First-time buyer mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage.

Moving into your first home is one of life’s biggest moments. You may have saved up for years or been lucky enough to be able to afford your first property straight away. Either way, going through the buying process for the first time is often stressful and complicated. At PKS Associates, we will help walk you through the process to make sure you get the most suitable mortgage deal to meet your circumstances.

There are multiple options for a first-time buyer, but you will usually need a deposit of at least 5% of the property value as well as funds to cover legal fees, lender fees and possibly stamp duty. What you can borrow will depend on your income as well as your current debts and credit history.

With the Government, estate agents and new home builders all trying to persuade you to buy now, it is important not to be pressured into buying without having a clear picture of what price range you can afford. There are a few different factors that come into checking if you can afford a property such as:

Is your deposit big enough? In the current financial climate, it is almost a necessity for you to be able to put at least 10% of the house price in order to try and keep the repayments within reach.

Do you have additional financial help? A large portion of first-time buyers are now getting help from their parents or other relatives when looking to purchase their first home. These added contributions to the deposit can help to lower the monthly repayments.

Have you considered the additional costs of the purchase? As well as the deposit, there are also a few other fees that you will have to consider, such as stamp duty, legal and removal costs, survey and mortgage arrangement fees, and buildings insurance. Make sure you know all this to get a better idea of the true price.

At PKS Associates, we will help you to figure out what is the most suitable outcome for your situation. We can work with you to assess your full financial situation, enabling you to get a clear picture of how much you can afford at the moment and how much you can put down as a deposit.