Can I get a mortgage?
What will my mortgage cost?
Are you looking to buy your first home?
Connect Mortgages has many options for first-time buyers to get help them on the property ladder. Let us help you get the keys to your new home! We can help with many different aspects of buying a home from setting a budget, picking a lender, understanding the products on offer, valuations and surveys, solicitors and insurance. Our mortgage advisers can work out how much you can afford to borrow and recommend which mortgage best fits your needs/circumstances and what it’ll cost.
We can also talk you through the specialist products available to help first-time buyers get onto the property ladder. There are a number of initiatives from the Government and the industry that can help you buy your first home including:
Help to Buy
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to. There is a range of new build property and second homes available from housing associations as part of this scheme.
There is an alternative called Help to Buy: Equity Loan available from a range of New Build developers. The scheme will launch in April 2021 and will be available for 2 years to first-time buyers only. With this scheme, you can borrow up to 20% (40% in London) as a deposit towards your new home, interest-free for up to 5 years.
There are a number of eligibility conditions you need to satisfy to obtain one of these mortgages. Our experienced mortgage advisers will be happy to talk through your circumstances and advise you if you qualify. Contact an adviser for more information.
If you have enough deposit but are struggling to meet the lender’s affordability requirements due to your income, then a Guarantor mortgage may help. With this type of mortgage a parent will typically stand as a guarantor, which means that if you are unable to meet the mortgage payments yourself, the lender will expect your parent/s to step in and help. This can allow the lender comfort to lend more than may have otherwise, by taking into account your parents income.
If you can afford the mortgage payments but are struggling with the deposit and do not qualify for Help to Buy, a new breed of mortgage, typically referred to as a ‘family mortgage’ can help you to reduce the deposit and interest rate by using the equity in a family members home.
Speak with one of our experts at Connect Mortgages to find the best options to help you get on the property ladder.