First Time Buyer Mortgage Top Tips


An Englishman’s home is his castle or so the saying goes and as a nation, we are still obsessed with owning our own homes. At Barr Financial we are mortgage brokers and are experts in helping first-time buyers get on the property ladder. We help clients throughout the UK get their first-time buyer mortgage and have seen it all. So read on to get our Top Tips if you want to stay ahead of the competition.

Why it’s hard being a first time buyer?

A first-time buyer mortgage is not necessarily difficult to get but first-time buyers in the UK struggle!

House prices remain high, and deposits take a long time to save!

Many potential first time buyers are now renting until long into their 30s! Despite this, survey after survey suggests that homeownership is still the ultimate goal for a British family. Yet in most of Europe renting is the norm.

However, now has never been a better time to buy. Interest rates are low, prices are not skyrocketing and the market is pretty stable. It even did better than I was expecting when the recession hit in 2008/2009. That just goes to show how robust it is. People need to really take advantage and if they can, get a first-time buyer mortgage and get on the property ladder. These days you only need 5-10% deposits, so it is in reach for a lot of people, if they put their mind to it.

Why are we so keen to buy that first home?

Some may say it is for security, others believe that it is just a British trait, you may have your own reasons. From an early age, we are conditioned to think that owning your home is the right thing to do. And for many, indeed most, it probably is.

The problems come when getting ready to buy that first property. So how do you prepare yourself, as a first time buyer, to be in the best possible shape to get your first time buyer mortgage and buy that first home?

What advice would our mortgage brokers give first time buyers?

I decided the best thing to do would be to ask the mortgage brokers at Barr Financial what their first-time buyer advice would be. It’s always best to speak to people in the know right?

Okay, so the first on my hit list was Neil, one of our senior mortgage advisers here at Barr Financial:

"It's never too early to speak to us. In fact it's far better to speak to us and get an idea of what you can borrow before you start looking at houses".

Neil continued:

"The other tip I can give first-time buyers looking at a new build development, don't fall for the housebuilder's sales tactic of forcing you to use their in-house mortgage adviser. By law, you can use who you want and shouldn't be forced or coerced into using 'their person'! Remember you should always be very sceptical if someone pressurises you into using one of their people! One of the biggest advantages of using an independent mortgage adviser who is not in the pocket of a housebuilder is that they will be working for you".

The next person to offer their thoughts was Tony:

"If you can, try and get the biggest deposit you can. It sounds obvious, but it will really help you in so many ways. Not least the fact you'll be borrowing less and your mortgage payments will be lower. Furthermore, the larger the deposit the better the interest rates, so it can really help on so many different levels".

The other tip Tony shared:

"Try and get rid of all your debts, and think about making sure your credit record is as good as it can be. A good credit score is much more than just a high number, it's about the detail within a credit report. As every lender looks at this differently, it's worth analysing closely before applying for a mortgage".

Great top tip, Tony!

I'll see what more tips I can get from the team and share them with you in future blogs. But for now, feel free to get in touch if you are looking to buy your first home.

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