60a London Road, Grantham, Lincolnshire, NG31 6HR
60a London Road, Grantham, Lincolnshire, NG31 6HR
Purchasing your first home is an exciting journey, and a first-time buyer mortgage is designed to help you step onto the property ladder with confidence. At SAM Mortgages, we understand that this process can seem overwhelming, which is why we’re here to provide clarity and support.
Backed by years of proven success in the mortgage industry.
Advice tailored to your unique financial situation and goals.
We simplify the process, ensuring you understand every option.
Expert guidance available online, wherever you are in the UK.
A first-time buyer mortgage is a home loan tailored specifically for individuals who are buying their first home. These mortgages often come with features and benefits to assist newcomers in the property market. They typically have lower deposit requirements and competitive interest rates, making homeownership more accessible for those taking their first steps into the real estate world.
One of the most common questions among first-time buyers is about the required deposit. The deposit is a percentage of the property’s value that you need to put down upfront. The amount can vary, but typically ranges from 5% to 20% of the property’s price. At SAM Mortgages, we understand that saving for a deposit can be a challenge. However, there are government schemes and assistance available to help you bridge the gap. Let’s explore some of these options in more detail.
The UK government recognises the importance of supporting first-time buyers in their quest for homeownership. Several schemes have been introduced to make the process more affordable and accessible:
Shared Ownership:This scheme enables you to purchase a share of a property (usually between 25% to 75%) and pay rent on the remaining portion. Over time, you can increase your ownership share.
Right to Buy: This Scheme allows qualified tenants of local government and housing associations to purchase their residence at a reduced price of up to £127,900 (£96,000 outside of London).
At SAM Mortgages, we understand the importance of a good credit score. Our team can guide you on how to strengthen your credit profile and enhance your chances of qualifying for a competitive first-time buyer mortgage.
Your credit score plays a significant role in securing a favourable mortgage deal. Lenders use your credit history to assess your reliability as a borrower. Here are some tips to improve your credit score:
We understand that the journey to becoming a homeowner can feel like a maze of information and decisions. Our mission is to be your reliable guide, providing the knowledge, support, and expertise you need to make confident choices.
Our experienced team at SAM Mortgages are here to answer your questions, offer guidance, and help you secure the right mortgage for your needs. Contact us today to take the first step towards turning your homeownership dreams into reality. Simply give us a call on 01604 261685 or click to book a appointment.
You can use this mortgage calculator to work out how much you could borrow and how much deposit you need for a mortgage. Please keep in mind that this is simply – whilst reasonably accurate, it is advisable to speak with a trained mortgage advisor to get a better understanding of your mortgage raising capabilities.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
