First Time Buyers

HOW DO WE HELP FIRST TIME BUYERS?

A First Time Buyer is someone buying their very first home which is likely to be the biggest financial commitment they will ever make. Therefore, we feel it is crucial to get expert mortgage advice as early as possible.

Buying your first home can be a daunting experience. However, at Mortgage Maze we will hold your hand through the whole process. We will find you the right mortgage product to suit your circumstances and will deal with everyone involved so that you don't have to. We will liaise with estate agents, lenders and solicitors to make the journey as stress free as possible.

Above all we’ll be there to support you from start to finish - guiding you through the Mortgage Maze.

Normal Purchase

Mortgages are available for up to 95% of the purchase price of the property. The remaining 5% is provided by you from savings or family help. There are also other types of mortgage products for First Time Buyers with parental/family support available.

Other help for First Time Buyers is available including

Repayment terms up to 40 years
Low fee options
Cashbacks
Reduced Stamp Duty

HELP TO BUY

The Help to Buy scheme is a Government backed equity loan, which helps towards the cost of your property, and is available on new build homes.

Your deposit, minimum 5%, plus the equity loan, reduces the amount of mortgage borrowing you need to purchase the property.

More information on how it works in your area, eligibility, and how to apply can be found on your Regional Government (England, Scotland, Wales) Help to Buy website.

SHARED OWNERSHIP

This is where you purchase a share/percentage of a property.

Mortgages are available for up to 95% of the purchase price of the share/percentage. The remaining 5% is provided by you from savings or family help.

The share/percentage you are not purchasing is owned by a 3rd party and you will have to pay a monthly rent for this in addition to your mortgage.

There are often options to increase your share of ownership over time.

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 secutred on it. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Mortgage Maze is a trading style of Charles Frank Finance Ltd. Charles Frank Finance Ltd is authorised and regulated by the Financial Conduct Authority. See https://register.fca.org.uk - FCA number 624668. Our Data Protection Registration is Z2962200.

There may be occasions when the firm charges a fee. This is dependant upon your circumstances, but it will normally be no more than 1% payable on completion.