Buying your first home is a monumental milestone in your life, and it’s a journey filled with excitement, anticipation, and a touch of anxiety. As a first-time buyer, you’re navigating unfamiliar territory, and one critical decision you’ll need to make is selecting a mortgage broker to guide you through the financial aspect of this journey. Allow me to explain why you should choose me as your mortgage broker and how I can make your first home buying experience a smooth and successful one.
Expertise in First-Time Buyers products.
First and foremost, I specialize in working with first-time homebuyers. I understand that this is a unique and sometimes overwhelming process, and I am here to provide you with the knowledge, guidance, and support you need. My expertise in this area ensures that you won’t feel lost or confused along the way.
Personalized Guidance
Every first-time buyer has a unique financial situation, goals, and concerns. I take the time to sit down with you, listen to your needs, and tailor a mortgage solution that aligns with your specific circumstances. Whether you’re concerned about affordability, how much deposit you need, finding first time buyer incentives, I will work with you to create a plan that fits.
Access to entire intermediary marketplace
One of the most significant advantages of working with Look After My Mortgage is that we have the experience and an unrestricted access to the entire intermediary marketplace. We have established relationships with banks & building society’s allowing me to find you the most suitable mortgage product.
Simplified Process
My goal is to empower you with knowledge so that you can make the right decision. Choosing the right mortgage broker can make a world of difference in your first home buying journey. I am committed to being your trusted partner in this process, providing you with the guidance, expertise, and a bespoke solution.
If you’re ready to embark on this exciting journey and want a dedicated mortgage broker by your side, contact us today. Let’s start this adventure together and turn your dream of owning your first home into a reality. Your future as a homeowner begins with the right mortgage, and I’m here to help you find it.
Your home may be repossessed if you do not keep up repayments on your mortgage.
First Steps: How much can you borrow.
Before you start looking for properties, let’s find out how much you can borrow by talking to a real mortgage advisor.
Online affordability calculators can be useful as a starting point to get a rough estimate of how much you could borrow. However, they should not be your sole source of guidance when making one of the most significant financial decisions of your life. To ensure you have the most accurate affordability assessment it is essential to consult with a qualified mortgage professional who understand the pitfalls.
For example, did you know the location of your property, your job, the type of property and the loan to value will affect how much you can borrow – this is just the start.
First Steps – Agreement in principle.
A Decision in Principle (DIP), also known as a Mortgage in Principle (MIP) or Agreement in Principle (AIP), is a preliminary indication from a mortgage lender that they are likely to approve a mortgage application from a borrower, based on a quick assessment of the borrower’s financial situation. It is not a guarantee of a mortgage but rather a conditional statement of intent from the lender.
Once we know your credit status, income, expenditure, deposit, and purchase price we can draft you a personal Agreement in Principle within minutes.
First time buyer schemes
There are several first-time buyer mortgage schemes available in the UK to assist first time buyers in purchasing their first home. Keep in mind that government policies and schemes can change, so it’s essential to check with official sources or consult a mortgage advisor for the most up-to-date information.
Here are some of the main first-time buyer schemes in the UK:
Help to Buy Equity Loan Scheme, Shared Ownership, Help to Buy ISA (Individual Savings Account), Lifetime ISA (LISA), Right to Buy and Right to Acquire, First Home Scheme, Regional Schemes, concessionary purchase, 100% mortgages and low deposit (5%) mortgages.
Thought about shared ownership?
Shared Ownership: Shared Ownership allows first-time buyers to purchase a share (usually 25% to 75%) of a property and pay rent on the remaining share. Over time, buyers can gradually purchase more shares through a process known as “staircasing.” It’s a way to get on the property ladder with a lower deposit.
£5000.00 deposit on a £200,000.00 house!
For example, if you were to buy 50 percent share of a home worth £200,000, this could be a five percent deposit of £5,000 and a mortgage of £95,000 on the remaining 45 percent, you’ll then only pay the landlord an affordable rent on the remaining 50 percent share. The rent that you’ll pay us will also include buildings insurance and management company charges, if applicable.
First Steps – First Job
Getting a mortgage with your first job can be challenging, but not for us at Look after My Mortgage. Our amazing Mortgage Advisors work alongside a range of lenders that will consider numerous factors, such an starting a new job without previous employment history (day one employment) even if your contract has a probationary period. In some cases, we do not even need your latest payslip.
In fact, we do this day in and day out.
Can’t afford a house – Joint Borrower, Sole Proprietor
Joint Borrower, Sole Proprietor” (JBSP) is a term commonly used in the context of mortgage lending. It refers to a specific type of mortgage arrangement in which multiple individuals are jointly responsible for repaying the loan, but only one of them is listed as the sole proprietor or owner of the property.
The purpose of a JBSP mortgage is often to help a borrower who may not qualify for a mortgage on their own due to factors such as insufficient income, poor credit history, or other financial constraints. By adding joint borrowers with stronger financial profiles, such as parents, the primary borrower may have a better chance of being approved for the mortgage.
Reviews
Anesh has been the best broker I have ever had the pleasure of meeting. Anesh is timely, efficient, polite and respectful, a professional indeed! I will be coming back to Anesh to resolve all my property related purchases and hopefully this will be a long term business relationship! Couldn’t recommend Anesh enough!
I had 3 days before my mortgage rolled onto the variable standard rates. I called Anesh to help me out. Anesh made time for me out of working hours and helped me secure my mortgage renewal by going through the application and secured a good rate for me. I couldn’t vouch enough for Anesh. A good family man who cares about his client base as well and everything is very honest and upfront.
As things do in life I found Anesh through word of mouth from other happy clients who also happen to know me , Anesh made me feel safe and confident in the whole process right off the back , he took time to explain the process and ease my concerns , he took all the hassle out of the paper work to the point of it being stress free , even after the offer of Morgage he has remained invested in the process and is often at the end of the phone when I need advise or guidance in other steps of the process, Anesh thank you for the amazing work you do
I honestly cannot recommend Anesh enough, he works endlessly around the clock to make sure your every need is met. So quick and good at what he does. Never pushey, always gives you plenty of options and as much information as possible. Not only for your mortgage but for all your financial needs. So positive and has a smile on his face every time. I’m pleased he isn’t just a one off service, he’s an ongoing helper and builds a great relationship!
Anesh has been a great mortgage advisor to us! Nothing seemed too much trouble at all for him. He gave his honest opinion on things and have helped me and my partner become first time buyers. Muchly appreciated all his help. Great communication and service.
FAQs
What are the eligibility requirements for a first-time home buyer mortgage in Lincoln?
A first-time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.
To be eligible for a first-time home buyer mortgage in Lincoln, you must be a first-time home buyer and meet the above definition, have a stable income and good credit, and be able to demonstrate that you have the financial means to make a down payment and pay for closing costs.
What are the benefits of using a mortgage broker?
The benefits of using a mortgage broker are that we know this industry and the pitfalls. It’s taken us years to obtain this experience.
One of the biggest issues borrowers face is that UK lenders have strict criteria for mortgage approvals. They assess applicants based on factors such as credit history, income, employment stability, and affordability to name a few. Meeting these criteria can be difficult and it is important not to submit too many applications, not only time consuming, but you might also lose the property you are buying, and it could stop you getting a mortgage if you do too many credit checks.
By using a broker, we can take the pain, stress, and anxiety by doing the right research, getting to know you and submit an accurate application to the most suitable lender to get an approved mortgage offer quickly.
Do lenders have the same policy and criteria?
No, not all UK mortgage lenders have the same criteria for approving mortgage applications. Each mortgage lender sets its own criteria and policies, which can vary significantly from one lender to another. These criteria typically depend on factors such as the lender’s risk tolerance, target market, and business strategy. Here are some of the key factors that can differ between lenders:
Credit Score Requirements: Different lenders may have varying minimum credit score requirements.
Income and Employment: Lenders may have different income and employment criteria. Some may require a certain level of income or employment stability, while others may be more flexible.
Loan-to-Value (LTV) Ratio: Lenders may have different maximum LTV ratios, which determine how much you can borrow relative to the appraised value of the property. Some may allow higher LTV ratios, while others may require a larger down payment.
Debt-to-Income (DTI) Ratio: DTI ratios indicate how much of your income goes toward debt payments. Lenders may have different maximum DTI ratios that they are willing to accept.
Property Type: Some lenders may specialize in certain types of properties, such as buy-to-let mortgages or self-build mortgages. They may have specific criteria for these types of loans.
Interest Rates and Fees: Interest rates and fees can vary between lenders, and they may offer different types of mortgage products (e.g., fixed-rate, variable-rate) with varying terms.
Credit History: Lenders may have different policies regarding credit history, including how they view late payments, defaults, or bankruptcy.
Affordability Assessments: Lenders have their own methods for assessing your ability to repay the mortgage, and this can affect the amount they are willing to lend.
Additional Eligibility Requirements: Some lenders may have additional eligibility criteria, such as requiring borrowers to be UK residents, have a certain level of savings, or meet other specific conditions.
It is important you use an experienced mortgage broker, and you give them accurate information so they can find the most suitable mortgage solution that best suits your financial situation and goals. Working with a mortgage broker can also help you navigate the various criteria and find the right lender for your needs. Keep in mind that the mortgage market and lender criteria can change every day.
At Look After My Mortgage, we know the industry and have the tools and the knowhow to find a solution quickly.
What mortgage products do you offer?
At Look After My Mortgage, we are whole of market, so we can offer mortgage advice on: –
Fixed-Rate Mortgage: With a fixed-rate mortgage, the interest rate remains constant for a predetermined period, typically 2, 3, 5, or 10 years. This provides stability in monthly repayments, making it easier to budget.
Variable-Rate Mortgage: Also known as a tracker mortgage, the interest rate on this type of mortgage is linked to the Bank of England’s base rate or another benchmark rate. As the benchmark rate changes, your mortgage rate and monthly payments will fluctuate accordingly.
Standard Variable Rate (SVR) Mortgage: SVR mortgages are the lender’s default rates and are usually higher than fixed or tracker rates. Borrowers are placed on the SVR when their initial fixed or tracker rate period ends. While rates can change at the lender’s discretion, they can be more flexible than fixed-rate terms.
Discounted Rate Mortgage: These mortgages offer a discount on the lender’s SVR for a specified period. For example, you might receive a 2% discount on the SVR for the first two years of the mortgage.
Capped Rate Mortgage: Capped rate mortgages have an interest rate that can fluctuate but is capped at a maximum level. This provides some protection against rising interest rates while allowing for potential rate decreases.
Offset Mortgage: An offset mortgage links your savings and current account balances to your mortgage. The amount of interest you pay is calculated based on the mortgage balance minus your savings. This can help reduce the amount of interest paid and shorten the mortgage term.
Interest-Only Mortgage: With an interest-only mortgage, you only pay the interest on the loan each month. The principal balance remains unchanged. These mortgages are often used in conjunction with an investment plan to repay the principal at the end of the term.
Buy-to-Let Mortgage: Designed for those who want to purchase property for rental purposes, buy-to-let mortgages have specific criteria and typically require a larger deposit than standard mortgages.
Help to Buy Mortgage: These government-backed schemes aim to assist first-time buyers by offering low-deposit mortgage options. The Help to Buy Equity Loan and Help to Buy ISA are two common programs.
Self-Build Mortgage: These mortgages are for individuals looking to build their own homes. Funds are released in stages as the construction progresses.
Adverse Credit Mortgage: These mortgages are for individuals with a less-than-perfect credit history. They often come with higher interest rates due to the increased risk to lenders.
Flexible Mortgage: Flexible mortgages offer features like overpayments, underpayments, and payment holidays, allowing borrowers to adapt their repayments to their financial situation.
It’s important to note that mortgage availability and terms can change over time and may vary between lenders. Additionally, eligibility for these mortgage products depends on factors such as your credit score, income, and the amount of deposit you can provide. It’s advisable to consult with our mortgage advisor / broker to find the most suitable mortgage product for your specific circumstances.
