First Time Buyer Mortgage Brokers
No Fee Mortgage Service
So, you're looking to buy your first home?
Our Havant based mortgage advisors are passionate about making sure you get the best available mortgage for your first step onto the property ladder. The right mortgage can save you money, at a time when every last penny is particularly important!
YesCanDo are ‘whole of market’ which means we search the entire market for every available mortgage to get you the best rates and deals. We do not charge for our services as we are paid by the different mortgage lenders.
Our local mortgage advisers are there to guide you throughout the home-buying process. While we focus on the mortgage application, you can focus on the excitement of property hunting.
How do I go about buying my first home?
Our local independent mortgage advisors are here to advise and look after you during the property buying process.
The Havant based YesCanDo Money team have the knowledge and experience to help you achieve the best mortgage to buy your first home. We will be there for you every step throughout this journey.
What is an agreement in principle?
A mortgage decision in principle is an agreement from a bank or building society that they will lend you a pre-agreed mortgage amount to enable you to buy your first home. This can also be called a decision in principle.
Once your offer on a property is accepted we will then be able to get started on your full mortgage application.
You have had
a property offer accepted?
At this stage it is likely you have completed an agreement in principle through us. If not it’s no problem, get in touch and we will get one sorted.
Contact us as soon as possible so that our mortgage advisors can continue with your full mortgage application.
How can a mortgage broker charge no fee?
Although most mortgage brokers charge for their services, we don’t charge you a fee. This means we are known as a NO FEE mortgage broker.
We get paid commission by the mortgage lenders which means we can choose not to charge you for our service.
Ask YesCanDo for mortgage advice
How much deposit do you need for your first mortgage?
When you’re buying your first home you will need to pay a deposit as part of your mortgage. This goes towards the cost of the property you’re buying alongside what you borrow.
A bigger deposit will give you access to better interest rates.
You may have heard the term ‘loan-to-value’ or ‘LTV’ before. This is the amount of your home that you own outright vs the amount that is secured against a mortgage.
For example, a £25,000 deposit on a £250,000 property means that the deposit is 10% of the price of the property and the loan to value or LTV is the remaining 90%.
Your interest rate is likely to be lower if your LTV is lower. This is because smaller loans are much less of a risk for mortgage lenders.
The average deposit for first-time buyers in 2018 was 16%.
Before you start to look for a property you need to know how much you can borrow on a mortgage. Each bank and building society can calculate this with their own mortgage affordability calculator.
This could be on average anywhere between 4 and 4.75 times your household income. In some circumstances this can be as high as 5 times your household income.
Tips from first time buyers
Benefits of our mortgage service
First Time Buyer FAQ's
Maybe you are worried about what information you will need to get together before you can get the mortgage underway. The information you need varies depending on which bank or building society you are getting a mortgage from however here is a list of information that will always be required from you as a starting point: –
- Driving licence
- Proof of name & address
- Proof of income
- Proof of deposit
- Latest 3 months bank statements
There are so many options out there that it can be very confusing. Here at YesCanDo Money we give honest straight-forward and easy to understand financial advice.
We take care of all the mortgage administration and liaise with estate agents, mortgage lenders and solicitors to make sure the process is as smooth and hassle free for you as possible. Our mortgage brokers will find the best deal for YOU!
Being an independent business, we provide a service based on how we would like to be treated ourselves by offering appointments at a time and place most convenient for you – call us today to book a daytime or evening appointment at either our office or your home. We don’t think that is an offer you will see many other places!
It is important you know how much you can afford to borrow. It is not ideal to stretch yourself if you are likely to struggle to keep up with the mortgage repayments.
Our FREE mortgage service exists to expand your knowledge on mortgages and everything that comes with it. We will go over your options in a clear and understandable way and help you feel confident in what is achievable for your situation.
All mortgage lenders will want to see proof of your income, certain expenditure and any debts you may have. They might even ask for information about other household bills, child maintenance, and personal expenses.
Mortgage lenders require this information as their aim is to prove that you are able to keep up with the mortgage repayments if interest rates rise.
You will also need to consider your costs of owning a home such as household bills, council tax, insurances and flat costs (if applicable).
Lenders may refuse to offer you a mortgage if they don’t think you’ll be able to afford it or if your credit score isn’t high enough. We highly recommend that you read the below blog to make sure you a mortgage ready!
You will have a choice of both fixed or variable interest rates with your chosen mortgage.
A fixed-rate mortgage means your repayments will continue to be the same for a certain time period. This is usually between two to five years.
These rates will be fixed regardless of what interest rates are doing through the mortgage market which means your interest and repayments will remain stable. However, if rates change you will lose out on the benefit of a lower rate.
The rate paid on a variable-rate mortgage can increase or decrease in line with the Bank of England base rate.
If you choose a variable-rate mortgage, then the interest rate you pay will move up and down depending on the market. Your interest and repayments are then fully dependent on the market at the present time.
Different types of mortgage repayments
A repayment mortgage is where you pay both the interest and part of the capital off every month. When the term comes to an end, you should be at a point where you have paid it all off and therefore you own your home.
This is what it says on the tin, interest-only mortgages mean you only pay the interest on the mortgage loan. This, however, means you will pay nothing off the capital (the amount you borrowed).
These mortgages are becoming both unfavoured and unheard of. This is because as you are only paying off the interest, you will be left with a debt that could potentially stay with you without the means to repay it.
This means that these mortgages are becoming much harder to come by as lenders and regulators are worried about homeowners being left with a huge debt and no way of reducing it.
If you do get an interest-only mortgage, you will have to have a separate repayment plan. This plan will decide how you repay the original loan (capital) at the end of the mortgage term.
Combination of repayment and interest-only mortgages
There are mortgages out there which will allow you to split your mortgage repayments between both repayment and interest-only mortgage.
When it comes to getting a mortgage, it’s best to have a clean slate but we understand that this isn’t always the case. Most mortgage lenders look back at your past 6 years credit history therefore you want to make your credit file look as clean and strong as possible. You can achieve this by ensuring/having/areas to focus on/focusing on these areas:
- NO Defaults and late payments
- NO to Pay Day Loans
- NO to Gambling
- Your Overall Credit Score and Debt
There are many different arguments for the right or ideal age to get life insurance but actually the simple answer to this is that once you have someone who will financially suffer if you were to die or be diagnosed with a critical illness then it should be in place. The youngest age you can get life insurance is age 16.
Mortgage protection is very important! Read more about life and critical illness insurance here »