First Time Buyer Mortgages
Help and support for every stage of buying your first home
Independent mortgage Advice when Buying your first home
First Time Buyer Mortgages from NI Mortgages
Buying your first home can be exciting but it can also be a daunting experience which can throw up many questions so it is very important to get the right advice at the very start. There are many different mortgage options to choose from and some that may have large fees so it is important to get the solution that best meets your needs without needlessly paying more than you have to. Here at NI Mortgages we are your local mortgage experts to help you through the whole process.
To help you to make the right decision we have put together some top tips for you:
How much can I borrow with my mortgage?
It is important not to solely focus on what is the maximum amount a mortgage company will give me but instead it is best to be realistic when working out how much you can spend each month on your new home. A monthly budget planner will help to ensure your mortgage is affordable and this is one of the many things we will help you with here at NI Mortgages.
What deposit will I need to put down on a mortgage?
When choosing a mortgage, the amount of deposit you have in relation to the purchase price of the property will determine what mortgage deals are available to you. This is commonly known as the mortgage ‘Loan to Value’ or LTV for short. For example if you are looking to buy a property valued at £100,000 and have a £5,000 deposit you will be looking to borrow 95% of the property value, therefore your LTV is 95%. Typically the more deposit you have to put down the better the mortgage rates will be.
Will there be extra costs along with the mortgage?
As part of the mortgage process a valuation of the property by an independent surveyor will be required and some mortgage companies insist that you pay for that report. This report may throw up some essential remedial work, and older properties may require more extensive work, such as damp proofing, timber treatment and renewing the wiring. These should be considered alongside the purchase price. There are additional fees to purchase a house such as solicitors conveyancing costs, which is the legal work required to purchase a property and of course there may be a stamp duty land tax (SDLT) chargeable. Here at NI Mortgages, the local mortgage experts, we will help you through the whole process not just arrange a mortgage.
Household Budgets
Entering into property ownership means you will be committing to regular monthly expenditures for the long-term. If you have been used to living at home with your parents, you may not know what the likely costs will be. Here at NI Mortgages will we will help you through a monthly budget planner to give you a better idea of likely expenses to expect such as rates, heating and electricity bills, insurance costs, and other home related costs.
Mortgages
NI Mortgages are proud to offer the best mortgage advice specifically for Northern Ireland customers. Speak to a mortgage advisor who is based in Northern Ireland, not in a UK call centre, who knows the local mortgage market inside and out.
Equity Release Mortgages
If you are 55 or over and you own your own home, you could qualify for an equity release plan and unlock a lump sum from your property to help you enjoy the retirement you want.
Co-Ownership Mortgages
Co-ownership allows candidates to purchase part of the property, usually with a mortgage, with the balance of the purchase money being provided by the Co-ownership scheme. The starting point is normally 50/50 but other percentages are available and you can increase your share in your home as your finances allow.
Contact NI Mortgages for help with First Time Buyer Mortgages
Remember a mortgage is a long term commitment and there are lots of different options available, so it is important that you get the right solution for your individual circumstances. Call our experts or pop into our office today for more information and advice.