Mortgage Services for First Time Buyers | Get in touch

Mortgage Services for First Time Buyers

We aim to simplify the financial challenges you face, by creating and protecting your wealth for you and your loved ones.

We’re dedicated to helping first-time buyers to buy their own homes in Mold, North Wales, and beyond. We’re not here to sell you a mortgage and leave you to it, we are here to help find you the best mortgage deal and guide you through the whole mortgage process.

Welcome to Heritage Financial Planning, brokers for first-time buyer mortgages

If you have successfully scrimped and saved your way to a deposit, then congratulations, it is no mean feat these days! Your dream of buying your own home is one step closer to reality. You may find yourself wondering, what next?

At Heritage Financial, we have many years of experience working with first-time buyers and are here to answer your questions and find the perfect mortgage deal for you. We will get a thorough understanding of your financial situation to calculate how much you could borrow and ensure your mortgage payments will be manageable.

Not only that, we’re here to hold your hand throughout the entire process and do all the necessary admin, so you can concentrate on the exciting prospect of moving in. Don’t take our word for it; if you are buying your first home and looking for a mortgage adviser, read our fantastic reviews from happy homeowners.

Get in touch today to arrange a free initial consultation.

How much deposit do you need when buying your first home?

When talking about deposits, we refer to the ‘Loan to Value’ (LTV) ratio, which is the amount you borrow divided by the property value.

For example, if you take out a mortgage for £198,000 on a property valued at £220,000, the LTV would be 90%. Generally, mortgage rates get better the lower the LTV is.

It is now possible to obtain a 100% mortgage, meaning that you don’t have to lay down a deposit at all. However, the eligibility criteria can be quite strict, and the interest rates and monthly repayments are a lot higher. Plus, you still have to take into consideration the fees involved in buying your first home, such as Land Transaction Tax (or Stamp Duty Land Tax in England).

There are also 95% mortgage deals available, although more lenders and better rates become available at the 90% LTV rate. The average LTV is around 75%.

Our First-Time Buyers Mortgage Process

Free Initial Consultation

First, we’ll meet for an initial consultation where one of our mortgage brokers will carry out a ‘Fact Find’, which involves asking a series of questions about your personal and financial circumstances, as well as what your mortgage and housing ambitions are.

We will discuss the available mortgage rates, as well as what your monthly payments could be.

Mortgage Agreement in Principle

Once we have all of your information, we recommend that before you start viewing properties, we complete an ‘Agreement in Principle’ on your behalf. This is essentially a ‘soft’ preliminary review of your income, expenditure and credit rating.

Although this is not a mortgage guarantee and should not be relied upon as an offer, it acts as a mortgage calculator in that it gives you an idea of the amount you can borrow and if your application is likely to be successful.

Armed with your Mortgage Agreement in Principle and knowledge of available mortgage rates and how much you could borrow, you can now begin your house hunt.

Accepted Offer

Once you have found a property within your budget and had an offer accepted, the rest is down to one of our mortgage advisers.

Your mortgage adviser will discuss your mortgage options, how much deposit you need to put down and what type of mortgage is most suitable for you.

Mortgage Deal Application

Once we have identified the best mortgage rates available, we will check you meet the lender’s criteria and apply for a mortgage on your behalf.

Your mortgage adviser will submit the application to the lender and will continue to review it. They will also check the property is of adequate security and condition in return for the loan.

Once we apply for a mortgage, it usually takes between 2-4 weeks for lenders to make a decision, although it’s often faster.

How Long Does It Take To Get The Keys?

Once you have had your offer on the property accepted, you will need to appoint a solicitor and/or conveyancer. They will undertake the legal process as well as carry out various checks on the property.

On average, this whole process can take 12 weeks, but it depends on many variables, such as if you are in a chain.

As first-time buyers, if you are involved in a bidding war, you can be viewed as an attractive option, as you do not have a property to sell and are ‘chain-free’.

Why use Heritage Financial Planning to source first-time buyer mortgages?

At Heritage Financial, we are totally independent, meaning that we have access to thousands of deals. We are impartial and unbiased and will make our recommendations solely with your best interests in mind. Not only that, we may be able to save you significantly more money than taking out a mortgage with your usual bank or lender.

With many years of experience, we know which lenders may be a good fit based on your circumstances. This is even more valuable if you have specific requirements, such as a 100% mortgage or if you are a contractor, for example. By working with us, you have the best chance of success and can save valuable time and effort.

Ultimately, we’re here to take the stress and uncertainty out of securing a mortgage, meaning that you are free to enjoy the experience of buying your first home.

Get in touch to book your free initial consultation.

Frequently asked questions about first-time buyer mortgages

What are your fees?

For a standard mortgage application, we typically charge £250. However, if you have a history of bad credit, have a complex income structure or have any other unique set of circumstances, we charge £495 to reflect the additional work.

If we are unable to get you a mortgage, the fees will be refunded to you. Before we invoice you or commence any work, we will always confirm the charges from the outset.

How long does the first-time buyer mortgage process take?

We can usually offer meetings on the day that you first contact us. If you have all of your documents and information, we may even be able to complete an Agreement in Principle that same day.

Once we have made a formal mortgage application, providing you meet the lender’s eligibility criteria, a formal mortgage application will usually take 2-4 weeks.

How long should my first-time buyer mortgage term be?

There is no definitive answer to this. Along with your interest rate, the term of your mortgage can be one of the biggest determinants of your monthly payments.

All being equal, a longer mortgage term should result in lower monthly repayments. However, this will also mean that you pay more interest than a comparable shorter term.

The most common term tends to be 25 years, although it is not unheard of for some mortgage terms to be as long as 35 or 40 years. It is also worth highlighting that even if you take out a longer repayment term initially, when you come to remortgaging, you can adjust the term.

Do I need home insurance?

You may have heard that it is a requirement to take out home insurance to apply for a mortgage. Although this is not a legal requirement, your lender is unlikely to release the funds to purchase the property unless you have this in place before completion.

Are there mortgage schemes to help first-time buyers?

First-time buyers may be eligible for government schemes such as Help to Buy and Shared Ownership. The Mortgage Guarantee Scheme and Right to Buy scheme have now closed. As your broker, we can help you to understand your options.

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We are a family run business of Independent Financial Advisers, that specialises in providing trusted advice from navigating retirement and optimising your income, through to buying your first home. You will always be treated as a person and not a number, with many of our clients having been with us for decades.