move in that you will have more money spare to furnish your first home. Debt won't stop you buying a home but will affect how much you can borrow.

Boost your credit profile and do a quick check of your credit score on Experian and Equifax.  Make sure any debts you have are paid on time and for an extra boost make sure you are on the voters roll at your current address.

Work out a budget for what you expect your future bills to be so that you can ensure that you will be able to afford your new home. Don't forget to add in a budget for insurances as well.

Get a non-obligation financial 'heads up' as to where you stand and to find out how much you can borrow. Arrange to see a mortgage broker like Emerald Finance so you can move forward with confidence.

Most estate agents will want to know that you are what they call a 'proceedable buyer' which means that you have a mortgage decision in principle in place. A decision in principle is a virtual offer from a lender and is something one of the independent mortgage brokers at Emerald Finance will be able to arrange for you.