First Time Buyer

First Time Buyer –  purchasing a house can be very exciting but it can also be very daunting and nerve-wracking.  At Iceni Financial Advisers, we understand how stressful it can be. There are many different mortgages available to a First Time Buyer depending on the amount of deposit available to purchase your first property.  The current minimum deposit required is 5% of the property value.  Consequently, the bigger the deposit the better the chances of obtaining a competitive mortgage arrangement. 

Firstly, we will guide you through the entire process.  Basically, we will provide you with mortgage advice, in an easy to understand way, and also take you through the house buying process, whilst finding you the best deal.

As a First Time Buyer, some of the things to consider before purchasing your first property are:

  • How much deposit to put down?

  • How much to borrow?

  • Budgeting for all the other costs involved in purchasing a house such as stamp duty, legal fees, survey fees, land registry fee, and insurance costs.

  • Finding the right mortgage.

  • What you can afford to pay each month.

Being realistic about what you can afford.  Make sure you add up all your monthly outgoings.  Also, take into account how much you’ll need for extras.  As such, work out exactly what you can afford to pay each month.

The Bank of England recently introduced restrictions on mortgage lending.  Basically, loans above 4.5 times a buyer’s income can only make up 15% of a lender’s new lending.  You should therefore expect stricter checks when you apply for a mortgage.

Finally, if you are a First Time Buyer we can make the process as smooth and stress-free as possible.  We are here to help!  Call us today on 01603-957599

Your home may be repossessed if you do not keep up repayments on your mortgage-