Types of Help > First Time Buyers
First Time Buyer
Over the past few years, the property market has been moving very fast and has led to significant increases in property prices. This has made it very difficult for many people to afford to buy a home. This is a problem particularly faced by first time buyers, as although they may be able to raise a mortgage, this will often fall far short of the cost of a property.
Gone are the days when a first time buyer could simply multiply an annual salary by three and see what first time buyer mortgage that would secure him! Finding out what your first mortgage will be and how much it will cost, is an important factor in seeing if you can afford your first property.
In fact, the market has become so ‘tough' for those lenders selling first time buyer mortgages that they have had to be uncharacteristically innovative. On the other hand, the 'credit crunch' has meant that first time buyers need to be less of a risk to the lenders so we will see more guarantor mortgages, mortgages with parents or parent helping with the deposits to reduce the amount of mortgage required.
Your first and most important step is to seek specialist first time buyer mortgage advice. Good mortgage advisors will know about all the UK first time buyer mortgage deals going at any one time.
Irrespective of the multiple that may be offered you must be comfortable that you can afford the repayments throughout the term of the mortgage, taking into consideration that interest rates may rise.
Affordable Housing
The government also runs various schemes to help people get on the property ladder, particularly those who are key workers. Two of these schemes are; The Key Worker Living programme which aims to help people working in front line roles for key public services to buy or rent a home and HomeBuy, introduced to help people who cannot afford to buy a home outright.
Contact us for more details >>
Do you really want to make the biggest purchase of your life without talking to Greenwich Mortgages first ?
Call us now on 020 8858 8700 or 07739 461 708
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it may range from £295 to £495.
The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK
Greenwich Mortgages is an Appointed Representative of BDS Mortgage Group Limited
which is authorised and regulated
by the Financial Services Authority for Mortgages and Non-Investment Insurance,
FSA Number 301646
Greenwich Mortgages is not authorized to give any advice in relation to investments or investment products
9 Gifford House, Eastney Street, Greenwich, SE10 9NT
gulay@greenwichmortgages.co.uk