First Time Buyer Mortgage

Buying your first home is a major move in every sense of the word. As one of the biggest financial commitments you’re likely to make, finding and securing the right mortgage is vital. But as a first time homebuyer the process can seem complicated and time-consuming. That’s where we can help.

At Vincent Burch Mortgage Services we can compare first time buyer mortgages from across the whole market. The true cost of a mortgage is made up of the rate you’ll pay and the fees you’ll be charged so it’s important to consider this before making your choice. As an independent mortgage broker we’ll find the best first time home buyer mortgage rate for you, taking into account all the associated lender costs.


Stepping onto the Property Ladder

The steady rise in house prices can make it difficult for many first time buyers to get a foot on the property ladder. However, there are ways to help you make the first move without the need for large deposits:

  • Help to Buy equity loan scheme – first time buyers can purchase a new-build home with just a 5% deposit and the Government will lend up to 20% of the cost of the property (up to 40% in London)
  • First Homes – a new government scheme being rolled out across the country to enable first time buyers to purchase a home at a discount of between 30-50%
  • 95% Loan to Value first time buyer mortgage – this is a low deposit mortgage for first time buyers where you borrow up to 95% of the purchase price and pay just a 5% deposit

Our team of advisers will talk you through these options in detail to establish the right approach for your personal circumstances. The type of mortgage you choose will also be influenced by how you’d like to repay your loan:

Fixed-Rate Mortgages

Where monthly mortgage repayments are charged at a fixed interest rate for an agreed term, usually two, three or five years. At the end of the term the rate switches to your lender’s Standard Variable Rate (SVR) which can be much higher, so it pays to start looking for a new deal, known as a remortgage, well before your current deal ends.

Tracker Mortgages

These track changes in the Bank of England or the lender’s own base rate. The amount of interest you pay each month could go up or down so it’s important to know that you can afford your repayments if interest rates rise.

Discounted Variable-Rate Mortgages

Where the interest rate is fixed at a set percentage below your lenders SVR. This means the monthly amount you pay could change, reflecting the fluctuations in SVR.

Offset Mortgage

Where you have a linked savings account to offset against your mortgage debt. This effectively reduces your debt balance, which in turn reduces the amount of interest you pay.

Secure the Best Mortgage Deal for your Dream First Home

Your dream first home means nothing if you don’t have the right mortgage deal in place. Our friendly, expert team can help to guide you through the process and find the right mortgage for your specific needs. You’ll benefit from a choice of specialist and high street lenders offering the best mortgage deals for first time buyers. And what’s more, our independent, personal service is free of fees.

Take a step closer to home ownership today. For first time buyer mortgage advice and a competitive quote, call 01603 340644 or email [email protected]

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