Mortgage Service
First Time Buyer
What is a first-time buyer?
A first-time buyer is someone who is buying their first home, and has never owned a residential property in the UK or any other country.
Even though they are called a first-time ‘buyer,’ what it really means is first-time ‘homeowner’.
If you have inherited or been given a home, you may not be considered a first-time buyer and might miss out on special homebuying schemes and benefits.
Some lenders may consider you for their first-time buyer products if it’s been a few years since you owned a property. But you are unlikely to qualify for government schemes for first-time buyers.
Speak to us at Amazing Mortgage Solutions to get a tailor-made solution and guide through the home buying process. Contact us.
Assess Your Finances
Start by reviewing your savings and determining how much you can afford for a deposit and other costs like stamp duty, legal fees, and insurance. Create a budget to ensure you’re financially ready for the purchase.
Get Mortgage Pre-Approval
Secure a mortgage pre-approval to understand your borrowing capacity and show sellers you’re serious. This step helps you confidently search within your budget.
Research Government Schemes
Take advantage of first-time buyer schemes like Help to Buy or Shared Ownership, which can reduce your initial costs and make homeownership more accessible.
Choose the Right Property
Look for a property that suits your lifestyle, considering factors such as location, space, and future growth potential. This will ensure a sound investment for the long term.
Hire Professionals
Work with a solicitor and surveyor to guide you through the legal process, handle paperwork, and inspect the property for any potential issues.
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