Who is classed as a First time buyer?

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A first time buyer is someone who is buying their first property which is to be used as their primary residence. Purchasing your first property can be a daunting prospect, there’s a wealth of information on the internet and every estate agent you call with a property to view tells you need to be qualified by their mortgage adviser – whilst this can be a helpful exercise on gathering information and knowledge it can get tedious if you don’t find your perfect property straight away.

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It’s wise to be prepared however by making sure you have run through what costs will be applicable and when they are due during the home buying process. It’s also essential to ensure you are in the best possible position to secure a competitive offer on your new home. Making an offer on the house you wish to purchase can also seem complicated and nerve wracking, we can assist you by gathering in depth market knowledge about the property and potentially the sellers position and their eagerness to sell, plus we can make the offer for you if you prefer!

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You may have seen or heard the term ‘Agreement in Principle’ (AIP), although an agreement in principle is not a requirement to view properties, it can be beneficial to have one in place if you plan to make an offer. An AIP can reassure the seller that you’re serious, and that, in theory you are pre-approved for the mortgage amount you are requesting. However you will still be subject to the lenders full application process and checks when you have your offer accepted. Most lenders require between a 10% – 20% deposit for First time buyers however there are some 5% government schemes that can help if you need them.

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How much you can borrow will not be affected just because you are a first time buyer but could be influenced by your credit score or personal circumstances, Zehra will tailor your appointment to your needs and ensure you have all of the relevant information to make
informed decisions when you are ready to proceed.

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*Your home may be repossessed if you do not keep up repayments on your mortgage.