First Time Buyer mortgage advice
Buying a home is a very daunting task. Where do you start? The first time buyer mortgage process can seem very complicated, especially for first time buyers, leaving you feeling frustrated and hopeless.
We are here to help you get a first time buyer mortgage. Not only is our standard residential mortgage advice completely fee free, we have over 500+ Star reviews from our customers as well as picking up 4 awards now for being the Derbyshire Mortgage advisers of the Year.
We are here, 100% to hold your hand through getting a first time buyer mortgage as well as dealing with solicitors and estate agents.
NO FEE MORTGAGE ADVICE YOU CAN TRUST
EXPERTS IN YOUR AREa
So if you live in Belper, Duffield, Little Eaton, Ashbourne, West Hallam, Ilkeston, Heanor, Ripley, Langley Mill, Loscoe, Codnor, Riddings, Leabrooks, Somercotes, Alfreton, Pinxton, South Normanton, Tibshelf, Crich, Matlock, Matlock Bath, Cromford, Wirksworth, Hulland Ward, Ashbourne, Swadlincote, Burton, Lichfield, Buxton, Chapel-en-le-Frith, Chesterfield and Derby you know that you can trust us to look after something that’s life-changing.
What’s included in our services?
Expert Advice
Our team of experienced mortgage advisors specialises in assisting first-time buyers. With authority and a commitment to affordable solutions, we stay up to date with the latest market trends and regulations to provide you with accurate and reliable advice, offering a helping hand every step of the way.
Personalised Approach
We recognise that every individual’s financial situation is unique. Our advisors take the time to understand your specific needs and goals. We’ll provide an idea of how much you might be able to borrow and identify what you’ll need, tailoring our recommendations to find the mortgage solution that best suits you.
Comprehensive Support
From the initial consultation to the final stages of your mortgage application, we provide full support throughout the entire process. We help you take the first step to buy your first home, answering your questions, addressing your concerns, and providing guidance at every appointment.
Why Choose Peak Mortgages for First Time Buyer Advice?
Mortgage Options
We help you explore a range of mortgage options available to first-time buyers. Whether you’re interested in fixed-rate, variable-rate, or government-backed loans like Help to Buy and the First Home Scheme, we’ll explain the pros and cons of each option. Use our mortgage calculator to get an idea of what works best for you, allowing you to make an informed decision.
Affordability Assessment
Determining how much you can afford is crucial. Our team will assess your income, expenses, and credit history to provide an accurate affordability analysis. We’ll help you understand the need for a deposit, how much you could borrow, and the loan to value ratio to find a mortgage that aligns with your financial capabilities.
Pre-Approval Process
Being pre-approved for a mortgage gives you a competitive edge when house hunting. We assist you in preparing the necessary documentation, guiding you through the pre-approval process to determine if you’re eligible. We’ll help you understand how much you might be able to borrow and provide an idea of how much you can afford, increasing your chances of securing your dream home.
First-Time Buyer Incentives
There are various government programs and incentives available exclusively for first-time buyers. We’ll educate you about opportunities like Help to Buy and the First Home Scheme, providing a helping hand to take advantage of these benefits and potentially save you money on deposits, completion costs, or interest rates.
Ongoing Support
Our commitment to you extends beyond securing your mortgage. We’re here to provide long-term support, helping you review your mortgage options as your circumstances change, ensuring you always have the most suitable mortgage solution.
First Time Home Buyer Mortgage Process
At Peak Mortgages and Protection, we take pride in offering a personalised approach to first-time buyer mortgage guidance. Our mission is to ensure that you’re not just securing a mortgage; you’re securing a mortgage that fits your life. We understand that the process of purchasing your first home can be overwhelming, which is why we specialise in presenting an array of mortgage options tailored specifically for first-time buyers. Whether you’re considering fixed-rate, variable-rate, or government-backed loans, we’re here to support you every step of the way.
Eligibility Criteria for First-Time Buyer Mortgages
To be eligible for a first-time buyer mortgage, you must have never owned a home before, or haven’t owned a home in the last three years. We’ll assist you in compiling the requisite documentation, navigating the paperwork, and acquiring an Agreement in Principle, which can substantially enhance your prospects of acquiring your dream home.
How First-Time Buyer Mortgages Differ from Other Types
A first-time buyer mortgage is specifically tailored for individuals purchasing their first home and often comes with specific benefits and incentives to assist in achieving homeownership. We provide personalised, expert guidance that empowers you to make informed decisions and secure the best financing options.
Key Considerations for First-Time Buyers Entering the Housing Market
Entering the housing market as a first-time buyer can be overwhelming. At Peak Mortgages and Protection, we specialise in guiding first-time buyers up the property ladder with an array of government initiatives and incentives, ensuring affordability. Our expert advisors provide jargon-free advice tailored to your concerns, helping you make informed decisions with confidence.
Choose us for expert guidance on first-time buyer mortgages. Contact us today to discuss your mortgage and protection needs or to learn more about our community involvement. We look forward to serving you and helping you achieve your homeownership goals.
Down Payments for First-Time Homebuyers
At Peak Mortgages and Protection, we are committed to providing comprehensive support to first-time buyers, including guidance on down payment requirements and available assistance programs.
Typical Down Payment Requirements
The typical down payment for first-time buyer mortgages is often at least 3% of the property’s purchase price. However, the specific amount can vary based on the lender, the type of mortgage, and the buyer’s financial situation. Our expert advisors will help you understand the down payment requirements associated with various mortgage options, ensuring you have a clear picture of the financial commitment involved in purchasing your first home.
Down Payment Assistance Programs
We understand that saving for a down payment can be a significant challenge for many first-time buyers. That’s why we provide personalised guidance on available down payment assistance programs, including Help to Buy and the First Home Scheme. These programs, offered by government agencies, non-profit organisations, and some employers, provide a helping hand to eligible buyers, covering a portion of their down payment and making homeownership more accessible. Our team will work closely with you to explore and take advantage of any relevant assistance programs, ensuring you have access to all available resources to support your home buying journey.
What our Clients Say
The First Free Consultation for First Time Buyer Mortgage Advice
Simply get in touch with us by phone, messenger or email and we’ll book an initial consultation either in person at the Belper Office or over a video call anywhere in the UK. We are here for you when you need us to make the process as stress-free as possible.
That way we can answer any questions you may have, work out what is possible and talk you through the process. We’ll even send you out with a ‘passport to buy’ so that you can send evidence to any estate agents that you’re a serious buyer. We’ll even go that extra mile to help you with things like putting in an offer and give our advice on who the top solicitors to use are for your conveyancing.
If you are a first time home buyer and want to find out why Peak Mortgages and Protection is a 5 star Reviewed brand who have been finalists or won so many awards, get in touch with our first time buyer mortgage advisors today.
And remember – don’t pay more for less.
P.S. We even provide complimentary beers in the office and office puppies to fuss!”
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Frequently Asked Questions
A first-time buyer mortgage is a type of mortgage specifically tailored for individuals who are purchasing their first home. These mortgages often come with specific benefits and incentives to assist first-time buyers in achieving homeownership.
The amount you can borrow for a mortgage depends on various factors such as your income, credit history, and the property’s value. Lenders also often consider your debt-to-income ratio to determine the loan amount you qualify for.
A fixed-rate mortgage offers a set interest rate for a predetermined period, usually ranging from 2 to 5 years. This means your monthly payments remain the same throughout the fixed-rate period. On the other hand, a variable-rate mortgage has an interest rate that can fluctuate over time based on market conditions.
A mortgage Agreement in Principle is an initial assessment by a lender to determine the amount they are willing to lend you based on your financial situation. An AIP gives you a better understanding of your budget, strengthens your negotiating position when making an offer, and speeds up the mortgage application process once you find a property.
Yes, several government programs and incentives are available to first-time buyers. These programs aim to assist with deposits , offer lower interest rates, or provide other financial benefits. Our mortgage advisors can guide you through the various options and help you determine if you qualify for any of these incentives.
In addition to the deposit , there are other costs to consider, such as solicitor costs , which include fees for valuations , legal services,, and more. It’s important to budget for these expenses when planning to purchase a home but we will discuss these with you.
The mortgage process can vary depending on several factors, including the lender’s efficiency, the complexity of your financial situation, and the property’s valuation process. On average, it takes around 2 weeks to obtain a mortgage offer from initial application , but it can take longer in certain cases.
While having a good credit score is advantageous when applying for a mortgage, there are lenders who offer mortgage options for individuals with lower credit scores. Our advisors can help you explore these options and assist you in improving your creditworthiness if necessary.
Our expert mortgage advisors specialise in assisting first-time buyers like you. We provide personalised advice, guide you through the entire mortgage process, help you explore suitable mortgage options, assist with Agreement in Principles, and offer ongoing support to ensure you make informed decisions and achieve your homeownership goals.