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Your first home? We can help you
We deal with a lot of first time buyers because they need more help and support and since money is normally tight getting the most cost effective deal is very important. Our simple and clear advice combined with our market leading technology means that we can explain the whole process of buying and keep them fully posted on the progress of their purchase and their mortgage.
If you’re a first time buyer you will probably have two main areas of concern – how much can you borrow and whether you need a deposit. The market has changed a lot since your parents bought and you may be pleasantly surprised at how much you can borrow. Increasingly lenders look at how much an individual can afford to borrow taking into account their individual circumstances. We have seen lenders advance borrowers up to over 5 times their annual salary whilst ensuring the monthly costs fit into the customer’s personal budget.
No deposit?
Of course it always helps to have a deposit as the best mortgage deals are not available on 100% mortgages. However more and more lenders are offering 100% mortgages at competitive rates – some even let you borrow slightly more to help with all the transaction costs like stamp duty. That’s because if there are no first time buyers the whole housing market tends to slow down. So you may be able to get your first home without saving for years for a deposit.
The market is constantly finding new ways to help first time buyers. There are specialist schemes for graduates and young professional; it may also be possible for a third party like your parents to guarantee your mortgage. With so many options to consider you need straight talking advice from a broker who can access all these schemes – that’s just what ITV Local Mortgages do.
We charge a simple one off fixed fee of just £195 for remortgages, £375 for purchases, £750 for buy to let and £995 for credit impaired-mortgages.
Alternatively, for purchase and remortgage business for your own residence you may pay a fee of 1% of the mortgage (2% for credit impaired mortgages) and any commission received from the lender will be returned to you after completion. The minimum fee is £1,000 (£2,000 for credit impaired mortgages). On a mortgage of £180,000 the fee payable on completion would be £1,800 (£3,600 for credit impaired mortgages).
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.