First time buyer mortgages
Buying your first home does not need to be the stressful process many proclaim it to be. The team here at DNA understand the steps that you have to go through to get onto the property ladder, and that’s where our expertise come in. Gone are the days of nipping to your local branch and spending a couple of hours with an adviser going through only their mortgage options.
Now you can sit in the comfort of your own home, and allow us to take the time and effort to find the right mortgage product for you. Our panel of lenders is from the whole of the market so we aren’t limited to simply mortgages from bank X or bank Y, we provide a tailored best-fit recommendation that works for your circumstances and lifestyle.
Get in touch to see how we can help you get onto the property ladder!
Frequently Asked Questions
Typically, the minimum deposit lenders will accept is 5% of the property value. These are known as 95% mortgages. Whilst these are great if your deposit is on the smaller side, you do however tend to pay a little more on your monthly payments. Lots of our lenders ask for at least 10% of the property value as a deposit. However, a little known option currently being marketed as a 100% mortgage allows immediate family members savings or equity on their house to replace your deposit. Nevertheless, the more you can save up, the better the mortgage deals you’ll have to choose from – larger deposits and lower rates go hand in hand.
Yes, a gifted deposit is usually given by a family member and forms all or part of a deposit on a property for a first-time buyer. This comes in handy if you haven’t been able to save the minimum 5% deposit you need for most mortgages, or to help you increase your deposit to say 10% or 15% to secure a cheaper mortgage rate and lower monthly repayments.
For single and joint applicants, lenders will usually lend in the region of four to five times your annual salary. Lenders also factor in your personal expenses, such as bills, debts, and childcare. It can also depend on the deposit you put down; a higher deposit might mean you are able to borrow more. With so many things to consider, using a mortgage broker is the best way to get a mortgage that works for you and your lifestyle.
Get in touch! Write us an email, give us a call, or fill in one of our forms and we will get back in contact at a time convenient for you.
Rates from 1.77% per year correct as of today’s date based on a 10% deposit (90% LTV), and are subject to change based on personal circumstances (e.g. credit score, length of product term, deposit amount). Product and broker fees may apply