One stop Mortgage Shop for the First Time Buyer. An Advisor with Best Mortgage Services will take you through the process of buying your first home. Get the best first time buyer deals.
2 year fixed rates
5.14% rate at 95 % loan to value with no arrangement fee. Free mortgage valuation.
5 year fixed rates
4.99% rate at 95% loan to value with no arrangement fee. Free mortgage valuation.
3 year fixed rates – available only to New Build properties
5.23% rate at 95% loan to value with no arrangement fee. Free mortgage valuation.
Get in touch with a local Mortgage Broker
NatWest has boosted its loan-to-income calculations for residential capital and interest repayment mortgages to allow first time buyers to borrow up to 5.5 times their income.
Single or joint borrowers earning over £40k and borrowing between 75% and 90% loan-to-value, could get a mortgage multiple of up to 5 times income
Those earning over £75K sole income/£100k joint income and borrowing between 75% and 90% LTV could get a mortgage multiple 5.5 times income
These loans to income are subject to affordability and credit scoring.
The enhanced multiples are not just available to first time buyers. Applicants moving home can also avail of the higher income multiples for a mortgage on their new property.
NatWest is the latest lender to enhance its LTI criteria after Marsden Building Society, Loughborough Building Society and TSB recently announced changes.
To discuss your mortgage options contact a local Mortgage Broker.
Barclays has announced it will be reducing rates across its residential purchase and remortgage range, with some product mortgage rates below 4%.
The residential purchase only green home five-year fixed, with a product fee of £899 will be lowered from 4.13% to 3.99%.
The residential purchase remortgage only premier two-year fixed rate with a fee of £999 at 60% LTV has been reduced from 4.46% to 4.20%.
Barclays will also introduce a residential purchase only five-year fixed with a rate of 3.99%. This comes with a product fee of £899 at 60% LTV, minimum loan is £5k and maximum loan £2m.
The mortgage rate changes at Barclays will come into effect from 13 February.
Get in touch with a local Mortgage Broker
When selecting a first mortgage, factors beyond interest rates must be considered, including associated costs and process simplicity. The Halifax First Time Buyer Boost enables borrowing up to 5.5 times income for first-time buyers with a minimum income of £50,000, subject to credit profiles and specific criteria.
When choosing a first mortgage for your client, there are more things to consider than just the interest rate. You also need to consider all the associated costs involved, and how easy the process will be – from application to completion.
When it comes to helping first time buyers, we know that the main obstacles are size of the deposit and being able to borrow the amount needed to buy the home.
The Halifax First Time Buyer Boost offers an increased 5.5x loan to income. The following criteria applies
At lease one applicant is a first time buyer
Total income on application is £50,000 or more
Maximum borrowing is 90% of the property value
The First Time Buyer Boost is not available where the mortgage is on shared equity or shared ownership schemes.
For applications with any element of self-employed income the loan to value boost will not apply
Subject to applicants credit profile.
Get in touch with a local mortgage broker.
With all the challenges facing first-time buyers, Skipton Building Society felt it was time to act, to bring the ladder closer to first time buyers and remove some of the upfront costs and barriers that stand in their way.
They have introduced the first-time buyer range, a selection of products and offers designed to give purchasers more opportunity to realise their dream of buying their first property.
Up to £1,500 cashback on selected products. Minimum loan size is £125,00.
Up to 5.5x loan to income on up to 90% LTV for incomes >£100,000
Extra £250 cashback for Skipton Lifetime ISA customers. (Terms and conditions [PDF] apply.)
Up to 40 year terms available.
Income Booster (Joint Borrower, Sole Proprietor).
Free standard valuation for mortgage purposes.
No completion fee on our first-time buyer exclusive products.
Up to 95% LTV (including new build houses and flats).
Fixed rate options.
Our Track Record mortgage offers first-time homebuyers with a recent 12-month track record of paying rent up to 100% LTV, to help them buy their own home (eligibility criteria apply).
Income Booster mortgages (Joint Borrower Sole Proprietor) – we allow up to 4 applicants and supporting borrowers don’t have to be related to the main applicant to qualify.
Products available for major government schemes including Shared Ownership.
Accord launched the £5k deposit mortgage last year enabling first time buyers to purchase a property up to a maximum of £500,000 with just a £5,000 deposit. The property is available to houses and flats with the exception of new build flats.
The product is available on a repayment basis only and the maximum age at the end of the mortgage term is 70 years. The five year fixed rate has been reduced from 5.74% to 5.69%.
To discuss the Accord mortgage with a local mortgage broker please contact us.
With so many mortgage products on the market and numerous incentives for the first time buyer, it is vital to obtain the services of a Mortgage Broker.
We have specialist Mortgage Brokers throughout Northern Ireland with expert knowledge of all the mortgage options.
Contact us using the form below to request a call back.
By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your query.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.
If you are planning on buying your first home talk with a local mortgage broker before you start viewing properties. This will give you an idea of how much you can borrow based on your income, the amount of deposit saved and your credit rating.
Your local advisor will also guide you on the other costs involved in buying a property such as solicitor’s fees, surveys and insurance and stamp duty.
The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisers who are regulated by the Financial Conduct Authority.
When you apply for a mortgage, the lender will consider all aspects of your circumstances before approving or rejecting your application.
Some factors you cannot change but others could improve your position. Here are five tips for first time buyers.
Before you apply try to cut down on as many debts as possible and minimise outgoings like magazine subscriptions, mobile phone contracts and tv services. Outstanding credit cards and loans should be paid off in full, if possible.
The larger your deposit the lower amount you need to borrow and the less risk you will pose to the mortgage lender. By reducing your loan to value ratio you may also secure a lower mortgage interest rate.
Your credit score improves if you consistently pay back on time and will reduce if you miss or default on payments. Lenders will check with the credit reference agencies when assessing your application. A poor credit score may lead to your application being declined. In this event you will have to spend time improving your credit file before applying for a mortgage in the future.
Mortgage brokers know their stuff and will ask the relevant questions and study your documents before submitting the application. The usual documents required are 3 months payslips, 3 months bank statements, proof of identity and proof of address.
Register on the electoral roll and make sure any bills you have are registered to your current address. Registering on the electoral roll may also improve your credit score. It is important that the information on the mortgage application matches when the lender searches the electoral roll and your credit file.
The average cost of a home in England was £298,000 in the 12 months to the end of March last year, equal to 8.6 years of average household income, the latest official data shows.
The Office for National Statistics (ONS) calculates this affordability level on an annual disposable household income of £35,000 during the period. An acceptable level of house price affordability is at five years of household disposable income.
It adds that since 1999 “house prices have increased twice as quickly as household incomes in England; house prices in Wales and Scotland have also increased more rapidly than incomes, but the differences are more moderate”.
The department points out that average house price to disposable household income ratios were 5.8 years in Wales – based on homes priced at £205,000 and £35,000 average incomes.
In Scotland, the ratio is 5.6 years – based on homes priced at £185,000 and £33,000 average incomes.
While in Northern Ireland the ratio is 5 years — based on homes priced at £160,000 and £32,000 average incomes.
The ONS says for low-income households, average-priced homes in all four countries have been “unaffordable” since 1999, when it began collecting data in this series.
It says only the 10% of highest-income households in England could afford an average-priced home with fewer than five years of household income in the financial year to 2023.
This is in comparison to Northern Ireland where an average-priced home was affordable with an average household income.
Income plus affordability for first time buyers. Leeds Building Society
A range of new mortgages and improvements in assessing borrowers affordability to repay will result in Leeds Building Society offering first-time buyers up to £66,000 more on average.
The Income Plus mortgages could result in aspiring homeowners with a minimum household income of £40,000 to borrow up to 5.5 times their earnings, compared to 4.5 times on the Leeds BS standard lending.
These changes will result in the average first-time buyer being able to borrow a maximum of £356,000 through Income Plus compared to £290,000 under its standard lending.
Single and joint borrowers, including those who are self-employed, are eligible for Income Plus mortgages which are available at up to 95% loan to value, including new build houses (new build flats 85% loan to value).
They can also be combined with the society’s existing green affordability benefit which enhances the affordability on a new build home with an Energy Performance Certificate of A or B.
Income Plus will be available via the society’s intermediary partners only.
Rates on the seven Income Plus mortgages range from 4.40% at 75% LTV (£999 product fee) to 5.15% (£999 product fee, £500 cashback) and 5.19% (no product fee, no cashback) at 95% LTV. All of the mortgages are fixed for five years and include a standard home valuation survey.
Income plus will support the increasing number of first-time buyers facing affordability constraints.
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