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First Time Buyer Mortgage Advisors

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Mortgage360 are here to help you make the right choice.

Here at Mortgage360 we pride ourselves on offering tailored advice, coupled with great service. We are mortgage experts, so you can rest assured that you are in safe hands when searching for your new mortgage, whatever your situation may be.

Key Benefits

We are committed to guiding you through one of life's most significant financial decisions.

When it comes to securing the right mortgage, our expert team is here to ensure that you make informed choices tailored to your unique needs.

As well as mainstream mortgages, we also look at Shared Ownership Mortgages, Family Assist Mortgages and Joint Borrower, Sole Proprietor Mortgages to give you a few other options.
We can help you through every stage of the house buying process, from mortgages and insurance to surveys and solicitors.
We are a specialist mortgage adviser – we understand the individual requirements of our first time buyer clients.

Making the decision to own your own home is both a challenging move and a dream for people entering the property market for the first time. As a first time buyer, there are lots of obstacles to overcome when getting a mortgage, from affordability checks through to building a suitable deposit size and rising house prices.

At Mortgage360 in our capacity as first time buyer mortgage advisor, we’ll be with you every step of the way of your home-buying journey, guiding you through the process.

We’ll make sure you know what lenders look for when they’re making credit decisions, and help you understand how potential lenders will assess you. We know the processes and the pitfalls, and we’ll be by your side throughout the journey.

Why do I need a mortgage broker?

First time buyers have most to gain from professional mortgage advice, as your first application for a mortgage is almost always more challenging, and it’s all new to you. Choosing an impartial mortgage advisor is an important step, as they can access a comprehensive range of lenders, which is representative of the whole of the market, rather than a ‘tied’ advisor who will be restricted to certain lenders.

By using an impartial broker, you will have access to unbiased advice to ensure that your needs are prioritised over the lenders’ profits.

Mortgage brokers will understand the different types of first time buyer mortgages available through different lenders. They can search the market on your behalf and find the best deals to suit your individual circumstances. At Mortgage360, we get to know your preferences and help you save time and money, working to ensure that the deal we secure is the best value and the right one for you.

What can Mortgage360 do for me?

We’re dedicated mortgage specialists. We can increase your chances of securing a mortgage, alongside ensuring we find precisely the right deal for you. We’ll take time to explain what the different types of mortgages are to make sure you make the right decisions.

We’ll help you to understand how much you will be able to borrow for a first time buyer mortgage, and help you to prepare for your mortgage application early to optimise your chances of success. We aim to save you money and ensure that the mortgage application is successful.

Once you have found a property you would like to buy, we will help you from start to finish, liaising with estate agents, solicitors, and surveyors as required to make sure the entire process is streamlined and hassle-free for you.

Affordability Calculator

Stamp Duty Calculator

Repayment Calculator

How does the house buying process work?

We always recommend first time buyers get a Mortgage Agreement in Principle first – even before they start looking at houses. This puts you in a prime position when you find your home and already have your finances in place. So we’ll work with you to get the Mortgage Agreement in Principle, and we won’t charge you anything at all for getting you to this point.

Then the steps are as follows:

  • Find your new home
  • Make an offer and get this agreed
  • Finalise your mortgage application
  • Instruct a conveyancer (the legal process to transfer property ownership)
  • Organise surveys/valuations
  • Pay your deposit
  • Exchange contracts
  • Agree on a completion date
  • Complete your purchase

Mortgage360 will help you through every stage of the process.

How does the mortgage application process work?

It’s always best to make sure you’re credit-ready. Lenders will look at your credit rating and financial situation. They will look closely at what you earn and your outgoings to check if you can afford the monthly repayments.

  • Pre-Application stage – make sure you are in the right financial position to apply for a mortgage
  • Initial Application – get all your documents together for your mortgage appointment to simplify the process.
  • Affordability Checks – evidence that you can cover your monthly mortgage repayments alongside other bills and outgoings
  • Valuation – usually arranged by your lender, to check the property is suitable security for the mortgage you’ve applied for
  • Formal mortgage offer
  • Completion

Mortgage Fees for First Time Buyers

Common mortgage costs include product fees, which are the amount you pay for setting up your mortgage deal with your lender. This sum, which will vary from lender to lender, can sometimes be included as part of the total amount borrowed.

You may also pay a valuation fee to cover the cost of valuing the property you’re buying (mortgage valuation) to ensure it represents adequate security for the loan. This is a major investment, and you will almost certainly want to arrange a professional property survey to check on the condition of the property. Typical survey fees range from £300 to £1,500, dependent upon the detail of the survey and value of the property.

You will pay a fee to your advisor or mortgage broker, which will usually be a flat fee. You will also pay the conveyancer who handles the legal transfer of property ownership and all the legal paperwork. The good news on Stamp Duty – if you’re a first time buyer in England and Northern Ireland, you don’t have to pay Stamp Duty on the first £425,000 of a property’s purchase price. You will also pay a Land Registry Fee to change legal ownership of the house to your name on the Land Registry record.

Do Mortgage360 get exclusive rates from mortgage lenders for First Time Buyers?

We know the market, and we’re always aware of mortgage rates, special offers, benefits and the better mortgage deals that are available from time to time. We’re committed to securing the right deal for you. This covers repayment mortgages, interest only mortgages and fixed rate mortgages.

What kind of mortgage deposit does a First Time Buyer need?

Generally speaking, you’ll need a deposit of at least 5% for a mortgage in the UK, with most lenders. So you’ll pay 5% of the property’s value, and your mortgage lender will loan you the remaining 95%. The government’s Mortgage Guarantee Scheme, which helps people with 5% deposits onto the property ladder, has now been extended to June 2025. Under this scheme, the government offers lenders financial guarantees to provide mortgages that cover the other 95%. It is subject to the usual affordability checks regarding monthly payments.

It is possible to find a 100% mortgage as a first time buyer, but this will usually be a different type of product, such as a guarantor mortgage or a family deposit mortgage, requiring support from a family member.

100% mortgages for First Time Buyers

The market is now seeing new products arriving for first time buyers from high street banks in the shape of no deposit mortgages or track record mortgages. This means you initially have no equity and own none of the property’s value. These mortgages are subject to the usual affordability criteria, credit history and credit checks.

As a new product on the market, the offer is expected to develop further over the next year. At Mortgage360, we’re keeping a close eye on how lenders respond to the new challenges to identify the best opportunities for our clients.

How much will a First Time Buyer be able to borrow?

Lenders will usually agree to lend between 4 and 4.5 times your annual salary. Some offer a multiple of 5 to 6 times, subject to overall affordability checks. The important thing is to be confident you can cover your monthly mortgage payments. Loan To Value (LTV) ratio also comes in here. As an example, if you have a £180,000 mortgage on a £200,000 house, your LTV ratio is 90%.

What do I do next?

Just give us a call, drop us an email or complete the form to get the home-buying conversation and the mortgage process going!

FAQ’s

How much deposit do I need?

In certain scenarios, you may not need a deposit, but generally, you will need a minimum of 5% deposit. The bigger your deposit, the lower the interest rate will be. For example, a 15% deposit will get you a better interest rate than a 5% deposit.

Can my deposit be gifted by someone?

Mortgage lenders do accept gifted deposits, but often this needs to be gifted by an immediate family member, e.g. parent, grandparent, or sibling. The deposit can be gifted in full, meaning you don’t need to put any of your own savings in. Some lenders even allow non-family gifts.

How much can I borrow?

Your level of borrowing will be determined by several factors, which will include your level of household income, your level of existing financial commitments i.e. personal loans, credit cards, car finance etc, and for what period you wish to borrow the money. Use our Mortgage Calculator to get a rough idea.

How do I prove what income I have?

If you are employed, you will need to provide your last 3 months’ payslips and sometimes your latest P60.
 
If you are self-employed, you’ll need your latest 2 years’ Tax Calculations (SA302s) and corresponding Tax Year Overviews. These documents can be obtained from HMRC if you self-assess. If you have an accountant, your accountant should be able to provide you with these documents. In addition, if you have a Limited Company setup, you will require your least 2 years’ accounts. Even if you only have 1 year of trading, it may still be possible to obtain a mortgage. Some lenders may have other requirements too.
 
You will also be required to provide your latest 3 months’ bank statements.
 
If you have any other form of income, e.g. universal credits, or disability benefits etc. then evidence from the provider will be required.

First Time Buyer Mortgage Advisors

Here at Mortgage360, we can provide expert advice on all your mortgage and insurance needs.

Whether you’re ready to get started on your journey now, or you’d just like a no obligation consultation, we’d love to hear from you…

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Reviews

See what our clients are saying....

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Pippa Lister
April 11, 2024

Gavin at Mortgage 360 was superb throughout. He responded quickly to any questions or queries we had, worked round our busy work life with evening zoom meetings and kept us regularly updated. He made the whole process straightforward and clear. Thank you Gavin

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M Wick
April 10, 2024

Matt at Mortgage360 is an amazing broker. He was always on hand to lend support and offer calm and well explained help. As a first time buyer, his help was always appreciated and the service which they offer is top notch. I could not recommend mortgage360 highly enough

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Stormin' F
March 13, 2024

I cannot recommend Gavin more highly for his invaluable and trustworthy expert support in navigating through the mortgage process. I have used Gavin’s services several times over the years and he had always gone above and beyond the call - thanks Gavin.

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Ash Gibbs
March 9, 2024

Gavin has helped us to no end. Brilliant service and he was willing to go the extra mile to ensure we got the very best deal.

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Ross McWilliams
February 22, 2024

Our experience using Mortgage360 has been absolutely brilliant. Matt has been there for us and supported with our mortgage application every step of the way, with an excellent outcome. Thank you for everything - you’re a star!

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Jonathan Bush
February 16, 2024

Gavin arranged my Mortgage for my first home and i couldn't have been happier with the service received, explained things in great detail and communicated efficiently. I would recommend Mortgage360 to anyone in need of mortgage advice and I will be definitely using them in the future.

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Nigel Porritt
February 15, 2024

I contacted Mortgage360 I was looking for help with the purchase of my first home. They were great at explaining all of my options, taking time to ensure I understood everything fully and constantly provided updates throughout the whole process. I couldn’t have asked for a better service and would highly recommend them. Thanks Gavin and Matt!

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Richard Espin-Bradley
February 9, 2024

Matt Illingworth was superb! Readily available on the phone, or always called back within a short space of time. Made plenty of time to discuss our needs and never tried to hurry us into making decisions. His advice was clear and helpful.

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James Hall
February 9, 2024

Gavin at mortgage360 has been outstanding, gives incredibly in depth information about all things mortgage related. Has helped us secure a mortgage at a better rate than we could have got ourselves, saving us lots of money. He made the whole process as stress free as possible and provided all templates for files we needed to send and always got back to our queries within a couple of hours at maximum. If I could give more than 5 stars I would. Keep it up Gavin!

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY-TO-LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

There may be a fee for arranging a mortgage. The precise amount will depend upon your circumstances, however we estimate this to be between £200 and £600.