First Time Buyer Mortgages

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    Hints and Tips for First Time Buyers

    Interested in first time buyer houses for sale? Want to get on the housing ladder? Heard about first time buyer mortgages 5% deposit? Let’s say you have found a first time buyer house for sale that you like. But what next? A good starting point might be creating a first time buyer checklist. Here are some hints and tips to get you started.

    How do I get a Mortgage?

    Once you’ve seen some first time buyer houses for sale that you like, the chances are you will need a loan. UK first time buyer mortgages are the cheapest available loans for home buyers, making home-ownership affordable by spreading repayments over up to 25 years. First time buyers often find that to successfully apply for a mortgage the process is not always black and white. For most people, a mortgage is probably the largest debt they’ve taken in their life.

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      How do I shop around for UK first time buyer mortgages?

      The good news is, when it comes to UK first time buyer mortgages, there are so many options. There are over 1400 products available with over 500 different types of lenders. In some ways, this a good problem to have, because the market is highly competitive. But I’m sure you’ll agree this amount is far too many first time buyer mortgages for someone to go over every single one of them. We always tell our customers if you have a good relationship with your bank, you should always first ask your bank what UK first time buyer mortgages

      they can do for you.


      What are the types of lenders?

      So what’s next on your first time buyer checklist? Speak to a lender? UK first time buyer mortgages are classed as tier one, tier two and tier three lenders. Tier one is your high street banks. Tier two is what they call challenger banks, which you may need to consider if you believe there may be a problem with your individual circumstances. Tier three is for people who have had bad credit or bankruptcies in the past. As an independent mortgage advisor, when you come to Masutes Group, we will review the whole of the mortgage market for you.


      How much mortgage can I apply for?

      Remember, when you apply for a mortgage, the usual rule is you can apply for up to three to five times your gross income. Your gross income is your income before taxes are deducted. Depending on how much deposit you’re able to put in, your bank will tell you that you can only afford X amount of mortgage. So even if you’ve seen first time buyer mortgages 5% deposit, your bank may require a large deposit than this. But when you look at the whole of the market, because of the vast range of products and services from the many lenders, we at Masutes Group can find the right option for you based on your individual circumstances.

      What is the right mortgage for me, as a UK first time buyer?

      You’ve probably been thinking about buying your home for a while and speaking with your friends and family. You have probably also been looking at mortgage options. Often we get asked when people first come to us is, “can I get that 5% deposit mortgage”, or “I heard that there is a Help to Buy or Right to Buy.” We have two pieces which may help you get a mortgage.


      Keep a good credit score

      The first piece of advice is to have and maintain a good credit score. When we are young, especially in our early 20s, we might have a mobile contract, something very basic. What might happen is if you go over the call time or data limit or you are not happy with the provider, you may make a complaint and they stop paying. But, because you have a contractual agreement with your phone provider, every one of those missed payment goes into your credit file. Even if you accidentally missed one single payment which you have paid the very next day, this stays on your credit file for at least 36 months. And your high street banks like your credit clean.


      Maximise your deposit

      The secondly piece of advice is to save what you can to build up a deposit, preferably up to six months before you need to go for you own home or seeking a first time buyer renovation mortgage. Put these funds away in a separate account if you can.


      Benefits of an independent mortgage advisor

      The most important thing you can do right now is to speak with an independent mortgage advisor. There are many benefits to speak with the independent mortgage advisor, as they can look at the whole mortgage market and provide you with clear, unbiased, guidance. At Masutes Group, when you come to us, we do all the work for you. And if you come to us at an early stage, we can run through a fact find with you to see if there’s any unwanted surprises – you won’t want these if you have a deadline with less than two months to go before you get your keys for your dream home.

      So for straightforward, independent advice, contact Masutes Group on 0333 335 5658, email We look forward to assisting you!

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