FIRST TIME BUYER MORTGAGES

Unlock your first home dreams with expert guidance. From understanding mortgage basics to navigating the homebuying process, we're here to empower you on your journey to homeownership. Explore the latest mortgage deals and discover invaluable tips in our FAQs.

Your new home is closer than you think.

Call our expert advisers now:

0333 090 3221

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How do first time buyer mortgages work?

  1. Find out how much you can borrow

    To begin your journey toward homeownership, it's essential to find out how much you can borrow. As a general rule, and assuming you have no debts other significant outgoings, you can usually borrow around 4-5.5 time your annual income. Add this to your deposit and you have your approximate purchase price.

    Knowing approximately how much you can borrow helps you set the right expectations when thinking about what kind of budget, property and area you’d like to buy in.

  2. Get an agreement in principle

    Before going on property viewings, you’ll want to get an agreement in principle. This is a document provided by your mortgage expert to state that, based on the income and expenditure you’ve disclosed, a lender is willing to lend you a certain amount of money.

    This shows sellers and estate agents you’re a serious and credible buyer, and most of all it’ll make your offer stand out from those who are yet to get an agreement in principle. The best thing, we can issue you an agreement in principle the very same day and they’re usually valid for between 60-90 days.

  3. Make a formal mortgage application

    When you’ve had an offer accepted on your new home, it’s time to make your full mortgage application. During this process, your mortgage provider will assess your salary and other income, along with your monthly outgoings. They’ll also look at the property’s value, review your documents and work on issuing you a mortgage offer.

What’s a first time buyer?

You are a first time buyer if:

  • You’ve never owned a residential property either in the UK or abroad

  • You may own, or have in the past owned commercial property, but this cannot have had living space attached to it

You’re not a first time buyer if:

  • You’re buying with someone who owns, or has previously owned a home

  • You own or have previously owned another residential property anywhere in the world

  • You inherited a property, even if you never lived in it, and have sold it

Get a great deal on your first home by using a Hiyve first-time buyer mortgage expert. Speak with a mortgage expert.

How can Hiyve help first-time buyers?

Free initial consultation

Independent advice

We'll discuss your options and give you an idea of what mortgages you're likely to qualify for without charging you a penny.

We're independent to our lenders, our advice to you is in your best interests at all times.

Flexible Appointments

Easy Application Process

We make your application as quick and easy as possible. There's no endless form filling and no complex questions.

We're committed to helping you get your mortgage sorted, no matter what day of the week it is.

FAQ’s

  • For most mortgages you’ll need a deposit of at least 5%, some mortgage lenders insist on a minimum of 10%. There are some 0 deposit mortgage available, though these are usually reserved for those currently renting.

  • There isn’t one specific lender that always has the best rates for first time buyers. Different lenders offer all sorts of different mortgage types and interest rates. If you’re not sure what you’re looking for then give our trusty advisers a call on 0333 090 3221.

  • Buying your first home is daunting and challenging as it is, especially if you go it alone. When you use a mortgage broker, we do all of the research and paperwork for you and make sure everything from making an offer to picking up the keys runs as smoothly as possible.

  • Guarantor mortgages are where someone acts as a guarantor for your mortgage payments - Usually a member of your family. They agree to make the mortgage payments if you don’t. Your guarantor will need to be able to afford the mortgage payments on top of any rent or mortgage they have themselves.

  • Conveyancing is the process of transferring ownership of a property from one person to another, or moving the mortgage from one lender to another. It is a legal process that involves a lot of paperwork and can be complicated, however this is all done by your solicitor or conveyancer.

  • Most lenders expect you to have good credit when you come to buy your first property, as you already don’t have a history of making mortgage payments. That doesn’t mean you can’t get a mortgage, you should speak with an adviser first.

Get in touch

hello@hiyve.co.uk

0333 090 3221

We’re available: Monday - Friday 9am - 5pm

Head office: Dallam Court, Dallam Lane, Warrington, WA2 7LT

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