From the sellers point of view, dealing with a first time buyer is a good situation to be in. The selling process will usually happen faster and more smoothly as the first time buyer does not need to sell a property of their own, and thus avoids a housing chain. Buying a house is a considerable commitment a first time buyer has to make, so they’ll want to ensure they take into account all that’s involved and the various costs. Some of the things a first time buyer will need to consider is how much money they’ll be able to borrow, what sort of mortgage they should use and how much they’ll be able to pay off each month. They’ll also need to take into account how much initial cash they will require for stamp duty, the initial deposit amount and also any solicitors fees that will be incurred.
We are able to advise the first time buyer through this often confusing period and make sure that they come out with a mortgage which will meet their needs and most importantly, their budget.
Certain lenders are now starting to make available mortgages with a lower deposit required. We are monitoring this situation closely and are in a position to point first time buyers in this direction if the mortgages on offer are suitable to meet their needs.
If you would like further details please do not hesitate to contact us on 0800 612 7729 or fill in a few details on enquiry form and have one of the Leapfrog Finance Advisors call you back, alternatively, email us at Enquiry@leapfrogfinance.co.uk