First Time Buyer

Mortgages for First Time Buyers

The prospect of buying your first home could be both daunting and confusing. Our aim is to guide you through the process from start to finish so that you understand exactly what the purchase entails and how much it will cost.

The mortgage market changes all the time, not just in terms of mortgage deals and regulation but also in the way lenders assess loan applications.

Free initial consultation

We invite you to a free introductory meeting to discuss your mortgage and protection needs. Designed to give you a feel for Park Hall, we can also assess your financial story.

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Some of the changes have been in the way mortgage lenders assess the suitability of all clients for the different types of loan on offer. They base this decision on a variety of factors, primarily:

1. The property – type, condition, access, and location
2. Employment status – amount and frequency of income (and time in your current role)
3. Financial commitments – current and future (and your history of managing credit).

There is now more focus on affordability and expenditure. This is very different to the traditional approach of simply multiplying your annual personal (or rental) income by a pre-set multiple to obtain a maximum lending amount.

We pride ourselves on being up to date with regulation, legislation, and the economic market.

We understand your needs, match that to the requirements of lenders, and protect you and your dependants once you have bought your property.

This way, we help you save time and money in the new world of mortgage advice.

We understand how buying a property can take some navigating. We help you through the process and will remind you in advance of any relevant upcoming mortgage deal renewal dates thereafter.

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Getting on the ladder

A significant advantage to being a first-time buyer is that there is no chain, making a first-time buyer more appealing to sellers.

As we have access to many lenders, we are well placed to assist you, normally you will be required to provide a minimum of 5% as a deposit, although some lenders might require more. There is the possibility of securing a 100% mortgage (no deposit) however, these products can come with conditions attached e.g. requiring a guarantor. It is not uncommon for some of these 100% mortgage packages to come on the market and then be withdrawn depending on market forces. 

In order to find out what is available for you please speak to our advisors. You may also be able to benefit from a range of government schemes available to make buying your first home more affordable. 

Government Help

Via the Affordable home ownership schemes you may be able to get financial help from the government to buy a home. Speak to one of our advisors to see what the best option for you is.