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.
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:
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.
There are actually some advantages to being a first time buyer. Interest rates are currently very low, and first time buyers are more appealing to sellers because they are not in a chain.
As we have access to many lenders we are well placed to assist you, however these days it is a necessity to provide a substantial deposit in order to get a mortgage (although there are a number of 95 per cent mortgage deals around), and you may be eligible for further assistance from the government.
This is only available to buy a new build home. The most you can borrow is £600,000.
This is how it works. The government lends you up to 20% (40% within Greater London) of the cost of a new home, you add a 5% deposit, and borrow the other 75% from a lender. So for example, a £200,000 home will break down as:
The attraction of this scheme is that the government loan is interest-free for the first five years.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Haworths Financial Services Limited
Suite 7
The Globe Centre
St James Square
Accrington
Lancashire
BB5 0RE
T: 01254 945945
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Haworths Financial Services is an Appointed Representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority. FCA No: 494163.
Haworths Financial Services Ltd. Registered office: Suite 7, The Globe Centre, St James Square, Accrington, Lancashire, BB5 0RE. Registered in England and Wales, company number 5062508.
Tel: 01254 945945 Email: enquiries@haworthsfs.co.uk
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
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