Buying your first home is an exciting but stressful time and it is a great help to have an experienced and helpful broker to guide you through the process and explain every step of the way, this is where Sheafmoor comes in.
There are thousands of mortgage deals available at the current time and for a first time buyer the mortgage market can be a confusing place. At Sheafmoor we will carefully select the correct product for your circumstances and explain all the benefits and services lenders can provide.
Our advice is completely independent so you can rest assured that we will arrange the mortgage that is right for you and not the right mortgage for the lender.
There are several options available for first time buyers, bearing in mind the current property values, which you may find useful, there are 97% mortgages available which allow you to put down a little less than the usual 5% deposit but still retain some of the equity in your new home. There are also several 100% mortgage schemes for which you would require no deposit.
Also available are 100% mortgages which allow you to borrow more than the value of your house in order to perhaps renovate or furnish your home.
However, you should always bear in mind that, no matter how attractive owning rather than renting a property is, you should beware of becoming financially overstretched.
Call today on 01246 640500 or complete our quick enquiry form and we will contact you.
|
 |
How much can I borrow?
Some lenders will offer up to five times' salary and full 100% value of the property. However, the Financial Services Authority (FSA) recommends that single people should borrow up to a total of three times' salary and two and a half times' salary for couples.
What deposit will I need?
Although 100% mortgages are available, most lenders will require at least a 5% deposit. If you have 10%, you are likely to be offered a better deal, as you are seen as lower risk.
What if I have had problems obtaining credit in the past?
Sheafmoor will still be able to help, owning your own property is an option that should be available to everyone, it may be that you have no credit history or that you have missed payments or CCJ's.
Mortgages are still available for every circumstance.
|
|
|
