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First-Time Buyer Mortgage Advice in Alfreton

Are you a first-time buyer in Alfreton looking for mortgage advice? Well, you’ve come to the right place. At Peak Mortgages & Protection, we understand how daunting it can be to face the property market on your own, especially if this is your first time purchasing a property. Luckily, we have a brilliant team of expert independent mortgage advisers, dedicated to sharing their skills and knowledge of the housing market. 

Mortgage Advice

It’s not easy being a first-time buyer in Alfreton, especially in the current financial climate. However, if you are ready to take that step, allow us to guide you through the process with expert first-time buyer mortgage advice. 

  1. Get your deposit ready

Having a decent deposit can greatly improve your first-time buyer experience. Not only will it give you more options when it comes to mortgage deals, but you’ll also have less to pay back in the long run. At the moment, some lenders do offer 95% mortgages but you’re more likely to secure a 90% or even 85% mortgage, so do keep this in mind when saving for your deposit. 

It’s also worth noting that if you’re planning to purchase a new build property, most mortgage lenders won’t offer mortgage deals above 85%, so you will need to save slightly more for your deposit.

  1. Look out for government schemes

There are plenty of government schemes out there that are designed to help property owners secure their first home. The First Homes scheme sells new build homes at a discount to eligible first-time buyers, with a discount of up to 50% for some properties. The Help to Buy scheme provides potential new build property owners by loaning them 20% of the purchase price. The Mortgage Guarantee scheme aims to increase the number of available mortgages for those with a 5% deposit. So, keep an eye out for these schemes when planning your first property purchase. 

  1. Boost your credit score

A good credit score can really increase your chances of securing a mortgage, especially as a first-time buyer. If you have no financial history of paying off a mortgage, lenders will look at your credit history instead, which includes expenses, loans, income and any debt. The higher the credit score, the more likely you are to be accepted when applying for a mortgage and more mortgage deals will be available to you. 

  1. Invest in a mortgage broker

Tackling the property market on your own can be exhausting, so why not invest in a mortgage broker. They will scour the housing market, searching for the best deal for your financial situation. They will also support you throughout the process, informing you what paperwork you’ll need to sign and securing you the perfect mortgage deal. If you’re a first-time buyer looking for a mortgage broker in Alfreton, don’t hesitate to get in touch with Peak Mortgages & Protection. 

  1. Budget in the extra costs

The cost of the house itself is not the only thing you need to consider as a first-time buyer. You’ll also need to budget for:

  • Mortgage Broker Costs
  • Solicitor Fees
  • Property Surveys
  • Removals Costs
  • Conveyancing Fees
  • Mortgage Fees

If you are purchasing a new build property, you may also want to invest in a snagging report, which can cost up to £1000 depending on the size of the property. 

As a first-time buyer, you shouldn’t have to go it alone. Get in touch with Peak Mortgages & Protection if you are looking for first-time buyer mortgage advice in Alfreton, we’re more than happy to help you through the process.