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First time buyer mortgages

Being a first time buyer can be overwhelming, but don't worry, we can help. We will support you through the process, and make sure you understand how mortgages work and what options are available to you. A great place to start is understanding how much you could borrow & what your monthly payments will be. If you are ready to take the first steps with us, please get in touch.

The process for buying your first home

We have put together a high level step by step process to detail the key stages of the home-buying journey! Have a read of our blog, Buying your First Home: The End to End Process for a more detailed breakdown of each step. At The Mortgage Company, we can guide you and support each step of the way. We have our own panel of conveyancers who can can also recommend, keeping us in the loop once you have achieved your mortgage offer.

  • Is it worth paying for a mortgage broker?
    A mortgage is one of the biggest financial commitments, if not the biggest financial commitment you could make. To work with a mortgage broker not only provides you with peace of mind that somebody is sourcing the most suitable mortgage for you, but it also takes the pressure, time and effort off of you. This is even more important when purchasing, since buying a house and managing communication with an estate agent and solicitor is time consuming enough, so in our opinion having a mortgage broker to support with the mortgage can be invaluable.
  • Is it good to talk to a mortgage broker?
    It can be good to talk to a mortgage broker as a mortgage broker can support in so many ways for your purchase and re-mortgage. As our lives grow more and more hectic, speaking with a mortgage broker can take a huge weight off your shoulders and allows you to get on with your day knowing that a qualified mortgage broker is sourcing you the most suitable mortgage deal for you. They can also help you understand how much you could afford to borrow, how much the monthly payments are, and they can answer any questions that you may have along the journey.
  • Is it better to use a mortgage broker or bank?
    It can be better to use a mortgage broker over a bank, since a mortgage broker has access to lots of mortgage lenders and building societies, including the top high street banks. You can visit your bank directly, however you will be limited to the mortgage products available directly with that bank. They are not in a position to discuss other mortgage products with you, so you will see a limited view of options. A mortgage broker can compare options available across many of the high street banks, as well as the smaller building societies or specialist lenders. You don't need to have your mortgage with the same bank that you do your everyday banking with.
  • Are mortgages more expensive through a broker?
    An independent mortgage broker will have access to a comprehensive amount of mortgage lenders and building societies. This means that they are able to compare all of the mortgage lenders and mortgage products against each other, carry out any research on your criteria needs, and source the most cost effective mortgage product for you. There may be a mortgage broker application fee to pay, however the mortgage products that they are able to source can sometimes be "broker exclusive", providing potential cost savings for you. Mortgage brokers are also informed of upcoming mortgage product changes, so you can be better informed about any potential rate increases or decreases, and take advantage of securing a rate as soon as possible via your mortgage broker.
  • What is a first-time buyer in Bristol?
    A first-time buyer in Bristol is someone who is purchasing their first property in the Bristol area. This can be a house or a flat, and it can be for personal use or as an investment.
  • What happened to the Help to Buy scheme in Bristol?
    The Help to Buy: equity loan scheme in Bristol was a government initiative designed to help first-time buyers and existing homeowners purchase a property with as little as 5% deposit. The Help to Buy equity loan scheme closed to new applications on Monday 31st October 2022, with the scheme officially coming to an end on Friday 31st March 2023. First time buyers are waiting to see whether any other similar schemes are going to be available, however at this moment the Help to Buy Equity Loan scheme is closed.
  • How can I apply for a mortgage as a first-time buyer in Bristol?
    At The Mortgage Company, we can guide you through the process of applying for a mortgage as a first-time buyer in Bristol. We work with a huge pool of lenders to find the most suitable deal for you.
  • What are the benefits of being a first-time buyer in Bristol?
    First-time buyers in Bristol can benefit from paying lower stamp duty. If you’re a first time buyer in England or Northern Ireland, you will pay no Stamp Duty on properties worth up to £425,000. For properties costing up to £625,000, you will pay no Stamp Duty on the first £425,000. You'll then pay Stamp Duty at the relevant rate of 5% on the remaining amount, up to £200,000. (Correct as of December 2023).
  • How does the mortgage process work for first-time buyers in Bristol?
    The mortgage process for first-time buyers in Bristol involves assessing your financial situation, finding a suitable property, making an offer, and completing the mortgage application process. It is also useful to download and understand your full credit report.
  • How much deposit do I need as a first-time buyer in Bristol?
    The amount of deposit you need as a first-time buyer in Bristol can vary, but it's typically around 5-10% of the property price. There are lenders who can consider up to a 100% mortgage which was announced in 2023, however the interest rate for this type of product is likely to be higher.
  • What is the average house price for a first-time buyer in Bristol?
    The average house price for a first-time buyer in Bristol can vary depending on the area and type of property. It's best to research current market conditions or speak to a mortgage advisor for the most accurate information.
  • Can I use a mortgage broker as a first-time buyer in Bristol?
    Yes, using a mortgage broker like The Mortgage Company can be beneficial for first-time buyers in Bristol. We can provide expert advice and help you find the most suitable and cost effective mortgage deal.

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