First Time Buyer
Mortgages

Unsure how to start the process of buying your first home? Let us guide you through everything you need to know from how to choose a first time buyer mortgage, what steps are involved in applying for a mortgage, how we can help and more.

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Mark Y
Mark Y
2023-12-11
I can’t recommend enough! Made the process easy, was always willing to explore every option and helped me arrive at the right product for me. Thanks again
Nick Kane
Nick Kane
2023-12-08
Jonathan is always extremely helpful and jumped onto this request asap and secured a great deal for me which I was very happy with.
Debbie Rich
Debbie Rich
2023-12-05
Jonathan is absolutely fantastic, he explains everything very clearly and always makes my remortgaging process easy, swift and affordable. He knows the market inside out. It’s a pleasure to work with him.
Eve Penford
Eve Penford
2023-09-07
Jonathan was a great help when I needed to get a UK mortgage after living for years overseas. He listened to me to determine exactly what options would be best for me, found me a great rate, and his attention to detail meant that everything went very smoothly. Would recommend!
Isabel Shave
Isabel Shave
2023-07-20
Jonathan answered all the questions I had regarding my mortgage promptly and in depth. I would definitely recommend him to anyone needing help with buying their new home.
Luke Rogers
Luke Rogers
2023-06-12
Jonathan is the consummate professional. We have worked with him on 3 occasions and each time he took the time to explain our options and the relative pros and cons. He has helped us save money and manage risk and truly a person we have come to trust. He has supported my wife's family for many years and we will continue to work with him as long as he is working in the mortgage industry. If you are looking for sound advice and efficient management of changes needed I can't recommend Jonathan and Ayla too highly.
David Crook
David Crook
2023-05-04
Really enjoy working with Jonathan to get to the best place for our mortgage. We agree on all of the parameters for dipping in and out of fixed rate options.
Neil Singh
Neil Singh
2023-04-04
Jonathan was very professional and our remortgage came through bang on time with no fuss or problems. I am happy to recommend Ayla Morgages.
Jane Fowke
Jane Fowke
2023-03-17
I can wholeheartedly recommend Jonathan at Ayla Mortgages. He has always given me wise advice and when we came to needing to secure a mortgage deal the week that over 800 lenders withdrew their rates, he was up at midnight and then first thing the next day, holding on a phone line for several hours, until the deal was confirmed! He made a stressful time as easy for us as it could have been. I will always use him!
Jesus Rodriguez
Jesus Rodriguez
2023-02-03
We have recently had Jonathan help us with buying our first house, and cannot put into words how informative, patient and caring him and his team were throughout the process. I cannot but to HIGHLY Recommend them. Gracias!

Finding the right first time buyer mortgage

Buying your first home should be exciting, but it can be a stressful time. The house hunting process can be hard enough, but once you have found your ideal first home, this is only the start of the process. You still have to find a suitable mortgage and get approved for it.

There are a lot of things to think about when you are looking for a mortgage, and much of the terminology and conditions can be very new and confusing if you’ve never had a mortgage before. Luckily, you are not alone in trying to figure it all out. At Ayla Mortgages, we have experience getting great deals on mortgages for first-time home buyers. Plus, we can help you understand all the different options for different mortgage types. We are a leading mortgage broker in Bournemouth and can assist you with the home-buying process to make sure that everything is covered. Trust in our experience and expertise to help you get a great deal on the mortgage for your first home.

Mortgages: what to know before you start

By now you probably know that you want a mortgage so that you can buy a property. But, it’s not uncommon for people to be unsure of how mortgages actually work. Here’s our quick rundown of the things you need to know before you start looking for a mortgage. Got any questions or still uncertain? Our advisors are always happy to guide you through the process and explain exactly what getting a mortgage entails.

Mortgage basics:

  • A mortgage is a secured loan – this means it is secured against a property. Mortgages are usually secured against the property you buy, but they could be secured against another property you own.
  • If you fail to make the repayments on a mortgage, the property it is secured against can be seized by your mortgage lender.
  • Mortgages usually last for between 5 and 40 years
  • The length of your mortgage is called the mortgage term.
  • You usually cannot borrow the full cost of the property. You will usually need to pay a deposit of at least 5% of the purchase price. A 5% deposit mortgage would also be called a 95% Loan to Value (LTV) mortgage.

Mortgage interest rates:

  • At the start of a mortgage, you will usually get an introductory interest rate. This lasts for between 2 to 5 years.
  • There are two types of interest rates available for mortgages – fixed rate and variable rate.
  • For a fixed-rate mortgage, your interest rate will be set at a certain percentage for a specific length — usually 2 to 5 years.
  • For a variable rate interest, your interest will be based on the Bank Of England’s interest rate.
  • You can remortgage to get a new introductory rate or a new fixed rate when these end, which can sometimes save you money compared to a variable-rate mortgage.

Mortgage repayments:

  • Alongside the amount you borrow, you will have to also pay back interest on your house loan
  • Most mortgages have you pay back the interest and a portion of the original loan each month
  • An interest-only mortgage means you pay off the interest monthly and then pay the full cost of the house after the mortgage term has ended
  • Missing mortgage payments could lead to your house being seized, and it could have negative consequences for your credit rating

By now you probably know that you want a mortgage so that you can buy a property. But it’s not uncommon for people to be unsure of how first time buyer mortgages actually work. Here’s our quick rundown of the things you need to know before you start looking for a mortgage. Got any questions or still uncertain? Our advisers are always happy to guide you through the process and explain exactly what getting a mortgage entails.

  • A mortgage is a secured loan – this means it is secured against a property. Mortgages are usually secured against the property you buy, but they could be secured against another property you own.
  • If you fail to make the repayments on a mortgage, the property it is secured against can be seized by your mortgage lender.
  • Mortgages usually last for between 5 and 40 years
  • The length of your mortgage is called the mortgage term.
  • You usually cannot borrow the full cost of the property. You will usually need to pay a deposit of at least 5% of the purchase price. A 5% deposit mortgage would also be called a 95% Loan to Value (LTV) mortgage.
  • At the start of a mortgage, you will usually get an introductory interest rate. This lasts for between 2 to 5 years.
  • There are two types of interest rates available for mortgages – fixed rate and variable rate.
  • For a fixed-rate mortgage, your interest rate will be set at a certain percentage for a specific length — usually 2 to 5 years.
  • For a variable rate interest, your interest will be based on the Bank Of England’s interest rate.
  • You can remortgage to get a new introductory rate or a new fixed rate when these end, which can sometimes save you money compared to a variable-rate mortgage.
  • Alongside the amount you borrow, you will have to pay back interest on your house loan.
  • Most mortgages have you pay back the interest and a portion of the original loan each month.
  • An interest-only mortgage means you pay off the interest monthly and then pay the full cost of the house at the end.
  • Missing mortgage payments could lead to your house being seized and it could have negative consequences for your credit rating.

Choosing the right first-time-buyer mortgage for you

There is a lot to consider when choosing your first-time buyer mortgage, but we can help make sure the process is as quick and simple as possible. Some of the things to consider for your first mortgage:

  • What mortgage type you need – There are lots of different kinds of mortgages available. For most first-time house buyers a standard residential mortgage will be appropriate, but there are some exceptions. For example, if you are buying a house with non-standard construction such as concrete walls or a steel frame, you might need a specialist mortgage. You might also need a specialist mortgage if you are self-employed, if you work in certain careers such as seafaring, if you’re an ex-pat, or if you are looking to build your own home. If you are looking to buy a property for rental purposes, you will need a buy-to-let mortgage, which can be harder for a first-time house buyer to get. If you’re unsure what kind of mortgage you need, our experts can help.
  • What type of interest rate do you prefer – Once you know what kind of mortgage you need, you can consider interest rates. A fixed-rate mortgage will offer you stability and will make sure that you know exactly how much your monthly payments will be. On the other hand, a variable-rate mortgage could mean you pay less if the interest rate drops after you take out the mortgage.
  • How much deposit you can pay – Most mortgages require a deposit of at least 5% of the property’s value. However, the more you can afford, the better a lending prospect you are to a mortgage provider. This means you will have more options for mortgage offers, interest rates and specialist mortgages.
  • Work out how much you can borrow – The amount you can borrow is usually based on your income compared to your outgoings. You can use calculators to see how much you might be able to borrow, though different mortgage lenders will calculate your affordability differently.
  • Compare the affordability calculation against your own budgeting – While the affordability calculations consider your income and most major expenses like other loans, you should always look at how much the repayments will be and consider whether or not you can afford this.
  • Consider other costs – There are always additional costs to consider when buying a house, such as moving costs and legal fees. Make sure you have some money saved up for any emergencies that crop up, such as a broken boiler or fridge.
There are lots of different types of mortgages available. For most first-time buyers a standard residential mortgage will be appropriate, but there are some exceptions. For example, if you are buying a house with non-standard construction such as concrete walls or a steel frame, you might need a specialist mortgage. You might also need a specialist mortgage if you are self-employed, if you work in certain careers such as seafaring, if you’re an ex-pat, or if you are looking to build your own home. If you are looking to buy a property for rental purposes you will need a buy-to-let mortgage, which can be harder for a first-time buyer to get. If you’re unsure what type of mortgage you need, our experts can help.
Once you know what kind of mortgage you need, you can consider interest rates. A fixed-rate mortgage will offer you stability and will make sure that you know exactly how much your monthly payments will be. On the other hand, a variable-rate mortgage could mean you pay less if the interest rate drops after you take out the mortgage.
Most mortgages require a deposit of at least 5% of the property’s value. However, the more you can afford, the better a lending prospect you are to a mortgage provider. This means you will have more options for mortgage offers, interest rates and specialist mortgages.
The amount you can borrow is usually based on your income compared to your outgoings. You can use calculators to see how much you might be able to borrow, though different mortgage lenders will calculate your affordability differently.
While the affordability calculations consider your income and most major expenses like other loans, you should always look at how much the repayments will be and consider whether or not you can afford this.
There are always additional costs to consider when buying a house, such as moving costs and legal fees. Make sure you have some money saved up for any emergencies that crop up, such as a broken boiler or fridge.

How Ayla Mortgages can help first-time buyers?

We can help you through the whole process of getting your first-time homebuyer mortgage. We have years of experience helping people get great mortgage deals, and we will ensure that your case is handled with professionalism and friendliness. Confused about the mortgage process? As an experience first-time buyer mortgage broker in Dorset, we can help guide you through the whole process of buying your first home.

Using an expert mortgage broker such as Ayla Mortgages means you have access to mortgage lenders who do not deal directly with homebuyers. This gives you a wider range of mortgages to choose from, which can often get you a better deal. We can also save you time compared to shopping around for mortgages by yourself and remove a lot of stress from the home-buying process.

We have experience with complex cases, so even if you need a specialist mortgage broker in Dorset, we can help. Whether you’re self-employed or looking to buy an unusual property, we work with you to get you into your home sooner.

Our first-timer buyer mortgage process

We make our process quick and simple while helping you find a great mortgage deal:

  • Advisor Appointment – During your first appointment, your advisor will ask about your situation and needs in order to know what kind of mortgage will suit you best.
  • Delivery of options – When your advisor has found some options for you, they will get in touch and discuss them with you.
  • Decision in Principle – Once you know which mortgage you want to apply for, our advisor will start the paperwork for a Decision in Principle (DIP). This is an agreement from the lender that they will lend you the money, as long as credit checks, property checks and other checks all go smoothly.
  • Making an offer on the property – Once you have the DIP, you will be able to make an offer on the property, with the reassurance that you have a mortgage lined up.
  • Pre-applications and Submission – You will need to submit the documents we request at this point so that the lender can check the documents and do a valuation of the property.
  • Getting an offer and conveyancing – The lender will make a formal mortgage offer. Once you accept, you will need to handle the legal part of the process called conveyancing. This is usually done with the help of a conveyancing solicitor. You will usually need to get building insurance at this stage as well.
  • Exchange and completion – This is where the solicitors exchange the contracts for the property. You will pay the deposit at this point and will be legally bound to buy the property. Once the money gets transferred on the agreed-upon date in your contract, the purchase is complete, and you will own the property.

First time buyer FAQs

Here you’ll find comprehensive answers to some commonly asked mortgage questions. If you have a question that isn’t answered here, please contact us and we will be very happy to help you

It is harder to get an interest-only mortgage but it is still possible. You will need to show how you intend to pay off the mortgage balance once the term has ended. Plus you will usually need a deposit of at least 25%

Having no credit rating or bad credit can make it harder to get a mortgage. You could look at improving your credit score or saving up a larger deposit.
Lenders usually offer 95% LTV products to first time buyers, but you can get some products at 90% or 80% LTV.
You will usually need at least a 5% deposit to get a mortgage. However, you can sometimes get a mortgage where a family member puts a deposit of 10% into a savings account linked to the mortgage.
A mortgage broker can help you find better deals as well as guiding you on what type of mortgage you need. Brokers also have access to more mortgages than homebuyers do.

Some lenders might offer additional incentives to first time buyers, but this is not common. 

A first time buyer is someone who has never had a major interest in a residential property or land anywhere in the world.

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