Seasonal Image
Seasonal Images

First Time Buyer Mortgage Advice in Buxton, Derbyshire UK

Mercian understands the journey of first-time buyers because we’ve been there too. Our commitment goes beyond services – we offer genuine advice, real-life insights, and a helping hand. We’ve walked the path and know the hurdles. 

Let’s team up to make a house become your home.

First-Time Buyer Mortgage Advice

We advise first-time buyers to approach all mortgage options thoughtfully and with an open mind. Our team helps you explore the mortgage types aligned with your goals and provides expert, independent guidance so you feel confident and informed about making the decision that’s right for you.

Should I use a Mortgage Adviser?

Enlisting an independent mortgage adviser will not only source the best rate for you but also support you through the whole process of purchasing your home – a stretch too far for most banks. 

At Mercian, our expertise saves you time, stress, and potentially money. We have access to an extensive network of lending options beyond high-street banks, including lesser-known but valuable lenders. With so many choices at our fingertips, we find the best possible deals for you.

From paperwork to negotiations, we’re here to ensure a smooth journey to your dream home or investment.

How our advisers work:

We start with a chat at your convenience, gathering the basic information we need to kick off our journey.

Then, we dive into the marketplace, researching to present you with options tailored to your needs, and even giving you an idea of the maximum amount you could borrow if you’re not sure about the property.

As you find your dream home and your offer is accepted, we spring into action. We submit a thorough application to your chosen lender and recommend safeguarding you against life’s twists, covering mortgages, buildings, contents, and you – with buildings insurance being a must.

But our support doesn’t stop there. Mercian guides you through the next steps. From working with estate agents and solicitors to keeping you in the loop with mortgage lenders, we’re here every step of the way, ensuring you’re informed and confident until you finally hold the keys to your new home. Our team help you turn the unfamiliar into the unforgettable.

First Time Buyer Mortgage FAQs

1. What’s the difference between a fixed-rate and variable-rate mortgage?

A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing stability in payments. A variable-rate mortgage, also known as a tracker or adjustable-rate mortgage, can change with market conditions, potentially affecting your monthly payments.

2. How much deposit do I need to buy my first home?

Typically, lenders require a minimum of 5-20% of the property’s value as a deposit. A larger deposit often results in better mortgage rates and more favourable terms.

3. What’s the maximum mortgage I can afford?

Lenders consider factors like your income, expenses, and credit history to determine your affordability. A general rule of thumb is that your monthly mortgage payment shouldn’t exceed 28-31% of your gross income.

4. How does my credit score impact my mortgage application?

A good credit score boosts your chances of approval and better interest rates. Lenders assess your credit history to gauge your risk as a borrower.

5. Can I get a mortgage if I’m self-employed?

Yes, self-employed individuals can secure mortgages. Lenders might request additional documentation, like tax returns and business financials, to verify your income stability.

Securing a mortgage can often feel like a daunting process, especially when it is your first time. Our mortgage advisers work closely with you to understand your needs and support you in choosing the best solution that feels comfortable for you. Contact us to get started with one of our specialists.

Buy-to-let (BTL) is an ideal investment opportunity, with options to secure the property in your personal name or limited company. We work out the numbers for a 25% deposit and factor in the additional payable Stamp Duty and tax on any earnings in a full assessment to make sure you have everything in place for your next venture.

Is your mortgage rate about to expire, or already has expired? Are you looking for financial options to carry out home improvements? Our independent advisers fully review your current offering to ensure you stay on track for repaying your mortgage at the best possible rate.

Thinking about moving soon? Get prepared to take the next step when you feel ready. Speak to our team for guidance on the process and to receive a financial estimate of associated fees with moving. This example will include dealing with estate agents, solicitors, and mortgage lenders.

Bridging is a short-term solution often used when a financial turnaround is needed fast, such as for saving a collapsed chain or buying an uninhabitable property. The option is available to buyers and investors who meet certain criteria. Contact our team to discuss your requirements and find out whether bridging could be the best alternative for you.

Get in touch today

Let’s chat about how we can help you onto the property ladder and make that dream house become your home.