First Time Buyers: Help from Shire Direct for First Time Buyer Mortgages!
First time buyers looking for their first home are often faced with both an exciting but potentially stressful time ahead!
Here at Shire Direct Mortgages, we recognise that First Time Buyers have a lot to contend with, so you'll be pleased to know we provide a comprehensive and detailed service to help guide you through the complicated process of buying a home and arranging a mortgage for the first time! Before we forget, you might be interested to know that we charge no upfront broker fees! So, why not put the kettle on and read how we can assist the First Time Buyer - even in the trickiest of circumstances!
Options for buying your first home
Mortgage Schemes to suit your needs!
We can help guide First Time Buyers through the home buying process!
First time buyers looking to buy their first property have a lot of things to deal with! On one hand there is the fun stuff, like choosing new furniture and deciding upon the decor etc., but on the other hand there are the more serious decisions to be made such as choosing the right area and the right property at the right price! And probably most importantly of all, choosing the right mortgage!!
And that's where Shire Direct can help! A mortgage will probably be the largest financial transaction most people are ever likely to be involved with, so it's important the right decisions are made when it comes to your mortgage!
We appreciate the difficulties of the First Time Buyer and understand that first time buyers have a lot on their plate! It's a new experience and there are a lot of choices, considerations, and decisions to be made, as well as a lot of information to take in. We can help First Time Buyers make the right decisions by explaining the home buying process in a clear and easy to understand language.
Our service is both detailed and comprehensive providing important protection for borrowers who can be assured of professional standards and expert advice. Additionally, we feel we have an even greater responsibility to the first time buyer. So we take extra care in ensuring first time buyers are provided with the duty of care they deserve by carefully explaining the home buying and mortgage process, and the consequences of failing to make your mortgage repayments i.e. the repossession of your home.
Mortgages for First Time Buyers...
There are many different options for the first time buyer when it comes to getting a mortgage. We realise that many first time buyers don't have the opportunity to save enough money for a mortgage deposit, and so we are able to offer a range of 100% mortgage products that remove the necessity to put a cash deposit down on your first home! Further details of the risks and benefits associated with this type of mortgage product can be found on our 100% mortgage products glossary page.
We are also able to provide mortgages whereby up to 125% of the property value can be borrowed, enabling first time buyers to borrow the full value of their home without the necessity of a deposit, as well as providing an additional 25% (subject to a maximum of £30,000).
Borrowing extra could prove to be potentially very useful for the first time buyer. Funds could be used to carry out any necessary home improvements and/or to consolidate any existing credit commitments.
For more information and details on how this type of scheme works, together with any associated features, benefits and risks, please take a look at our page on 125% Mortgage Schemes.
Options...
You may also wish to consider a Guarantor Mortgage, which enable the first time buyer to appoint a guarantor (typically a parent or guardian) to the mortgage application. The mortgage lender will take into account the guarantors income which can help increase the first time buyers borrowing capacity and chances of getting on the property ladder! It does also however mean that the Guarantor is legally obliged to take responsibility of Mortgage repayments in the event that the first time buyer fails to keep up with their mortgage payments. Why not take a look at our glossary page on Guarantor Mortgages for a more detailed explanation of the features and risks of this type of mortgage product.
Shared Equity mortgages are another option for First Time Buyers. This type of scheme is usually run by Housing Associations and offers the First Time Buyer a lift up on to the property ladder by taking a share in the property. Again for a more detailed look at the associated features and risks to this type of mortgage product why not take a look at our Shared Equity Mortgages page.
Then there are Shared Ownership mortgages. Again, these schemes are mostly operated by Housing Associations, and help First Time Buyers on to the property ladder. They work on a part-buy and part-rent basis, with the ultimate aim of the first-time buyer achieving eventual homeownership. The borrower is typically offered somewhere in the region of a 25% - 50% share in the property, whilst the Housing Association owns the remaining amount of which the borrower pays rent on. As time progresses the borrower can purchase further shares (although usually restricted to 25% blocks) until the borrower owns the property outright. For a more detailed look at Shared Ownership Mortgages and their associated features and risks why not take a look at our Shared Ownership Mortgages glossary page.
Further options for First Time include Group Mortgages, Parental Guarantors, and Graduate or Professional Mortgages, you can read more about this on our Options for First Time buyers page in our Essential First Time Home Buying Guide.
I'm a First Time Buyer with credit problems, will I still be able to get a mortgage?
In our experience lots of people, including first time buyers have encountered credit difficulties of one kind or another at some point, and often through no real fault of their own. Unexpected redundancy, bereavement, accidents, illness or marital breakdowns can potentially have a devastating affect on a persons finances. That's why at Shire Direct we have developed a panel of lenders with a range of mortgage schemes that will consider first time buyers who may have experienced credit problems such as County Court Judgements, Credit Defaults or Arrears.
We always aim to help at Shire Direct, and will consider all circumstances and requirements positively and sympathetically.
So if you are a First Time Buyer and require a Mortgage, don't delay, get in touch today!
We hope we've managed to shed some light on First Time Buyer Mortgages and how we can help First Time Buyers get on to the property ladder - even in the trickiest of circumstances. So, if you are a first time buyer and require a mortgage, why not get in touch! Our professionally qualified Mortgage advisors are available on FREEPHONE 08000 282 281 (lines are open until 10pm - everyday - including the weekends), or alternatively enquire online at any time, it's simple and quick to do, and you are of course under no obligation. We assure you of a warm, friendly and non-judgemental welcome, and will be delighted to help in any way we can.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
