There are few things as thrilling – and confusing – as purchasing your first ever home. It’s a tremendously important step; you want to do it right. Perhaps you are a lucky lottery winner or received a windfall from a wealthy deceased aunt… but it’s more likely that you’ve spent years saving up for a deposit to secure your home. The amount you’ve already saved will determine the amount you need to borrow - which is an important factor when it comes to finding a suitable lender.

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Finding the right first time buyer mortgage for you

Most first-time buyers are overwhelmed by the number of available mortgage products. This adds more stress to the process, which is already pretty daunting. Our friendly, professional team of finance experts is ready to guide you throughout the process, making things as straightforward as we can. We have access to various products, and we will work hard to identify the best ones for your individual requirements.

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Please be aware that your home may be repossessed if you don’t keep up your regular mortgage payments. It is therefore important to avoid rushing into securing debts against your home until you are sure you have a payment plan you can definitely stick to. That is another reason why finding the best mortgage plan for you is key. And this is where DAS comes in.

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Mortgage brokers for your first home

All of our mortgage brokers are also qualified financial advisors; their experience and qualifications allow them to offer reliable, personalised advice for people looking to take that crucial first step onto the property ladder. Concerned you won’t be able to afford any mortgage? Click here to read more about the Government’s Help to Buy Scheme, which can help.

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Buying a house as a first time buyer.

As you're probably aware, buying a house is a huge step. It's exciting and terrifying, but it's also one of the most important things you'll ever do.

As such, it's worth taking your time and thinking about what you want from your first home. Are there certain areas you'd like to live in? How much space will be enough for now? Will there be room for children in the future? These are all considerations that should influence which kind of property and mortgage product best suits your needs as a first-time buyer.

But before we look at all those options in more detail, let's start with some basic information about buying a house as a first time buyer (FTB).

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Help to Buy Mortgage Guarantee (HMG): Government-Backed

Help to Buy Mortgages are backed by the government and are designed for low/moderate earners who have a deposit less than 20% of the property value. If you’re eligible, your lender or broker can apply on your behalf. You don’t need any experience at all with mortgages or finance to qualify for this scheme - it is intended as an easy way into home ownership without the stress of having to arrange finance yourself.

The pros: this scheme offers full mortgage payments for 5 years after which interest rates adjust depending on how much equity you've built up since taking out the mortgage so it's more likely that one can pay off their home sooner rather than later which means little money spent on interest repayments during those first few years;

The cons: there is no guarantee that prices will rise quickly enough during those initial five years so working out whether it's worth paying more upfront may depend heavily upon what happens in terms of house prices over time; also whilst one gets some help from the government there is still no guarantee that they won't lose their job or otherwise be unable to meet their monthly repayments meaning they could end up losing everything anyway!

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How does a mortgage work?

A mortgage is a type of loan for which you use your property as collateral. This means that if you don't pay back the money that has been lent to you, then the lender can seize your home and sell it (or foreclose on it) to make some or all of their money back. Mortgages are not only used to buy houses; they're also used by businesses who need more capital than they have in order to expand their business; they're also used by governments who need more capital than they have in order to run things like schools and hospitals; and so on.

So mortgages are a type of debt: a form of credit where someone gives someone else money with the expectation that it will be paid back with interest over time (which is why most people use them). But there are lots of different types of debt out there - loans from friends or family members can be considered "debts" too! So what makes these particular debts different from others? Well one thing about them is how easy it is for them to not only produce income but also increase in value over time - which means that if done right then investing into a house could actually make you money! 

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How to get the best First Time Buyer mortgage.

If you are buying your first home, it is important to apply for a mortgage as soon as possible. Start researching lenders and interest rates before you even start looking at houses.

You should also be prepared to spend time shopping around for the best deal. The sooner you start shopping for a mortgage, the more likely it is that your lender will offer good terms.

If at any point in this process (or after) you have questions or concerns, don’t hesitate to ask the team here at DAS Finance in Southend, Essex for help or advice!

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